President Donald Trump deviated from his prepared remarks at a Thursday roundtable in Las Vegas promoting Republican tax policies, expressing unfamiliarity with the phrase ‘corner store’ and suggesting that lower-income individuals do not focus on tax deductions.
Confusion Over Everyday Term
Addressing the audience, Trump asked, ‘What is a corner store?’ He added, ‘I’ve never heard that term. I know what a corner store is, but I’ve never heard it described [as] a ‘corner store.’ Who the hell wrote that?’
Views on Tax Deductions
Highlighting new deductions from last year’s GOP-led tax legislation, Trump contrasted behaviors across income levels. ‘So when rich people do something, they always look for deductions, right? It’s always deductions. They have deductions and everything,’ he stated. ‘And middle class and middle-income people, poorer people, they don’t get — they don’t think in terms of deductions.’
Economy Amid Iran Conflict
Trump described the current economy as stronger than during his first term, despite what he called ‘our little diversion to the lovely country of Iran.’ The ongoing war has halted traffic through the Strait of Hormuz, a critical oil shipping route.
Gasoline prices have surged nationwide, with the average cost per gallon reaching $4.09, up from $2.92 before the conflict began, according to AAA data. In Nevada, prices approach $5 per gallon. The IMF has cautioned that the war risks sparking a global recession.
Dismissing Inflation and Market Impacts
Earlier at the White House, Trump told reporters gas prices ‘aren’t very high,’ citing a rising stock market fueled by expectations of a swift war resolution. At the Vegas event, he labeled inflation tied to the conflict as ‘fake inflation.’
Trump acknowledged his influence on markets, saying of Treasury Secretary Scott Bessent, ‘When he speaks, the whole market gets soothed.’ He continued, ‘When I speak, the whole market goes a little jittery. I say Scott, go out there, clean it for me.’
Tax Policy Uptake
During the roundtable, Trump noted that about half of American tax filers have utilized new policies from the Trump era. Additionally, roughly five million people have established ‘Trump account’ savings pools for their newborn children.
