BREAKING: Trump Announces Plan…

President Donald Trump released details of his tax plan while speaking tonight at a rally in Indiana.

Per Independent Journal Review:

“There’s never been tax cuts like what we’re talking about,” the president said before detailing the four “frameworks” of his tax proposal which will look to cut taxes for millions of Americans, simplify the tax code, lower business tax rates to make the U.S. more competitive, and bring America’s wealth back to its shores by stopping the “offshoring model.”

“Under this framework, the first $12,000 of income earned by a single individual will be tax-free. And a married couple won’t pay a dime in taxes on their first $24,000 of income. So a married couple up to $24,000 can spend their money on their family, on their children, what they have to do. So much better,” Trump said.

Trump says the tax plan will increase the tax burden on the rich, something which he admits will affect him:

“It’s not good for me, believe me,” Trump said. “They can call me all they want. It’s not going to help. I’m doing the right thing.”

“We’re eliminating most itemized deductions that primarily benefit the wealthiest taxpayers. We’ve also given Congress the flexibility to add an additional top rate on the very highest income earners to provide even more tax relief for working people,” he added.

The President also hopes to nix the estate tax:

During one of the more passionate moments of the speech, the president detailed his plan to eliminate the inheritance tax, or death tax, saying: “We are not going to allow the death tax to steal away the American dream from these great, great families.”

“Now if you don’t like your family, it won’t matter. But for those that love your family, it matters a lot,” Trump said jokingly.

Following repeated failed efforts to repeal Obamacare, Trump is looking to get Democrat support in tackling tax reform:

“Tax reform has not historically been a partisan issue and does not have to be a partisan issue today,” he said, gesturing towards Democratic Sen. Joe Donnelly (D-Ind.) who joined the president at the rally in his home state.

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The president said he believes “numerous Democrats” will “come over and sign,” because “it’s the right thing to do.”

“I know many of them. They’re telling me, it is the right thing to do.”

Check it out:

 

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