Trump Promises an Economic Miracle; Ties His Administration With Reagan's.

President Donald Trump said Tuesday that the Republican tax plan would lift the U.S. economy to heights not seen since the administration of Ronald Reagan, delivering a speech filled with economic optimism to a receptive audience of donors to the Heritage Foundation, which has played a critical role in policy and staff matters for the Trump administration.

“Working closely with the Heritage Foundation, Ronald Reagan cut taxes to unleash the economic miracle of the 1980s,” Trump said during his address at the think tank’s annual President’s Club Meeting. “You understand that lower taxes mean bigger paychecks, more jobs and stronger growth. At the heart of our plan is a tax cut for everyday working Americans.”

Calling the existing GOP proposal a “once-in-a generation opportunity to revitalize our economy, revive our industry and renew the American dream,” the president hailed the foundation’s role in shaping policy in past administrations and urged its members to use their influence to help pass the Republican tax plan.

“The Heritage Foundation can once again help make history by helping to take this incredible idea, this proven idea, this tax cut [and] making it a reality for millions and millions of patriotic Americans,” Trump said.

His address didn’t break new ground on specifics of the tax plan, which is still being crafted in Congress. Trump told listeners to call their lawmakers, particularly GOP senators, because he said Senate Democrats would probably play an obstructionist role.

Trump devoted the latter half of the speech to tax reform, closely linking Heritage's support to the success of past efforts.

The biggest applause inside the room came from the president’s promise to end “the horrible and very unfair estate tax.” (Which of course would save Trump a tremendous amount of money annually.) 

Calling it a pay raise, he urged passage late this year. “Let’s give our country the best Christmas present of all — massive tax relief,” Trump said.