by JOHN CARNEY
Donald Trump revealed more details of Republican plans to overhaul the U.S. tax system in a North Dakota speech Wednesday.
Calling it “the American plan,” Trump said the tax proposals would include a “major, major” tax cut for middle class families that would be “the biggest since Ronald Reagan.”
“The pipe-fitters, and plumbers, and nurses, and police officers. All the people like you who pour their hearts into every penny earned in both the offices and oil fields of America. You’re the ones who carry this nation on your back and it’s time for you to get the relief that you deserve,” Trump said. “It’s your money, not the government’s money.”
Trump said that the tax cuts for middle-class families would come in the form of “a combination of benefits.” Those would include raising the standard deduction, increasing the child tax credit, and lowering the tax rate.
In a speech on taxes last week, Trump appeared to focus on business taxes, leading some to speculate that cuts to personal income taxes for middle class Americans may be endangered. Wednesday’s speech extinguished that speculation.
Trump met Tuesday with leaders from the House and Senate as well as Treasury Secretary Steven Mnuchin and Gary Cohn to discuss progress on tax reform efforts. Wednesday’s speech may be a reflection of what Trump learned in the meeting. Many of the details of the plan remain closely guarded.
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