President Donald Trump on Wednesday announced plans to collaborate with Congressional Republicans to significantly reduce individual and corporate taxes.
"We're going to dramatically cut taxes for families, workers, and companies, including eliminating taxes on tips, Social Security benefits, and overtime," Trump stated at a conference hosted by Saudi Arabia's sovereign wealth fund in Miami.
Trump's proposed plan also includes tax reductions for domestic oil and gas producers, as well as allowing companies to fully expense investments in new domestic factory construction and other capital expenditures.
"If you make a purchase that will benefit our country, we're going to allow you to deduct it," Trump explained.