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President Trump Unveils Plan For Tax Reform In Indianapolis

The President touts lower taxes, reworked tax brackets and strategies to keep jobs in the U.S while increasing wages for the American worker

INDIANAPOLIS -- President Trump has laid out his most detailed version so far of a tax-reform plan, in a speech at the state fairgrounds.

Trump's proposal chops corporate taxes nearly in half, slashes taxes on small business to 25%, and abolishes the inheritance tax. But Trump argues the biggest beneficiaries would be working-class and middle-class Americans, not the wealthy.

"It's not good for me, believe me," Trump insisted.

His plan would reduce the urrent seven tax brackets to three: 12%, 25% and 35%.. Those brackets erase the current top and bottom brackets of 10% and 39.6% while telescoping the rest. The plan doesn't specify where the boundaries would be, other than a promise to exempt entirely the first $24,000 earned by couples.

Trump says he'd also increase the child tax credit, and add a $500 credit for adult dependents.

Republican members of Congress echoed Trump's declaration that the plan would boost the economy, and wages with it. And Trump says while both parties have differing visions of health care, tax reform is something both parties have said for years they support. He says he expects many Democrats to support the final plan.

But Trump singled out the most prominent Democrat in the audience, saying if Senator Joe Donnelly doesn't support it, "we'll come after him like you wouldn't believe" in next year's election.

Donnelly issued a statement saying the framework "is missing many details that will be critical to determining whether working and middle-class families truly stand to benefit." He says he'll assess the eventual bill on that basis, not based on what Trump or either political party wants.

Business owners invited to hear the speech gave a big thumbs up. Dan Thystrup owns North Webster paddle-boat maker Adventure Glass. He says while the tax cuts are welcome, what's at least as important is Trump's vow to simplify the tax code. He says a business like his can't afford a separate professional to get the company's tax filings in order.

Trump claims the eventual plan will allow most taxpayers to file on a single sheet of paper.

(PHOTO: Brendan Smialowski/Getty Images)

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