Indianapolis, Ind. (NBC News) – President Trump traveled to Indianapolis Wednesday to pitch his new tax reform plan.
“Under our framework, the vast majority of families will be able to file their taxes on a single sheet of paper,” the president said.
Republicans say it would cut taxes for the middle class, simplify the tax code and cut the corporate tax rate.
Democrats are deriding the plan as a gift bag for the wealthy.
The plan includes long-held Republican goals of reducing the corporate tax rate and simplifying the tax code. It lowers the corporate tax rate to 20 percent and eliminates four income tax brackets. It doubles the standard deduction and increases the child tax credit. It also repeals the estate tax but keeps the deductions for mortgage interest and charitable giving, all tax breaks that tend to affect high-income tax payers. But it is expected to cost trillions of dollars and Republicans haven’t yet presented a clear way to pay for it.
President Trump also vowed that his party would continue their push for health care reform following the Senate’s failure to pass the Graham-Cassidy bill aimed at repealing Obamacare.
“Long before the November election we’re going to have a vote and we’re going to be able to get that through,” he said.
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