President Donald Trump announced the framework of his tax plan Wednesday afternoon, boasting that it would restore the American dream for working families.
“This is the right time. Democrats and Republicans in Congress should come together to deliver this giant win for the American people and begin the middle-class miracle once again,” Trump said as the crowd applauded. “It’s also called a miracle for our great companies.”
The president traveled to Indiana for his speech, noting that under Governor Mike Pence the state made impressive economic gains as a result of lower taxes and regulations. He spoke at the Farm Bureau Building at the state fairgrounds in Indianapolis.
Trump described the current tax code as a “self-inflicted economic wound,” and urged Americans to support his plan.
He promised to simplify the tax code to make the economy more competitive with the world, bringing more jobs back to the United States.
“It is time to take care of our people, to rebuild our nation, and to fight for our American workers,” Trump said.
He hearkened back to former President Ronald Reagan’s tax cuts that created an economic boom in the 1980s, but he said that the world responded with more competitive rates.
The president also promised that the majority of families would be allowed to file their taxes on a single piece of paper.
Trump promoted the idea of cutting taxes for working-class Americans, allowing the first $12,000 of earned income to remain tax-free — $24,000 for married couples.
He promoted three different tax rates of 12 percent, 25 percent, and 35 percent for different income brackets.
The president promoted pro-family policies like the expansion of the child tax credit and eliminating the marriage penalties. He also promoted a $500 tax credit for dependent adults or the elderly. His framework also included a plan to eliminate the alternative minimum tax and end the “death tax” permanently.
Trump said his plan aims to cap the tax rate for millions of small businesses and farms at 25 percent and allow them to write off the cost of equipment in the same year they purchased it.
The new tax plan, he explained, would encourage more companies to bring jobs back to the United States.
“We want our companies to hire and grow in America, to raise wages for American workers, and to help rebuild American cities and towns,” Trump said. “That is how we will all succeed and grow together – as one team, one people, and one American family.”
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