STREAMING NOW: Watch Now

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.

Article Comments

Terre Haute
Overcast
31° wxIcon
Hi: 44° Lo: 20°
Feels Like: 31°
Robinson
Overcast
33° wxIcon
Hi: 42° Lo: 19°
Feels Like: 33°
Indianapolis
Overcast
35° wxIcon
Hi: 42° Lo: 21°
Feels Like: 31°
Rockville
Overcast
31° wxIcon
Hi: 41° Lo: 19°
Feels Like: 31°
Casey
Overcast
30° wxIcon
Hi: 41° Lo: 19°
Feels Like: 30°
Brazil
Overcast
31° wxIcon
Hi: 42° Lo: 20°
Feels Like: 31°
Marshall
Overcast
31° wxIcon
Hi: 43° Lo: 20°
Feels Like: 31°
Mostly cloudy with a low chance of a passing shower
WTHI Planner
WTHI Temps
WTHI Radar

Latest Video

Image

In the Paint Part Three 12-13-19

Image

In the Zone Part Two 12-13-19

Image

In the Paint Part 1

Image

Friday Late Forecast

Image

Local teens make baskets and stockings to help people in need

Image

Sheriff Youth Ranch raffle

Image

Parke County kids get an inside look at how government works

Image

New store confirms it is moving into old Terre Haute Toys R' Us location

Image

Switz City trash plant plan withdrawn

Image

Urban Vs. Rural Temps

WTHI Events