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President Trump unveiled his tax reform in Indianapolis, Indiana on Sept. 26, 2017. He vowed to cut taxes for the middle class, make the tax code simpler and fairer for everyday Americans. Furthermore, he said the plan would bring back the jobs and wealth that have left our country.
Speaking before a full room at the Indiana State Fairgrounds the president stated: “We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family and yes, tax reform that is pro-American.”
The current, seven tax brackets will be reduced to three; 21, 25, and 35 percent. The corporate rate would be cut from 35 to 20 percent. The Alternative Minimum Taxes and the Estate Taxes (Death Tax) would be eliminated. The plan increases the child tax credit and doubles the standard deduction which helps middle-income people.
Most itemized deductions will be eliminated, but the proposal retains the mortgage interest deduction and charitable giving deductions. Education and retirement incentives are also kept.
The plan offers a one-time repatriation tax, enticing companies to bring offshore profits back to the United States. This was a central theme in Trump’s campaign. He is keeping that promise.
The president told the crowd that, “We need Washington to promote American jobs instead of obstructing them,” and that “we are already seeing the results of an economic policy that finally puts America first.”
“Our framework will stop punishing companies for keeping their headquarters in the United States. We’re punishing companies under our codes for being in the United States,” he added.
The White House and Republican leaders want the new tax policy to be in place by the end of the year. Political analysts and Wall Street believe it will not be finished until early in 2018.
By Laurel Fee
Edited by Cathy Milne
CNN Politics: Trump sells tax plan as ‘once-in-a-generation’ opportunity
Fox News: The Five
Business Insider: IT’S HERE: All the details of Trump’s massive tax plan
Featured and Top Image Courtesy of Gage Skidmore’s Flickr Page – Creative Commons License