Tony Katz Today
Tax Reform: What Trump's Proposed Tax Plan Means for Hoosiers
(photo credit:Brendan Smialowski/Getty Images)
Trump's proposal cuts corporate taxes by nearly one half, slashes taxes on small business to 25%, and abolishes the inheritance tax. In addition, the President's plan would reduce the current seven tax brackets to three: 12%, 25% and 35%, although the the plan doesn't specify where the boundaries would be for each bracket.
Also included in the plan is a doubling of the standard exemption for married couples to the first $24,000 earned versus the current $12,000.
Ball State University Professor of Economics, Dr. Mike Hicks joined WIBC host Tony Katz on his Thursday broadcast to discuss the details of the new tax proposal and how it will impact those in the Hoosier state. Click the link below to hear the interview in its entirety: