President Trump Addresses Tax Reform

Scheduled time 3:20 pm at the Farm Bureau building in Indianapolis.

President Trump will unveil the outlines of his tax plan. It’s expected to include such broad details as cutting the corporate tax rate to 20 percent from 35 percent.

The president had campaigned on slashing it to 15 percent but Republicans in Congress are not in agreement with that proposal.

According to the NY Post:

President Trump will release a sweeping plan Wednesday to cut taxes and simplify the tax code that will eliminate the deduction for state and local taxes — a move that Gov. Andrew Cuomo has warned would be a “death blow” for New York.

Despite fierce opposition from high-tax states when the idea was first floated, the Trump administration is pushing ahead with the repeal, which would remove state and local income and property taxes as deductions on federal returns.

The perk — first enacted with the income tax in 1913 — is most heavily used in coastal, bluer states that include New York, California, New Jersey and Connecticut.

Repealing it would increase federal revenue by $1.3 trillion over the decade, according to the Tax Policy Center.

But it would also slam high-income New Yorkers.

Manhattan leads the way nationally in taking the deduction, with residents writing off an average of $24,898 on their federal returns.

The President’s tax plan is part of his overall plan to grow the economy and create an atmosphere that stimulates job growth. As stated in the Issues section of the White House website, pro-growth tax reform will help American workers and businesses keep more of their hard-earned dollars. The President’s plan will lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate, which is one of the highest in the world. Fixing a tax code that is outdated, overly complex, and too onerous will unleash America’s economy, creating millions of new jobs and boosting economic growth.

It’s believed that he picked Indianapolis for the unveiling because while Mike Pence was governor of the state, he cut personal and corporate taxes and saw the state’s economy grow and unemployment fall.

Meanwhile, Vice President Mike Pence will participate in a House Republican retreat regarding tax reform at Fort McNair.

After that, he will lead a tax reform meeting with conservative leaders at the White House.

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