U.S. President Donald Trump on Wednesday said he is going to work with Republicans in Congress to significantly reduce taxes for individuals and companies.
“We’re going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime,” Trump said at a conference hosted by Saudi Arabia’s sovereign wealth fund in Miami.
Trump said his plan will also cut taxes on domestic producers of oil and gas, and allow companies to expense 100% of investments in new domestic factory construction and other capital expenses.
“If you buy something that is going to be good for our country, we’re going to let you expense it,” Trump said.
(Reporting by Andrea Shalal; writing by Ryan Patrick Jones; Editing by Leslie Adler and Lincoln Feast.)