With tax reform we can make it morning in America again
President Donald J. Trump
October 22, 2017
Today is the anniversary of former president Ronald Reagan signing into law the Tax Reform Act of 1986. The act was the second major law he signed to reform the tax code for the American people.
Republicans and Democrats came together to cut taxes for hardworking families in 1981, and again in 1986 to simplify the tax code, so that everyone could get a fair shake. The rest, as they say, is history.
The economy boomed, launching into one of the largest peacetime economic expansions in history. Dormant small businesses and factories sprung back to life. The famed American Worker produced at unprecedented levels. The median family income rose. And more American products than ever before reached foreign shores, stamped with those four beautiful words: “Made in the USA.”
It was a time of extraordinary optimism — it was truly “Morning in America,” an economic miracle for the middle-class.
A lot has changed since then, especially when it comes to taxes.
While our economic competitors slashed their taxes in hopes of replicating America’s success, our leaders remained complacent or, in some cases, reversed course.
We are now among the highest taxed nations in the developed world. Our tax code and laws have nearly tripled in length since the 1986 reforms. They now span 2,650 pages, with another 70,000 pages of forms, instructions, court decisions, and other guidance.
We have watched our leaders allow other countries to erode our competitive edge, take our jobs, and drain our wealth. And, for the first time in our history, Americans have feared that their children will not grow up to be better off financially than they are.
That era of economic surrender is now over.
The optimism has returned — the sun is once again rising over America.
But our economy cannot take off like it should unless we transform our outdated, complex and burdensome tax code, and that is exactly what we are proposing to do.
Revising our tax code is not just a policy discussion — it is a moral one, because we are not talking about the government’s money – we are talking about your money, your hard work.
Our plan will transform the tax code so that it is once again simple, fair and easy to understand. We want you to spend your valuable time pursuing your dreams, not trapped in a tax compliance nightmare.
We will cut taxes for hardworking, middle-class families.
The tax cuts and reforms of the 1980s show that when we empower the American people to pursue their dreams, they will not only achieve greatness and create prosperity beyond imagination, they will build an entirely new world.
It is time to ignite America’s middle class miracle once again.