President Trump told business leaders Friday that Republicans' proposed tax reform package would "end the era of economic surrender," blaming the current tax code as the "primary reason" why businesses moved overseas and outsourced labor abroad.
Trump noted that the top corporate tax rate, more than 39 percent, is the "least competitive" one among developed nations and is crippling U.S. industry. "How do you compete? Well, many of them don't. They move overseas," Trump said at a meeting of the National Association of Manufacturers Friday.
"It is time to go from dead last to pretty much the front of the pack. We won't have the lowest rate, but we'll be pretty close," he said.
The president promised that the tax reform package would provide "rebirth" of American industry. "We will cap your top tax rate at a maximum of 25 percent. This will be the lowest top marginal income tax rate for small and medium-sized businesses in more than 80 years. This huge tax cut will be rocket fuel for our economy."
The Republican framework would lower the corporate tax rate to 20 percent and the rate for small businesses and S-corporations to 25 percent.
Trump stuck closely to the script during the speech, making traditional Republican arguments on the economy and the size of government. "We are cutting regulations at a pace that has never been thought of," he said.