President Trump launched his push for tax reform Wednesday in Indianapolis, promising a "once-in-a-generation opportunity" and "revolutionary change." "Under our framework, we will dramatically cut the business tax rate so that American companies and American workers can beat our foreign competitors and start winning again," USA Today quotes Trump as saying. The New York Times reports the proposed framework reduces the corporate tax rate to 20%, doubles deductions for married and single filers to $24,000 and $12,000 respectively, and reduces the number of tax brackets from seven to three. The top bracket would see a reduced tax rate; the lowest bracket would see an increased tax rate. Overall, Trump claims the plan represents the biggest tax cut in history: "There's never been tax cuts like we're talking about."
Trump is promising the middle class will be "the biggest winners" of his tax plan, which will cause "jobs to start pouring into our country." But the framework presented lacks details to show whether that would or would not be the case. (CNN reports Trump also claims the plan is "not good for me," but that's impossible to prove without his tax returns.) The framework does, however, include details that will specifically benefit rich Americans, for example by getting rid of inheritance taxes paid by the country's wealthiest families. Without further specifics, the head of the nonpartisan Committee for a Responsible Federal Budget calls Trump's tax plan "nothing more than a fiscal fantasy." Trump says he wants to work with Democrats to fill in those details, but Republican leaders say they'll likely use a special rule to pass tax reform without Democratic support. (Read more tax reform stories.)