Addressing the crowd in Indiana, the President made his announcement about the much-awaited tax reform that the Republicans have been trying to bring to the table for quite a few months now. Trump described the new tax code as a 'once in a lifetime' opportunity and also hinted that his ability to bring in sweeping changes is the power behind it. He also mentioned that far-reaching tax cuts will characterize the reform policy that has been proposed by his party men.
Everyday Americans will be winners, claims Trump
Hoping to win support for his tax reform, Trump went on to describe how beneficial it will be for everyday Americans. Readers will remember that the tax reforms proposed earlier by the Republicans met with scathing criticism because they were aimed at reducing tax for richer people while poorer people would not see much by the way of tax relief. This time around, Trump has given the plan a lot of publicity as a move to help the American working class. He also hinted at improving employment opportunities through the plan and said that the jobs that were believed to be lost permanently will be restored.
Gives numbers to back up his claims
The President also went on to give some actual numbers to strengthen his claim about the tax reform being truly beneficial to poorer Americans. He said that he was calling for a reduction of personal tax brackets to three from the existing seven. The standard deduction for married taxpayers would be increased to $24000 and for single taxpayers to $12000, which represents double of what is currently in place. He also said that corporate tax rate would come down by 20% and the estate tax would be done away with entirely.
While nothing can be confirmed yet about the tax reform proposed, Trump has also pointed out that his plan will be business-friendly while not helping richer class Americans earn more money. He highlighted the cap on corporate tax rate at 20% as a prime example of why the new plan will support business activity. He also said that write-offs would be offered to businesses that agree to switch back manufacturing facilities to the U.S., thus bringing back more jobs and encouraging more businesses to stay in the country.