President Donald Trump unveiled his tax reform plan Wednesday afternoon, calling for major tax cuts and simplification of tax codes, which he says will ease the burden on middle-class Americans.
“Our fellow Americans, this is the right tax cut and this is the right time,” Trump said at the Farm Bureau Building in the Indiana State Fairgrounds. “Democrats and Republicans in Congress should come together, finally, to deliver this giant win for the American people and begin middle class miracle.”
Trump’s plan, which proposes to cut the corporate tax rate by 20 percent, comes in four parts:
- Simplify the tax code and make it fair and easy to understand.
- Allow American workers to keep more of their paychecks.
- Level the playing field for American businesses and workers.
- Reinvest in the American economy by bringing back trillions of dollars that are currently kept offshore.
Trump plans on simplifying the tax code by requiring single individuals to make $12,000 and married couples to make $24,000 before deductions are taken out. He also plans on reducing the seven existing tax brackets to three total brackets of 12, 25 and 35 percent.
In addition, Trump plans to abolish the estate tax.
“We are not going to allow the ‘death tax’ to steal away the American dream from these great, great families,” Trump said.
While there, Trump called out Democratic Sen. Joe Donnelly, requesting his support, much like Vice President Mike Pence did in his speech Sept. 22 in Anderson.
RELATED: Pence discusses health care, tax reform in Anderson
“If Senator Donnelly doesn’t approve it … we will come here and we will campaign against him like never before,” Trump said.
Sen. Donnelly released a statement today stating that he will be mindful of Hoosiers as he continues to work with members of the Senate to craft a tax reform bill.
“I work for Hoosiers, not President Trump or any political party,” Donnelly said in the statement. “As it stands, the framework released is missing many details that will be critical to determining whether working- and middle-class families truly stand to benefit.”
While Trump was announcing his new bill, a crowd of protesters began to form outside of the fairgrounds. Cheryl Laux, the protest organizer, said she wanted to have her voice heard.
“I thought, let’s give him a welcoming committee and let him know that everybody doesn’t stand for what he’s standing for,” Laux said. “I don’t want it to be violent or anything like that, but we have the right to be here and let him know that there are people we believe are being harmed by his agenda and lack thereof.”
Another protester, Angie Brooks, was holding a sign that said “Impeach the SOB.” Brooks said this is just one of the many protests that she’s participated in since Trump took office.
“I’m out here all the time because this is my country and I’m a patriot and I think that’s what you gotta do when you’re an American and you care about your country,” Brooks said. “[The tax reform plan] is not for the people, it’s for the wealthy and if he would change that, it’d be great. You know, we have a lot of things we need to do rather than give tax credits to the rich and corporations.”
In addition to announcing his plans for tax reform, Trump said the vote on the Graham-Cassidy health care bill, the newest attempt to replace the Affordable Care Act, will be postponed until the next Congress reconciliation period begins.
Contact Brynn Mechem with any comments at bamechem@bsu.edu or on Twitter at @BrynnMechem. Contact Mary Freda with comments at mafreda@bsu.edu or on Twitter at @Mary_Freda1.
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