Trump announces his tax reform plan by assuring the crowd 'it's not good for me, believe me'
President Trump introduced his tax reform plan Wednesday, telling a crowd at the Indiana Fair Grounds Farm Bureau Building in Indianapolis that "Americans waste so much money ... each year to comply with our ridiculously complex tax code." He added that "we are making our tax system simple again. We are simplifying our tax system."
The plan — which proposes shrinking the seven individual tax brackets down to three at 12 percent, 25 percent, and 35 percent — is being promoted as a win for the middle class because it will also double the standard deduction for all taxpayers. Critics, though, point out that it raises taxes on the lowest income bracket from 10 percent to 12 percent and lowers taxes for the wealthiest Americans, from 39.6 percent to 35 percent. Trump, though, insisted "it's not good for me, believe me."
The tax reform plan also cuts business taxes down to 20 percent from 35 percent: "We need Washington to promote American jobs instead of obstructing them," Trump said, adding that the plan would mean America can start "winning again." Watch some of his comments below. Jeva Lange
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Today's political cartoons - April 21, 2024
Cartoons Sunday's cartoons - devilish decrees, biblical blunders, and more
By The Week US Published
-
5 carefully selected cartoons about the Trump-Daniels jury selection process
Cartoons Artists take on a stress-free life, rare peers, and more
By The Week US Published
-
Loire Valley Lodges review: sleep, feast and revive in treetop luxury
The Week Recommends Forest hideaway offers chance to relax and reset in Michelin key-winning comfort
By Julia O'Driscoll, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published