President Trump pitches tax reform plan to Indy crowd

INDIANAPOLIS, Ind. -- President Donald Trump spoke at the Indiana State Fairgrounds Wednesday afternoon to pitch his plan to overhaul America's tax code.

Senator Joe Donnelly, Senator Todd Young and Congresswoman Jackie Walorski attended the speech.

During his speech to the invitation only crowd, President Trump laid out the principles of the proposed tax reform.

He says he wants to make the tax code simpler and easier to understand by shortening it.

Trump says he wants to give American workers a pay raise by allowing them to keep more of their paycheck.

He also hopes to make America the ‘jobs magnet of the world’ by drawing more companies to create jobs here and bring back money currently being kept offshore.

The Trump Administration wants to go from seven tax brackets to three - 12-percent, 25-percent and 35-percent.

The president wants to double the standard deduction to $24,000 for married couples and $12,000 for individuals.

In addition, he wants to cut the corporate tax rate from 35-percent to 20-percent and repeal the estate tax.

“It’s time for Washington to learn from the wisdom of Indiana. We need Washington to promote American jobs instead of obstructing them. That is what I’ve been working to achieve every day since I took office. That is what I talked about on the campaign trail. Already we’re seeing the results of an economic policy that finally puts Americans first," President Trump said.

During the speech, Trump said he would campaign against Senator Donnelly if he doesn't support the tax reform.

"Just before coming here, we released some of the details of the tax, of the tax reforms and the tax cuts and it has really received tremendous reviews. And if Senator Donnelly doesn't approve it, 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.

Senator Joe Donnelly released the following statement after President Trump's speech
“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.”

Senator Todd Young released the following statement after President Trump’s speech
“President Trump made a convincing case today that this tax reform package will boost the economy and increase the take-home pay of every Hoosier. For the first time in 30 years, the prospects for a simpler tax code that lowers taxes for the working class and provides relief for small business owners looks good. Let’s seize this opportunity and deliver on our promises to the American people.”

Representative Luke Messer relased the following statement regarding the President's tax plan
"This is a great day for Indiana's workers and a great day for the American economy. President Trump's tax plan will bring more jobs, fairer taxes and bigger paychecks to Hoosiers. I’m excited the President is here in Indiana, where we’ve led the nation in delivering the kind of tax cuts and pro-growth policies that get our economy moving. I look forward to working closely with him and anyone else ready to deliver for Hoosier workers."

Congressman Dan Kildee released the following statement about President Trump's tax plan
“My constituents deserve a tax code that is simple and fair. Middle class families should be the focus of any tax relief, not the richest Americans. Unfortunately, the Republican plan gives the biggest breaks to the wealthiest Americans. Their plan ends the estate tax, giving a $269 billion tax break to just 5,400 billionaire families, including the Trump and DeVos families. In the same breath, Republicans want middle class families to pay more by increasing state and local tax burdens. Republicans also don’t say how they are going to pay for these big tax cuts for the wealthy. We should not give one penny in tax breaks to billionaires on the backs of middle class families. Their plan would explode the national deficit and dramatically decrease investments to help rebuild our crumbling roads and schools. Giving billionaires a massive tax break is fiscally irresponsible and unfair to the families I represent.”

Congresswoman Jackie Walorski released the following statement
“Hoosiers deserve a fairer, simpler tax code that makes America more competitive, helps businesses grow and create jobs, and allows families to keep more of their hard-earned paychecks. That’s exactly what we’re going to deliver with tax reform. This framework gives tax relief to middle-class families and simplifies the tax code so they can file their taxes on a postcard. It lowers tax rates on small businesses, helps manufacturers build more American-made products, and makes America more competitive in the global economy. And it puts American workers on a level playing field by ending the incentive for companies to send jobs and capital overseas. We have a once-in-a-generation opportunity to put American families, workers, farmers, small business owners, and manufacturers on a stronger path, and I look forward to working with my colleagues on the Ways and Means Committee in the coming weeks to get a bill ready for the president’s signature.”

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