President Trump and GOP leaders unveiled the framework for the new Republican tax reform plan Wednesday, intended to simplify and streamline the tax system, along with lowering both corporate and individual taxes.
The plan promises to reduce the corporate tax rate from 35 percent to 20 percent, and break individual taxes down into just three brackets: 12 percent, 25 percent, and 35 percent. It also proposes doubling the standard deduction for married and single filers.
The plan includes a recommended surcharge on the very wealthy, and calls for a repeal of the estate tax.
During a speech in Indiana Wednesday, President Trump said, “This is a once-in-a-generation opportunity, and I guess it’s probably something I could say that I’m very good at. 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.”
Putting pressure on the Democrats to approve the plan, and reminding them that some are up for re-election soon, President Trump sent out a Twitter post on Thursday morning that read, “Democrats don’t want massive tax cuts – how does that win elections? Great reviews for Tax Cut and Reform Bill.”
The tweet can be seen below:
Democrats don’t want massive tax cuts – how does that win elections? Great reviews for Tax Cut and Reform Bill.
— Donald J. Trump (@realDonaldTrump) September 28, 2017
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