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President Trump unveils GOP tax reform plan at Indiana State Fairgrounds

INDIANAPOLIS, Ind.– President Donald Trump delivered a speech in Indianapolis Wednesday about the GOP’s plan for tax reform.

Details of the framework were released ahead of the speech. The White House says these four principles will guide the process:

  • We need a tax code that is simple, fair and easy to understand. That means getting rid of the loopholes that primarily benefit the wealthiest Americans and special interests.
  • We need a competitive tax code that creates more jobs and higher wages for Americans. It’s time to give American workers a pay raise.
  • Tax relief for middle class families.
  • We want to bring back trillions of dollars in wealth parked overseas.

The invite-only event at the Indiana State Fairgrounds included Hooiser workers, business owners and farmers as the president unveiled new proposed tax rates.

President Trump called the plan a "once in a generation" opportunity to cut taxes. He said his tax plan will "bring back the jobs and the wealth that have left our country."

The cuts aim to help the middle class and would eliminate loopholes that benefit the wealthy.

He noted the plan might not be good for him or other wealthy people.

"They can call me all they want. It's not going to help," he said. "I'm doing the right thing. And it's not good for me, believe me."

The president said his plan would allow "the vast majority of families to be able to file their taxes on a single sheet of paper."

The plan also includes a proposal to tax business income at 20 percent, including sole proprietors whose business income is taxed at individual rates up to 39.6 percent.

"In Indiana you have seen firsthand that cutting taxes on businesses makes your state more competitive and leads to higher wages and bigger paychecks for your workers. Now we want to do the same thing for America," he said.

Four Indiana lawmakers traveled with the president on Air Force One Wednesday: Republican Representatives Susan Brooks and Jackie Walorski, Republican Sen. Todd Young and Democratic Sen. Joe Donnelly.

The White House is looking to moderate Democrats up for re-election, like Donnelly, to build support for tax reform.

The president said with a smile if Donnelly doesn't support the plan, "we will come here and we will campaign against him like you wouldn't believe."

Trump noted taxes are often a nonpartisan issue said he's sure many Democrats will support the plan "because it's the right thing to do."

Sen. Donnelly issued this statement after the event:

“I work for Hoosiers, not President Trump or any political party. As it stands, the framework released today is missing many details that will be critical to determining whether working- and middle-class families truly stand to benefit. These Hoosiers will be foremost in my mind as I continue to engage with my colleagues in the Senate and also with the White House to try to craft a tax reform bill that will provide greater economic security to these families and also create and protect jobs here in Indiana.”

While President Trump is in Indianapolis, more than 100 members of the Indiana Chamber will be in Washington for its annual lobbying trip, specifically pushing for tax reform legislation to quickly pass Congress.

Rep. Banks issued this statement after the speech:

“The last time tax reform was passed, I was seven years old and Ronald Reagan was president. Today’s framework is a good first step towards closing loopholes and putting more money in the pockets of Hoosier families. It has been over a decade since our country’s economy has grown by 3%, and this sort of growth is critical to lowering the national debt and balancing the budget. I look forward to working with President Trump and my colleagues in Congress on this important issue.”

Indiana Republican Party Chairman Kyle Hupfer issued this statement:

"President Donald Trump’s visit to Indiana to unveil his federal tax reform plan is an historic recognition that the Indiana model of putting taxpayers first works. And now, with his leadership and our proven blueprint at hand, we are on track to put American taxpayers first, too.

"Indiana has proven time and time again that cutting, capping and eliminating taxes directly contributes to job growth and economic prosperity. I’m confident that by enacting President Trump’s plan to simplify the code and bring tax relief to the middle class and job creators, we will increase our global competitiveness, add jobs and grow economy for years to come, just as we’ve done in Indiana.

"It’s the Hoosier Way, and we’re about to take it national."

The Democratic National Committee issued this statement:

“The only thing we know about the Republican tax plan is that it would benefit giant corporations and the richest 1% of Americans at the expense of everyone else. We won’t know the specifics of the plan until the last minute, because Donald Trump, Mike Pence, and their Republican colleagues know that if they’re honest about what’s in their tax plan, Americans will oppose it. We saw this intentional secrecy with health care, and now we’re seeing it with tax reform. Democrats believe in real tax reform that helps the middle class and ensures that big corporations and the 1% pay their fair share. Trump, Pence, and their Republican colleagues owe it to the American people to stop writing their plan behind closed doors and explain exactly how their proposals will impact Hoosier families.”