Trump Lays Out Tax Plan

Author:
Updated:
Original:
Trump On Iran Deal: 'I Have Decided' Promo Image

President Donald Trump presented his plan to reform the U.S. tax system on Sept. 27, describing it as containing some of the biggest changes in decades.

He spoke to supporters about the proposal in Indianapolis, where he announced the individual income tax brackets would be reduced from seven to three, The New York Times reported.

Trump said his plan would benefit workers and the middle class by cutting their taxes and creating more jobs by reducing the tax burden on businesses.

"This is a revolutionary change, and the biggest winners will be middle class workers as jobs start pouring into our country, as companies start competing for American labor, and as wages continue to grow," said Trump. "This will be the lowest top margin income tax rate for small and midsize businesses in more than 80 years."

Trump included a proposal that would encourage companies to repatriate their profits currently held abroad.

Image placeholder title

"This is a once-in-a-generation opportunity, and I guess it's probably something I could say that I'm very good at," Trump added, reports CNN. "I've been waiting for this for a long time. We're going to cut taxes for the middle class, make the tax code simpler and more fair for everyday Americans. And we are going to bring back the jobs and wealth that have left our country and most people thought left our country for good."

Still awaiting his first legislative victory in Congress, Trump sought to make a bipartisan appeal.

"There is no reason that Democrats and Republicans in Congress should not come together to deliver this giant win for the American people and begin the middle class miracle once again," said Trump.

But some Democrats were not convinced. They pointed to the removal of inheritance tax and a reduction of business tax from 35 to 20 percent as measures that would mainly benefit the wealthy.

Image placeholder title

"If this framework is all about the middle class, then Trump Tower is middle-class housing," Democratic Sen. Ron Wyden of Oregon stated. "It violates Trump's pledge that the rich would not gain at all under his plan by offering sweetheart deals for powerful CEOs, giveaways for campaign coffers and a new way to cheat taxes for Mar-a-Lago's loyal members."

The White House is hoping to get the tax changes passed by the end of the year. A meeting of congressional Republicans took place earlier on Sept. 27, where House Ways and Means Committee Chairman Rep. Kevin Brady of Texas spoke about the tax plan, which was warmly welcomed.

"Today is not about the House plan, it's about a unified framework," Brady said, reports The New York Times.

Sources: The New York Times, CNN / Featured Image: Dominique A. Pineiro/Chairman of the Joint Chiefs of Staff/Flickr / Embedded Images: oregonmildep/Wikimedia Commons, Ali Shaker/VOA via Wikimedia Commons

Popular Video