Trump: US faces ‘once in a lifetime opportunity’ on taxes

Donald Trump
President Donald Trump, center left, meets with members of the Senate Finance Committee and members of the President's economic team in the Cabinet Room of the White House in Washington, Wednesday, Oct. 18, 2017. (AP Photo/Susan Walsh)

WASHINGTON (AP) — President Donald Trump says the nation faces a “once in a lifetime opportunity” to overhaul the tax system.

Trump spoke during a White House meeting with a group of senators. The president is convening Republicans and Democrats from the tax-writing Senate Finance Committee to build support for his plan. Trump says it will provide the largest tax cuts in the country’s history and is outlining details of the plan.

It calls for a large cut to the corporate tax rate, reducing it from 35 percent to 20 percent, and an end to the estate tax. The president was seated next to Utah Sen. Orrin Hatch, a Republican, and Missouri Sen. Claire McCaskill, a Democrat.

Trump says, “a lot of people are liking” his plan, which still lacks specific legislation.

After meeting with the president, Michigan Sen. Debbie Stabenow released the following statement:

“I support tax reform that simplifies our tax code, puts more money back into the pockets of hardworking families and small business owners, and spurs job creation in Michigan. During today’s meeting, I expressed concerns that the Republican tax proposal would give 80% of the benefits to the top 1% percent, take away important tax incentives for Michigan manufacturers and small businesses, and add to our nation’s deficit. I told President Trump that instead of spending over $1.5 trillion on tax cuts for the wealthy, we should work together to stop tax breaks for companies that ship jobs overseas and give middle-class families a bigger tax cut.”