(CBS) – Cut rates and simplify. Those are President Trump’s plans for taxes, which he outlined at the Indiana State Fairgrounds on Wednesday.
CBS 2 Political Reporter Derrick Blakley reports from Indianapolis.
Trump’s tax reform plan left some big questions unanswered — especially, whether the proposed tax cuts would explode the federal deficit.
The Republican returned again to one of the states that secured his victory, to outline his long-promised and long-delayed tax reform plan.
The Trump tax plan would cut personal tax brackets from seven to three: 35, 25 and 12 percent.
That would cut the rates for wealthiest Americans and create a higher one for the poorest.
But the president says it would be offset by almost doubling the standard deduction – $24,000 for married taxpayers filing jointly, $12,000 for single filers.
His proposed business tax cuts may be even more controversial. It would reduce the corporate tax rate from 35 percent to 20 percent.
The president said “everyday American” workers would be the biggest winners, “as jobs start pouring into our country, as companies start competing for American labor and as wages start going up at levels you haven’t seen in many years.”