President Trump says he wants to reform the tax system so it benefits working families. In a speech in Pennsylvania yesterday, Trump said he also wants a system that encourages companies to stay and grow in the U.S.
He said his tax plan means big tax cuts across the board, especially for middle class Americans. Trump said his plan will end the estate tax, increase the child tax credit and provide credits for elder care. He said his administration wants the middle class, not the wealthiest people, to be the biggest beneficiaries of his tax plan.
The President also promised to make it simpler to file taxes, saying most Americans will be able to file their taxes on one sheet of paper. Trump also wants to impose a one-time low tax on companies that return to the U.S. from overseas. He predicted that a typical American household would see a four-thousand-dollar pay raise from his tax reform plan.
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