President Donald J. Trump is committed to fixing our broken tax system

President Donald J. Trump is committed to fixing our broken tax system. The President is working to reform our tax system so that Americans are treated fairly and can keep more of their hard-earned money, and companies can bring jobs back to the United States. “We believe every-day Americans know better how to spend their own money than the federal bureaucracy, and we want to help them keep as much of that hard-earned money as we can,” said President Trump

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President Trump Meets with Cabinet Members
Yesterday, President Trump and his Cabinet met at the White House to discuss critical domestic policy issues. The President highlighted the unemployment rate at an almost seventeen-year low, the stock market soaring to record levels, and GDP growth of more than three percent last quarter. However, America’s broken tax code is costing us millions of jobs and trillions of dollars. It’s time to restore America’s competitive edge and pass historic tax cuts for the American people. “The economy cannot take off like it really has the potential to do unless we reduce the tax burden on the families, businesses, and workers of our country,” said the President.

See the President’s opening remarks here.

Unified Framework for Fixing our Broken Tax Code
President Donald J. Trump, the House of Representatives Ways and Means Committee, and the Senate Finance Committee are proposing vital tax relief to strengthen the middle class, grow the economy, and unleash America’s economic comeback. The America first tax relief plan includes:

Tax relief for middle-class families
The simplicity of “postcard” tax filing for the vast majority of Americans
Ending incentive to ship jobs, capital, and tax revenue overseas
Broadening the tax base and providing greater fairness for all Americans by closing loopholes
Get the facts on what tax reform can do for American families, businesses, and manufacturers.

Vice President Talks Economy with Japan’s Deputy Prime Minister
Monday afternoon, Vice President Mike Pence met with Japan’s Deputy Prime Minister Tarō Asō in the Indian Treaty Room of the Eisenhower Executive Office Building for the second round of the U.S.-Japan Economic Dialogue. The Vice President traveled to Japan in April to launch the dialogue. Joined by Secretary of the Treasury Steven Mnuchin, Secretary of Commerce Wilbur Ross, US Trade Representative Bob Lighthizer, and US Ambassador to Japan Bill Hagerty, the Vice President stated, “We believe this dialogue has the potential to significantly deepen our bilateral economic ties, and produce jobs, prosperity, and growth on both sides of the pacific.” Next month, President Trump will be visiting Japan on his travels to Asia.

Joint Press Release from Vice President Mike Pence and Deputy Prime Minister Taro Aso on the Second Round of the U.S.-Japan Economic Dialogue

Vice President Mike Pence and Japanese Deputy Prime Minister Taro Aso met today for the second round of the U.S.-Japan Economic Dialogue.

At today’s meeting, Vice President Pence and Deputy Prime Minister Aso, as Chairs of the Economic Dialogue, affirmed the importance of strengthening bilateral economic, trade, and investment ties. Fostering strong domestic demand-driven growth and fair trade practices can expand trade and foreign direct investment between our two countries that contribute to economic growth and job creation and result in more balanced trade. Both sides committed to build on momentum in the Dialogue to demonstrate progress in the near future.

Common Strategy on Trade and Investment Rules/Issues

Technical-level work is underway that is to (1) result in more effective enforcement activities against unfair trade practices by third countries, as well as (2) identify new areas of common interest for promoting high trade and investment standards.

Some initial progress was made on bilateral trade issues, including the lifting of restrictions on Japanese persimmons and on U.S. potatoes from Idaho. In the area of autos trade, Japan will streamline noise and emissions testing procedures for U.S. automobile exports certified under Japan’s Preferential Handling Procedure (PHP). Japan committed to ensure meaningful transparency and fairness in its system for geographical indications (GIs) in accordance with its domestic law and procedures, including those receiving protection through international agreements. Japan also committed to ensure meaningful transparency continuously with respect to reimbursement policies related to life sciences innovation. Both sides affirmed that they would intensify work to achieve further progress in the near term on bilateral trade issues.

Cooperation in Economic and Structural Policies

The United States and Japan reaffirmed the active use of the three-pronged approach (mutually-reinforcing fiscal, monetary, and structural policies) affirmed by the G7 members.

The United States and Japan share the view that financial regulatory regimes should be calibrated to reduce regulatory costs and burdens, while maintaining high standards of safety and soundness and ensuring the accountability of the financial system to the public.

As major shareholders in the Multilateral Development Banks, the United States and Japan are committed to working closely together to promote sustainable and inclusive development, consistent with the highest international standards and debt sustainability.

Sectoral Cooperation

The United States and Japan are coordinating on specific sectors to promote economic benefits and job creation in both countries. These focus on programs to increase investment and promote quality infrastructure, as well as to deepen energy ties; dialogues that develop shared strategies to level the global playing field for businesses; and activities that promote cooperation in specific sectors, including the digital economy, and inclusive workforce participation.

Our two countries affirmed that infrastructure projects in the Indo Pacific should be consistent with market competition and transparency, responsible financing arrangements, open and fair market access, and high standards of good governance.

Today, both governments concluded negotiations on a Memorandum of Cooperation to enhance cooperation in the transportation sector, including infrastructure development, financing, and maintenance, as well as intelligent transportation systems.

With respect to energy ties, both sides look forward to announcements in the near future on concrete achievements in a range of energy issues, including liquefied natural gas; highly efficient coal and carbon capture, utilization, and storage; civil nuclear energy; and energy infrastructure.

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