Trump touts ‘historic tax relief’ plan in bid to overhaul system

INDIANAPOLIS » President Donald Trump promised “historic tax relief to the American people” on Wednesday as he tried to build momentum behind his plan to overhaul the nation’s tax code and revive his moribund legislative agenda in Congress.

Hours after the White House and congressional Republicans released a framework for making sweeping changes to the tax system, the president told hundreds of supporters at the Indiana State Fairgrounds the plan was “a once-in-a-generation opportunity.”

“We’re doing everything we can to reduce the tax burden on you and your family,” he said.

The tax plan seeks to slash the corporate rate from 35 percent to 20percent and create three individual tax brackets with rates of 12 percent, 25 percent and 35 percent, with a recommended surcharge on the very wealthy. Trump wants to simplify the tax code to allow most Americans to file on a single sheet of paper.