27 September, 2017
It would also create a new 25 percent rate for "pass-through" businesses, which are now taxed at individual income rates. The White House official said IN was chosen to be where President Trump reveals new details because of the economic progress the state made under Pence's leadership when he cut income taxes and "red tape" to create a "competitive edge" that compelled dozens of companies to come to IN instead of surrounding states with higher tax rates.
Photo President Trump will travel to IN on Wednesday to unveil his tax reform plan.
The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, said people familiar with the plan. They will also argue that big reductions to the business tax code will result in more jobs and higher wages for workers. Check back for more coverage Wednesday afternoon. The governor says he has a prior commitment to the Navy SEALs' annual dinner in Chicago, and says he looks forward to hearing Trump's tax plan. However, doubling the standard deduction could offset that change - and potentially eliminate the tax burden for some households.
This is Trump's first visit to IN since last December, when he announced - as President-elect - that the Carrier Corp. had taken a state tax incentive deal to preserve some jobs that were slated for outsourcing. The White House is planning to pitch the measure as a "zero tax rate" on low-income families. Indiana's Democratic senator, Joe Donnelly, will travel with the president for Wednesday's speech.
Democratic Senator Joe Donnelly will fly with Trump to IN, and says he's hoping to find bipartisan common ground on tax reform.
Donnelly has introduced a bill that he says will penalize companies that outsource jobs.
"All told, since President Kennedy, the NAM, the unified voice of the men and women who make things in America, has been proud to invite and welcome USA presidents from both parties", the association said in a statement. I believe tax reform should include policies that will benefit working and middle class families, create new jobs, and protect existing jobs. It says Donnelly is hoping for a bipartisan effort on tax reforms to help the middle class and spur domestic investment.