Trump Touts New GOP Tax Plan

President Trump is cheering the new Republican tax plan. Speaking in Indianapolis, Trump called it a big win for the middle class.  He argued that the U.S. tax code is a complicated relic and must be simplified. Trump said the plan will help bring back jobs while prompting more robust growth.  

Trump said the first $12,000 for singles and $24,000 for married couples would be tax free. He said the seven current tax brackets would be cut down to three, with the ability to add a fourth on high earners later. 

He noted that many special interest tax loopholes will be eliminated. The GOP plan eliminates most itemized deductions, except for charitable donations and the popular home mortgage interest deduction. The Republican proposal would lower the corporate tax rate from 35% to 20% 

Trump said the tax plan is a once-in-a-generation opportunity.  He argued that tax reform should not be a partisan issue.  Democrats say the GOP plan would blow-up the federal deficit.  


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