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A large number of truck drivers are expected to attend an event in Harrisburg, Pennsylvania, this afternoon, during which President Trump plans to lay out a trucker-friendly tax plan.
Trump Hopes To Leverage Trucker Support For Tax Pan
The Trump administration says that hundreds of truckers will be in attendance at Trump’s speech late this afternoon and that big rigs will be on display on the site as a backdrop for the president’s speech, which is set to take place in an airport hanger. The speech is expected to begin between 5 and 6 p.m.
Trump plans to address the importance of trucker to the U.S. economy in his speech, according to an administration official:
“Nothing gets done in America without the hard-working men and women of the trucking industry. America depends on you for the fuel that powers our cars, the produce that nourishes our communities and the beautiful steel that stands up our tallest skyscrapers.”
“Truckers will be the No. 1 beneficiaries of President Trump’s tax plan,” according to a White House official.
Trump’s speech is expected to point out how truckers will benefit from a new Republican tax plan, which he says will be akin to giving the average U.S. household an extra $4000 per year by lowering individual tax rates. According to already-released remarks, Trump says he “will eliminate the penalty on returning future earnings back to the United States. And we will impose a one-time low tax on money currently parked overseas so it can be brought back home to America – where it belongs.” In addition, the Trump tax plan would change the way that pass-through business income is taxed, which the President says will benefit many truckers.
The plan would also eliminate the estate tax, though the typical trucker doesn’t earn enough to be affected by that tax.
The President believes that the deep corporate tax cuts in his plan (from 35% to 20%) will stimulate the economy and result in a trucker hey-day.
Trump will also try to appeal to truckers by pointing out that his tax plan could lead to more dollars spent on infrastructure.