President Donald J. Trump is committed to supporting the ongoing response and recovery operations in Puerto Rico and the U.S. Virgin Islands. FEMA search and rescue teams, as well as other federal agency partners, are working hard to provide relief and resources across the affected area. You can apply for FEMA assistance here if you have been affected.
Tax Reform President Trump announced his Administration’s tax overhaul initiative at the Indiana State Fairgrounds yesterday afternoon. Four Indiana lawmakers accompanied the President on the trip - Republican Representatives Susan Brooks and Jackie Walorski, Republican Senator Todd Young and Democratic Senator Joe Donnelly. "Tax reform has not historically been a partisan issue – and it does not have to be a partisan issue today...” the President said. “There is no reason that Democrats and Republicans in Congress should not come together to deliver this giant win for the American people and begin the Middle Class Miracle once again."
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The Unified Tax Reform Framework
The America First tax relief plan will strengthen the middle class, grow the economy, and unleash America’s economic comeback. The plan consists of four main points: tax cuts for working Americans, a simpler tax code, lower business tax rates, and bringing wealth back to the United States. Here are a few of the measures included in President Trump’s tax relief plan:
- Double the standard deduction.
- Consolidate the seven existing tax brackets for taxable income to only three brackets: 12 percent, 25 percent, and 35 percent.
- Streamline the tax filing process to a single sheet of paper for most Americans.
- Reduce the corporate tax rate to 20 percent.
- Tax offshore profits at a one-time low tax rate, thereby ending the tax incentive to keep those profits offshore.