Remarks by the Vice President on Tax Reform in Plainfield, Indiana

THE VICE PRESIDENT: Well, Thank you Mr. Secretary. Thank you, Alex Acosta, for doing a great job, leading a great discussion, our Secretary of Labor. (Applause.)

Let me invite all of you -- it's not easy under the bright lights and lots of cameras to share your heart and talk about your business -- talk about your life. But from Tom Taulman at TKO and all these great Indiana job creators, great job today. Give them a big round of applause will you? That was very insightful. (Applause.)

I also want to thank Governor Holcomb for doing such a tremendous job for the people Indiana and for your thoughtful comments today. And Senator Young, thank you for that clarion call and for the role that you're playing in delivering on the promise of tax relief for the people of Indiana. These are two great public servants, everybody, and we're honor to be with them today. (Applause.)

And one more time, I did notice a banner on the wall here at TKO Graphix that says, "The difference between ordinary and extraordinary is that little extra." And Tom Taulman, we're going to get you a lot more than a little extra to help TKO Graphix grow. Thank you for hosting us today. This has been a great, great conversation. (Applause.)

And lastly, before I share a few remarks, I want to thank all of you for being here. For taking time, as we approach the dinner hour to hear this conversation and be a part of an enormously important debate in the life of our state and the life of our nation.

But I also want to acknowledge the fact that we're just a couple of days away from a very important annual holiday in this state. It is a day that we remember the men and women who have worn the uniform of the United States of America. Would all of you who are veterans in the room, today, raise your hand if you're standing or stand if you're sitting and let us say one more time how grateful we are for your service to the United States of America in uniform? (Applause.)

Thank you for your service.

President Trump asked me to be here today. He's on a historic trip across the Asia Pacific. He's advancing the security and prosperity interests of the United States, but he wanted us to be here. As he's advocating for American jobs and American investment around the world, he asked us to be here to advance what the President and I believe is the single-most important element of the President's agenda to strengthen America's economy.

And this economy, as the Secretary said earlier, is growing. Since day one of this administration, President Trump has been putting job creation first == rolling back federal red tape. President Trump has signed more bills rolling back federal red tape than any President in American history -- 14 different bills. (Applause.)

We've unleashed American energy. We put America first with withdrawing from, not only the TPP, but the Paris climate accord. This President has been rebuilding the military, making the kind of investments that make for a stronger, more prosperous America.

And as was reflected on earlier, the economy is showing the results. Here, just a day past the one-year anniversary of when the President and I got hired on for these jobs -- (applause) -- I'm happy to report to you that the American economy is making a comeback. We learned just last week, in October, the economy created 261,000 jobs; nearly 1.5 million new jobs created since President Trump took office. Unemployment is at a 17-year low, the stock market is roaring. American's savings accounts and pensions have grown by $5 trillion after eight years of growth below 2 percent. Our economy is now growing by more than 3 percent, and there are more Americans working today than ever before in the history of the United States of America. (Applause.)

America is making a comeback. American jobs are coming back, but President Trump and I believe that to have sustained growth, the time has come to cut taxes across the board for working families, small business, and family farms. And we're going to fight every day to make that happen. (Applause.)

The tax relief the President is planning, as I said earlier, is what he calls a "middle-class miracle." He really is focused on working families. The President's outline basically covers three different areas. And the legislation that was unveiled in the Senate today, the legislation that passed out of the key Ways and Means committee in the House of Representatives, today, all reflect the President's framework.

But here are those outlines: Number one, the President wants to put more money in working families' pockets, making it possible that the first $24,000 in income for families will be completely tax-free. We're going to expand the child tax credit, and we're going to end death taxes once and for all. (Applause.)

Secondly: It's amazing to think in the most powerful economy in the history of the world -- a free-market economy that sets the pace on the planet -- that America has one of the highest corporate tax rates in the industrialized world. So, President Trump is absolutely committed to work with the Congress to lower the corporate tax rate from 35 percent to 20 percent, and we're going to lower taxes on small businesses that file as individuals to 25 percent. It'll be lowest since 1931. (Applause.)

We're also going to make it possible for companies that have literally trillions of dollars locked overseas to be able to bring those resources back into the country at one low effective tax rate to invest in American jobs and to invest in American workers.

And lastly, as I said before, you know there's an old saying that says that the tax code is 10 times the length of the Bible with none of the good news. (Laughter.)

So, we're going to simplify the tax code. We're going to simplify seven brackets down to three. And we're going to make it possible for 90 percent of the American people to file their taxes on a single sheet of paper. That's the goal. (Applause.)

All told, the President's plans for American businesses, we believe will raise -- will create an increase and a raise for American workers both in increased salaries and in increased opportunities.

By one estimate, Hoosier workers can expect an annual raise of some $4,000 a year when all of the tax relief that we described takes effect. When you add the tax cuts to working family, Hoosier families are going to be winners. Indiana businesses are going to be winners.

We simply know that cutting taxes -- as I said before -- on American businesses is one of the most effective ways to raise wages in this country. You don't' have to take my word for it. You just heard from these small-business owners in this completely candid conversation today.

You heard Tom Taulman say -- and I was very moved -- that Tom who employees 260 people said, he was most excited about these tax codes, that they would give a better quality of life for the employees here at TKO Graphix. (Applause.)

It's that employee focus. I know you all noticed it, just as much as I did, but every one of these -- every one of these business owners was talking about their people.

I mean, Jennifer Weise, of BeeFree, said she was going to put it right back into the business to be able to hire more people to be able to expand to even more states around the country. We heard Kathleen and Edward Cabello talk about hiring more staff -- being more competitive on pay.

I think Kathleen said it best, she said, our biggest resource is our people. And the right kind of tax cuts will make it possible for America businesses to invest more in the American people. And that's an exciting opportunity. (Applause.)

So I want to thank all of you for being here today. I want to thank these great job creators. We're going to continue to work on advancing the kind of tax relief that will create sustained growth in this economy.

I want to say to you before I leave though, we've got real momentum. You probably sensed it today. The progress that we're making on Capitol Hill with the strong support of Senator Young and others, the strong support of Indiana's representatives in the majority in the House of Representatives. We're moving forward.

But the truth is, as Senator Young just said, we need the support of every Hoosier. We need the support of every Hoosier in Congress. I know we're going to be able to count of Senator Todd Young, but Indiana also needs to be able to count on Senator Joe Donnelly to vote for tax relief for the people of the Hoosier State. (Applause.)

It's like Senator Young said, this isn't a Republican or Democrat issue, this is a jobs issue. It's a competitiveness issue. And we're calling on Senator Donnelly, we're calling on members of both parties and both chambers of the Congress to step up and move the kind of tax relief that will get the economy growing.

The truth is, though, that Washington, D.C. always seems to find a way to stop efforts to let you keep more of what you earn. You ever notice that?

I served in the Congress for 12 years, I got a job back in Washington now, but I've been watching Washington for a long time. And there's a reason probably why they haven't cut taxes like the President's talking about, for about 30 years. It's because in Washington, there's always something else that comes up.

So this is where you come in, everybody. We need your help to move this forward. I hope you didn't just come here today to hear some great job creators and hear a presentation about President Trump's vision for tax relief. I hope you leave here today with a burden as Americans to let your voice be heard.

Talk to your neighbors, talk to your friends, talk to your colleagues, talk to your employees at your businesses about what tax relief is going to mean for your company. Talk to your suppliers and your venders about what it's going to mean. Talk to anyone you can find and be sure to talk to our elected representatives in Washington, D.C., and say that Indiana needs a tax cut, and Indiana needs it now. (Applause.)

And with the strong support of Senator Young and great representatives in the Congress of the United States, with the strong support of each and every one of you -- letting your voice be heard, and with the leadership of President Donald Trump, I believe we're going to pass the largest tax cut in American history, and we're going to pass it this year. So let's get to work. (Applause.)

So thank you again. Thank you again for making time of this gathering. I look forward to visiting with many of you. Thanks again to this great panel. To our Governor, to our Senator, to Secretary Acosta.

I leave these gatherings more confident than ever that with President Donald Trump in the White House, with your help, and with God's help, we will make America safe again. We will make America prosperous again. And to borrow a phrase, we will make America great again. Thank you very much. (Applause.)

God bless you. God bless Indiana and God bless the United States of America. (Applause.)