“So here's what this is about. This is about delivering middle class taxpayers tax relief. There are a lot of people in this country working paycheck to paycheck, a lot of people in this country, because of the slow growth economy we had in the Obama years, never got a raise. A lot of economic anxiety.
“So this is really about them. This is about letting those hardworking taxpayers keep more of their own money and giving them a tax break, but, also simplifying the system so much that nine out of 10 taxpayers can fill out their taxes on a postcard.
Eliminating Loopholes, Cutting Taxes
“We're cleaning it up, simplifying it. And by the way, by getting rid of loopholes, you are making the system more fair so people who make the same kind of money pay the same taxes.
"It's fairness. It's unrigging the economy. It's getting all the connected crap out of the tax code. Excuse me for saying that, but this tax cut is 31 years...of special interest carve-outs putting this tax code. And as a result of that, people have to pay higher tax rates.
“By getting rid of these loopholes and deductions, we can give everybody in the middle class a tax break.
"So what we want to do is reduce these deductions, get rid of these loopholes, so that everybody can just keep more of their own money in the first place. And you decide what to do with your money, because it will lower your tax rates. And if you have kids, we'll help you with that. We want to them to have an extended child tax credit. And by raising the standard deduction, it just simplifies things so much, so that people just don't pay taxes on those first $24,000 of money they earn.
Helping the Middle Class
“It's the middle class that has really gotten squeezed in this country. So on the income tax rates for people's personal taxes, what the president feels very strongly about, and Congress agrees, is it's—the middle class are the people who need the tax break. People who are low and middle income, they're the ones who are literally living paycheck to paycheck, who are worried about losing their job or not—they haven't gotten a raise in years. This is about them.”