Wednesday afternoon from Indianapolis, Indiana, President Trump will lay out his vision for comprehensive tax reform. He will give a speech at the Indiana State Fairgrounds, the same place where former Indiana Governor Mike Pence signed the largest tax cut in Indiana history back in 2014, which promoted job growth and stimulated the economy.
According to Trump administration officials, the President will give a serious and focused speech laying out a frame work, not written legislation, detailing his goals. The framework will then be used by lawmakers on Capitol Hill to develop legislation through regular order.
Here are some of the details Trump will expand upon later today:
-The lowest federal income tax bracket for individuals will sit at 12 percent, an increase from 10 percent, but will be offset by an expansion of the child tax credit. There will be three brackets total, down from seven, with the other two at 25 and 35 percent.
-The small business tax rate will drop to 25 percent, the lowest in America since the 1930s.
-The corporate tax rate will be decreased from 35 percent to 20 percent, prompting American money to come home from overseas.
-The child tax credit will be expanded. Administration officials nor the President will provide an exact number and will rely on proper congressional committees to come up with one they deem appropriate.
-Rewriting tax regulations so Americans can complete their taxes on a single page.
-Getting rid of double taxes, including the death tax.
-Eliminate itemized deductions
-Eliminate state and local deductions
-Charitable deductions are not changing
-Retirement taxes will not be touched
-Mortgage deductions will not change