U.S. President Donald Trump on Saturday defended a Republican tax-cut plan against Democratic charges that it favors the rich, saying it will be “one of the great Christmas gifts” for the middle class with just days to go before Congress votes.
WASHINGTON (Reuters) – U.S. President Donald Trump on Saturday defended a Republican tax-cut plan against Democratic charges that it favors the rich, saying it will be “one of the great Christmas gifts” for the middle class with just days to go before Congress votes.
With a vote on the biggest tax rewrite in three decades set for Tuesday, Republicans were working to ensure party members were holding the line in favor of the legislation against entrenched Democratic opposition.
The plan was finalized on Friday after Republican Senators Marco Rubio and Bob Corker pledged their support. Three Republican senators, enough to defeat the measure in a Senate that Trump’s party controls with a slim 52-48 majority, remained uncommitted: Susan Collins, Jeff Flake and Mike Lee.
Passage in Congress would provide Republicans and Trump with their first major victory since he took office in January.
Factbox: What’s in the final U.S. Republican tax bill
Trump repeated on Saturday that the tax overhaul would help bring in $4 trillion in foreign profits from U.S. companies. The tax plan proposes new rules for repatriating cash held overseas.
“This is going to bring money in. As an example, we think $4 trillion is going to be flowing back into the country,” he said. “That’s money that’s overseas that‘s stuck there for years and years.”
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