LIVE: Trump Unveils Tax Plan in Indianapolis

by | Sep 27, 2017 | Featured, Politics

LIVE: Trump Unveils Tax Plan in Indianapolis
President Trump addresses Congress shortly after taking office in 2017.

Donald Trump unveils the detail of his tax reform plan at a rally in Indianapolis. Reporter Matt Sussis provided live commentary during the speech below:

President Trump Reveals Tax Plan (09/27/2017)
3:12
Standing by for President Trump to begin speaking.
Wednesday September 27, 2017 3:12 
3:32
President Trump has taken the stage in Indianapolis
Wednesday September 27, 2017 3:32 
3:42
Speaking in Indianapolis on Wednesday, President Donald Trump cited lower state income taxes under then-Gov. Mike Pence as a reason for increased investment in Indiana. “It’s time for Washington to learn from the wisdom of Indiana.”
Wednesday September 27, 2017 3:42 
3:47
Trump further proposed simplifying the tax code to just three tax brackets: 12 percent, 25 percent and 35 percent. Currently, the lowest tax bracket is at 10 percent, and the highest is at 39.6 percent.
Wednesday September 27, 2017 3:47 
3:55
Trump said doubling standard deductions for individuals to $12,000 a year from $6,000, along with closing loopholes and certain itemized deductions, would offset the higher effective tax rate for Americans in the lowest tax bracket.

 
Wednesday September 27, 2017 3:55 
3:55
“We are not going to allow the death tax to steal away the American Dream from great families,” said Trump after calling for a repeal of the estate tax.
Wednesday September 27, 2017 3:55 
4:08
Trump proposed a reduction in the corporate tax rate to 20 percent from 35 percent, “which is substantially below the average of other industrialized nations.” Currently, the average corporate tax rate for Organization for Economic Cooperation and Development countries is 24.5 percent.
Wednesday September 27, 2017 4:08 
4:08
The plan would allow “full expensing” for businesses. This means the cost of equipment could be written off immediately, rather than amortized over multiple years, in order to spur capital investment.
Wednesday September 27, 2017 4:08 
4:08
Trump called for a one-time tax repatriation holiday for the “trillions and trillions of dollars stuck overseas” and said that repatriation has bipartisan support. The last tax holiday took place in 2004, and corporations brought $362 billion into the United States.
Wednesday September 27, 2017 4:08 
4:14
Trump concluded his speech by calling on his supporters to pressure Democratic lawmakers to support the tax reform bill, and said bipartisanship was possible. “If you demand it, they will listen,” he said.
Wednesday September 27, 2017 4:14