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

The Week

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