White House changes time of Trump's Indianapolis speech

Don’t bet against President Trump when it comes to tax reform

Don’t bet against President Trump when it comes to tax reform

Ahead of President Donald Trump's first visit to IN after being sworn-IN as president, the president met with key lawmakers at the White House Tuesday morning, who will take one of the first swings at tax reform.

Mr. Trump's IN remarks are expected to kick off at 3 p.m.

Still, while the President focused on the benefits the tax proposal would deliver to middle class Americans, he made clear it would also be a boon for big business.

Rep. Richard Neal of MA, the top Democrat on the Ways and Means Committee, came away from the White House meeting in a negotiating mood.

"I think tax reform is always going to be very hard and it's going to be a tax cut because that's the only thing they can agree on", predicted Henry Olsen, author of "The Working Class Republican: Ronald Reagan and the Return of Blue-Collar Conservatism".

The tax proposal will be released jointly by the Trump administration, the House Ways and Means Committee, and the Senate Finance Committee. The plan he'll see this week is also expected to recommend cutting the top individual tax rate to 35 percent, down from 39.6 percent, two people familiar with the matter said.

There may also be a fourth bracket, higher than the 35% rate, for the country's wealthiest individuals and families.

As for deductions, it's a mixed bag: Tax breaks for mortgage interest and charitable contributions would remain, but many others - such as deductions for state and local taxes and for health costs, would be eliminated.

The outlines of the plan were described Tuesday by GOP officials who demanded anonymity to disclose private deliberations.

In April, Trump unveiled a similar plan that he called the "biggest" tax cut ever - with the same lower rates for individuals and chopping the corporate rate to 15 percent.

President Trump touted his plan as a blueprint for helping middle-class Americans, not wealthier individuals - including himself.

Senate and House Republicans agreed on a deal that could reduce revenue by $1.5 trillion over the next decade while adding to the federal deficit. "I saw no Democrat ready to jump on board".

The rate is "going to be substantially lower so we bring jobs back into our country", Trump said. The catch is, along with that, he wants to increase the standard deduction to $12,000 for a single filer and $24,000 for those who are "married filing jointly". During the campaign, Mr. Trump said overhauling the tax code would raise economic growth to 4 percent. "It's too complicated", Trump said.

Some conservative GOP lawmakers, meanwhile, dug in their heels on the shape of the plan.

Eliminate deductions, at the tax-writing committees' discretion, but the framework calls for the research and low-income housing credits to be retained. "I'm not much into all the secrecy", he said. "Under President Trump's leadership, we are determined to finally give the American people the simpler, fairer and more competitive tax system they deserve".

The President said his tax cut proposal wouldn't help the country's wealthiest taxpayers, like himself, as he promised to strip away tax breaks and loopholes.

Brady has said the legislation will be put forward after the House and Senate enact their budget frameworks. "This is when the process gets kicked off", Neal told reporters at the Capitol.

The new top tax rate for small businesses will be 25 percent.

Gurinder Singh Khalsa founded SikhsPAC, a political action group for Indiana's Sikh community, and he was in the audience at Trump's speech.

Republicans are divided over the potential of elimination of some of the deductions.

A motorcycle officer in President Donald Trump's motorcade in Indianapolis suffered a broken ankle after he crashed on the way to the airport.

Pence won't be in Indianapolis, instead serving to unify House Republicans who will be at a Washington retreat to kick off the effort Wednesday.

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