Truckers Targeted in Tax Reform?
President Trump will be making multiple stops across the country to raise awareness for his new tax reform plan.
Truck drivers are expected to be one of the main groups addressed at the president’s stop in Pennsylvania. While the full details of the plan are still not available, there are several points which are likely to be addressed during this meeting.
The speaking event will take place in front of about 1,000 people, and the bulk of the audience will be truck drivers. Given this, the bulk of the speech is expected to talk about strategies to cut corporate taxes and to provide more options for standard deductions. The event will take place in front of big rigs, at a local airplane hangar according to White House reports.
The president is likely to make the case that the framework for his tax reform could benefit the freight transportation industry. By lowering the tax rates of truckers, the plan could help to boost manufacturing and make it easier for families in the trucking business to pass on their companies to their children.
The administration has been vocal about the importance of truckers since well before the election, highlighting the crucial importance of commercial operators to the U.S. economy.
Additional parts of the plan include lowering the top income tax rate, eliminating the federal estate tax and alternative minimum tax, and encouraging multinational companies to bring back their operations to U.S. soil. Many details of the plan are expected to be filled in by members of Congress, leaving some uncertainties as far as the brackets and levels that will determine who is affected – and by how much.
Money returning from overseas may not find its way to the pockets of trucking employees. Some analysts say it is more likely that the additional cash will go to investors and stock holders. A plan by the administration to overhaul U.S. infrastructure was heavily touted before the election, but upgrades have yet to begin on the scale some were hoping for.
Additional details about the tax plan and the effects it has on trucking will likely emerge in the coming weeks.