In a speech Wednesday in St. Charles, Missouri, to tout Republican efforts to pass a tax reform package, President Donald Trump will focus on “bringing back Main Street,” senior administration officials said.
A crowd of about 1,000 people is expected at the 2 p.m. speech at the St. Charles Convention Center. Those in attendance have been invited by groups and organizations such as the Missouri Chamber of Commerce, Missouri Association of Manufacturers, as well as small business groups.
During Trump’s speech, he is expected to specifically mention two small business owners from Missouri and how the Republican tax plan would help fellow small business owners and entrepreneurs, officials said.
The U.S. House has passed its tax reform plan, which includes doubling the standard deduction. The Senate is expected to vote on its own plan later this week. Republicans in Congress are hoping to have their tax reform plan passed before Christmas in order to have an accomplishment to campaign on during the 2018 election cycle.
U.S. Rep. Rodney Davis, in a recent visit with the BND editorial board, said Republicans learned from their mistakes during the health care debate and laid out a process for representatives to offer amendments to the tax reform proposal.
He said there is an effort to correct a problem with the bill that would tax tuition waivers, which would hurt graduate assistants and students.
“I think it’s wrong, we need to do a better job at addressing it,” Davis said.
He said 75 percent of people already use the standard deduction, and he said that number of users would increase to 95 percent with the higher standard deduction.
“Percentage wise, there will be more money going to middle- and low-income families,” Davis said.
Under the House plan, a family of four with an income of about $59,000 a year would see a tax break of about $1,200 more a year.
Davis said that amount “may be the difference to get kids participating in sports.”