Trump Promotes 'Giant, Beautiful, Massive' Tax Cut in Address to Manufacturers Group - NECN
President Donald Trump

President Donald Trump

The latest news on President Donald Trump's presidency

Trump Promotes 'Giant, Beautiful, Massive' Tax Cut in Address to Manufacturers Group

The reduction of taxes on pass-through income would be of enormous value to President Donald Trump's family



    Trump Announces Sweeping Tax Reform Plan

    President Trump traveled to Indianapolis Wednesday to pitch his new tax reform plan. (Published Wednesday, Sept. 27, 2017)

    President Donald Trump promoted his plan for a sweeping rewrite of the tax code to an audience eager for the proposed change.

    Trump told the National Association of Manufacturers Friday that the key is a "giant, beautiful, massive, the biggest ever in our country, tax cut."

    The president and congressional Republicans this week released the outlines of a nearly $6 trillion tax cut plan that would deeply reduce taxes for corporations, simplify tax brackets and nearly double the standard deduction used by most tax filers. Many details remain to be fleshed out.

    The president said he's working hard to help companies thrive, compete and grow, as well as level the playing field for American workers so they can better compete with workers around the world.

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    One provision of the tax cut would allow businesses for the next five years to write off the full cost of new equipment in the year it's purchased.

    Under the broader proposal, corporations would see their top tax rate cut from 35 percent to 20 percent. Seven personal tax brackets would be reduced to three: 12 percent, 25 percent and 35 percent. But the information released didn't include the income levels applied to the rates, making it difficult to know how a typical family's tax bill may be affected.

    The plan also recommends a surcharge for the very wealthy. The standard deduction would nearly double to $12,000 for individuals and $24,000 for families, basically increasing the amount of personal income that would not be taxed. Deductions for mortgage interest and charitable giving would remain, but the plan seeks to end most other itemized deductions.

    Jay Timmons, president and CEO of the association, said Trump has been a "tireless advocate" for manufacturers. Timmons said U.S. manufacturers "have never been as enthusiastic or as optimistic about their future as they are this year, and that is because of the huge opportunity we have to get tax reform done."

    Trump wants to sign tax legislation into law by the end of the year.