In a series of Wednesday morning tweets, President Donald Trump heralded the performance of the stock market since his election, noting that it “would be really nice” if the “Fake News Media” would report the “virtually unprecedented” growth.
“Stock Market has increased by 5.2 Trillion dollars since the election on November 8th, a 25% increase. Lowest unemployment in 16 years,” Trump tweeted.
Since Trump was elected president, the Dow Jones Industrial average has indeed seen huge gains, rising from under 18,000 points in November 2016 to nearly 23,000 points on Wednesday, according to Market Watch.
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Trump continued, tweeting, “If Congress gives us the massive tax cuts (and reform) I am asking for, those numbers will grow by leaps and bounds.”
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The president then took aim at the mainstream media for not reporting on stock market growth during his administration and at Democrats for wanting “MASSIVE” tax increases and “crime producing” borders.
“It would be really nice if the Fake News Media would report the virtually unprecedented Stock Market growth since the election. Need tax cuts,” Trump tweeted. “The Democrats want MASSIVE tax increases & soft, crime producing borders.The Republicans want the biggest tax cut in history & the WALL!”
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Trump was scheduled to deliver a speech on his tax reform Wednesday afternoon in Harrisburg, Pennsylvania. A senior administration official told ABC News that Trump will address truckers and cite them as “the lifeblood of our economy.”
According to excerpts of his speech released by the White House, Trump will say, “When your trucks are moving, America is growing. That is why my administration is taking historic steps to remove the barriers that slow you down. America first means putting American truckers first.”
Trump’s tax reform plan would reportedly cut the top income tax rate, do away with the alternative minimum tax and eliminate the federal estate tax. Via his plan, Trump also hopes to encourage multinational companies to repatriate cash that they have kept overseas due to punitive corporate tax rates.
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Deutsche Bank reported that there is more than $1 trillion in cash held abroad by S&P 500 companies.
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