US Senator Bill Cassidy says President Donald Trump's tax reform plan will simplify the tax code, create jobs and incentivize investment and growth. Cassidy says he likes that Trump is engaged and following through with his campaign promises.
“Part of that is tax reform, whatever the outline of the plan is, it’s clear he wants businesses keeping their capital in the United States creating jobs for American workers.”
Part of the president’s plan would double the exemptions for families and small businesses would receive a tax cut. While there is some concern this tax structure would benefit the wealthy, Cassidy says this incentivizes business owners to put that money back into their company to create better jobs.
“We want to structure it so the small businesses would be using their money to grow their business and of course, growing your business means you hire more people and probably pay them more money.”
Cassidy says there hasn’t been a significant tax reform since 1986, with President Ronald Reagan. He says although it took a while to pass, Reagan was thoroughly engaged, just as Trump is.
“So having Trump engaged is essential, it doesn’t guarantee but it’s one of those things that must happen so we can just be pleased he’s engaged.”
Cassidy serves as a member of the Senate Finance Committee and will play a role in the passage of any tax reform plan.