Full recap: Trump talks tax reform in Indy

Full recap: Trump talks tax reform in Indy

Saying, "It's time for Washington to learn from the wisdom of Indiana," President Donald Trump introduced his tax reform plan to a crowd in Indianapolis on Wednesday.

President Trump's speech focused on his goal of making the tax system simpler for everyday Americans.

He came to the Hoosier state to use it as a backdrop and as an example for what he hopes can change at the national level.

“This is a once in a generation opportunity,” President Trump said.

He chose Indiana to lay the foundation, speaking before an enthusiastic invite-only crowd of area Republicans and supporters at the state fairgrounds in Indianapolis.

“Indiana is a tremendous example of the prosperity that is unleashed when we cut taxes and set free the dreams of our citizens," Trump said.

The President applauded Vice President Mike Pence for the tax cuts he put into place while governor.

Trump said Hoosiers chose to make the Hoosier state competitive again, and he’s hoping his new tax plan will do the same for the country.

The Trump tax proposal would shrink the system from seven brackets to three.

It would double the standard deduction to $24,000 for married couples, and $12,000 for individuals -- meaning that amount of your income would not be taxed.

The plan also calls for giving America’s highest earners a tax cut from 39.6% to 35%, and cut the corporate tax rate from 35% to 20%.

President Trump also wants to repeal the estate tax.

“We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and yes, tax reform that is pro-America," he said on Wednesday.

Lieutenant Governor Suzanne Crouch welcomed Trump on behalf of Governor Eric Holcomb, who was in Chicago for a previously scheduled event.

“We’re excited that our President sees that it’s worked in Indiana and knows it can work for all of America," Crouch said in an interview after the event.

The Trump tax plan would also limit how much small businesses can be taxed.

The President was appealing directly to Republican Congresswoman Jackie Walorski and GOP Senator Todd Young, who traveled with him on Air Force One to the speech.

Democratic Senator Joe Donnelly also tagged along.

At Wednesday's event, the President singled him out.

"If Senator Donnelly doesn't approve [the tax plan], because you know he's on the other side, we will come here and we will campaign against him like you wouldn't believe," Trump said, pointing directly at Donnelly in the audience.

It was a warning from the President aimed at the lone Democrat in the building.

A target has been drawn on Senator Donnelly’s back as the race for his senate seat in 2018 draws near.

“It’s time that he listens to Hoosiers as well that want support for the President’s agenda," said Indiana GOP Chairman Kyle Hupfer. "I haven’t seen Democrat Joe Donnelly do much about that.”

Although a guest of the President on his trip to the Hoosier state, Donnelly appeared undeterred by the not-so-subtle jabs.

Following the event, he released this statement:

“I work for Hoosiers, not President Trump or any political party. As it stands, the framework released today is missing many details that will be critical to determining whether working- and middle-class families truly stand to benefit. These Hoosiers will be foremost in my mind as I continue to engage with my colleagues in the Senate and also with the White House to try to craft a tax reform bill that will provide greater economic security to these families and also create and protect jobs here in Indiana.”

Walorski expressed her support for the tax plan after Wednesday's event. 

The question now: Will Congress act on it?

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