Would President Trump's tax plan mean more money in your pocket?

President Donald Trump took the stage in Indianapolis Wednesday afternoon to present his new tax plan.

Posted: Sep 29, 2017 3:00 AM
Updated: Sep 29, 2017 3:00 AM

INDIANAPOLIS, Ind. (WTHI) - President Donald Trump took the stage in Indianapolis Wednesday afternoon to present his new tax plan.

"It's a time to take care of our people, to rebuild our nation, and to fight for our great American workers," President Trump said.

It's a demand for change - heard loud and clear on tax reform in the United States.

Farmer Kip Tom was all ears in Wednesday's crowd at the Indiana State Fairgrounds.

"There was something in that speech for every American," Tom told us.

Tom is no stranger to farming. He owns his family farm - one that holds a heritage of more than 100 years.

"We've reinvested every bit of profit we made in the 60-70 years back into the farm. We're a farm operation. I've got three children in the business, and two parents there today...and 11 grandchildren," Tom told us.

From the hard-working American to their families and small businesses - as well as their farms.

It's all things President Trump plans to tackle with his tax reform.

"First $12,000 of income earned by a single individual will be tax-free and a married couple won't pay a dime in taxes on the first $24,000," Tump said.

Trump says taxable incomes would be subject to three rates of 12 percent, 25 percent, and 35 percent, with families finding relief in the expansion of tax credits for children under 17.

Another favorable aspect of the president's pitch, repealing the Alternative Minimum Tax, or the AMT.

"That death tax is a disaster for this country and a disaster for so many small businesses and farmers...and we're getting rid of it," the president said.

Legislation to change the tax code has not officially been introduced.

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