Trump Pushes Business Tax Cuts as 'Rocket Fuel' For Economy

Image: President Donald Trump speaks to the National Association of Manufactures
President Donald Trump speaks to the National Association of Manufactures at the Mandarin Oriental hotel on Sept. 29, 2017, in Washington.Evan Vucci / AP

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By Ali Vitali

WASHINGTON — President Donald Trump promised "huge" tax cuts for small businesses Friday, calling the proposed reductions "rocket fuel for our economy" in a speech to the National Association of Manufacturers.

Touting the just-released framework of his tax reform plan, the president trumpeted what he called "beautiful, massive" tax cuts and said their goal was the revival of the "Made in America" mantra that symbolizes "unrivaled excellence."

"Under my administration, the era of economic surrender is over," Trump said, promising more "winning" and "the rebirth of American industry."

While the Trump spoke passionately about making goods in the U.S., many of his own companies do the opposite, making many of their products overseas.

Trump's tax plan, released on Wednesday in tandem with Republicans on Capitol Hill, has been pitched as a victory for the middle class. But its impact on that group of taxpayers, however, is unclear because the plan lacks many details.

On Friday, Trump highlighted a 25 percent cap on small business rates, describing it as "the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years. The lowest in 80 years."

But while Trump attended the gathering to bolster his tax reform pitch, his economic argument was laced with patriotic rhetoric. "We love our American flag," Trump said at one point, though he did not return to his criticism of NFL players who choose to kneel during the national anthem.

It's a "phrase that fills our hearts with pride," he said, describing the "skill, grit and drive of the American worker" and the "unmatched quality and craftsmanship of the products they bring."

That Trump would liken his tax cuts as "rocket fuel" marks a new application for the rocket reference. Last week, Trump called out the North Korean leader Kim Jong Un as "little rocket man" during a campaign rally for Sen. Luther Strange in Alabama and referred to Kim as "rocket man" in a speech at the United Nations General Assembly.