Tony Katz Today
Trump to Unveil Tax Plan in Indianapolis Speech
(photo credit: Bill Clark/Getty Images)
President Trump is set to unveil his tax overhaul plan today in a speech in Indianapolis.
The plan would reportedly slash the corporate tax rate to 20 percent, from 35 percent; lower the top individual tax rate to 35 percent, from 39.6 percent; repeal the estate tax; double the size of standard deductions for married couples and individuals; and expand child tax credits.
We're trying to strike a balance between those who are embracing simplification and those who have other priorities in the code like making sure in Indiana, a manufacturing state, we continue to invest in research and development and capital equipment.
...The bottom line is that this framework is going to put more money in the pocket of working Hoosiers. The poor need a tax cut, the middle class need a tax cut, and our businesses need a tax cut too.
And the people who are going to see the most benefit from this are those who will see their standard deduction increase and potentially wipe them off of the tax rolls altogether.
That said, my mind's not made up. I do need to study the details and consult with Hoosiers, and I think the President is going to fill in some of the gaps in his speech today.
Here Tony's entire interview with Senator Young by clicking on the link below: