Watch: President Trump speech on tax reform Indianapolis. Indiana. September 27, 2017.
In his speech that takes place in Indianapolis Indiana on September 27, 2017, Trump talks about his ‘middle-class’ tax plan and ‘historic tax relief.’ He announces his plan to cut double deductions. He adds that he’ll dramatically cut business taxes for the middle-class people. Taxes will be fair for everyone, tax reforms will be pro-jobs, pro-workers, and pro-Americans.
He talks about the change in business that the nation has seen. Unemployment is at its lowest point since the turn of the millennium; wages are rising and there is more optimism. Trump pitches his tax plan as a ‘once-in-a-generation’ opportunity. He says that he’ll create tax reforms that will create more jobs and higher pay for middle-class people.
Trump’s tax plan consists of four pillars:
1. Cutting taxes for every day and hardworking citizens of America: The first $12,000 income earned by a single individual in a house would be tax-free. A married couple’s earnings up to $24,000 will be tax-free. The marriage penalty will be eliminated. The child tax credit will be expanded. And, people caring for the elderly and other adult dependents will receive financial relief in the form of a $500 tax credit. The benefits will focus on the middle-class people.
2. Fair and easy to understand tax reforms: Americans will now be able to file their taxes on a single sheet of paper and not waste their time and money to comprehend complex tax regulations. Alternative Minimum Tax (AMT) as well as the death tax will be repealed.
3. Cutting taxes on American businesses: This will give an edge to American companies over other foreign competitors. The tax rate will be capped at 25% lower for small and mid-size American businesses. Moreover, the cost of equipment can be written off within the year of purchase so that American businesses can buy expensive machinery. Products will have the “Made in the USA” logo.
4. Bringing back money from foreign nations: American companies will not be punished for having their headquarters in the United States. There will be a one-time low tax on returning offshore money.
Trump’s new plan is called the “American model” that will ‘Make America Great Again.’ He asks the people to choose a future of American prosperity and pride. Plus, he pledges to bring jobs, wealth, and the great American dreams back to the nation.
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