President Donald Trump unveiled his administration’s tax overhaul plan today in a speech in Indianapolis, announcing tax cuts for businesses and individuals which he said has the potential to deliver a “middle class miracle.”
“My fellow Americans, this is the right tax cut. And this is the right time. Democrats and Republicans in Congress should come together finally to deliver this giant win for the American people and begin middle-class miracle,” he said.
The plan proposes to 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.
Trump has said repeatedly on previous occasions that he wants a 15 percent corporate tax rate, but said Wednesday that 20 is the “perfect number” and will be a “revolutionary change” for American business, and by extension, the American worker.
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