The plan, expected to be released Thursday, is a long-standing goal for Capitol Hill Republicans who see a once-in-a-generation opportunity to clean up an inefficient, loophole-cluttered tax code.
House Republicans, straining to make last-minute changes to their far-reaching tax proposal, on Tuesday delayed the rollout by a day after they failed to finalize the details.
The House on Thursday gave a significant boost to President Donald Trump’s promise to cut taxes, narrowly passing a GOP budget that shelves longstanding concerns over federal deficits in favor of a rewrite of the tax code.
While the president insists the popular retirement plans will remain untouched, lawmakers are open to revisions.
The tax increase was passed by the Republican-dominated Legislature and signed into law by Republican Gov. Eric Holcomb this spring to raise money for infrastructure spending.
The senator from Indiana said fellow Republicans “can’t assume unreasonable rates of economic growth or we’re being fiscally irresponsible.”
President Donald Trump declared repeatedly the plan would provide badly needed tax relief for the middle class. But there are too many gaps in the proposal to know yet how it actually would affect individual taxpayers and families.
The plan repeals the estate tax and alternative minimum tax, lowers the corporate tax rate, and reduces the number of tax brackets while lowering the highest tax rate. One of the largest boons for the middle class would be that it doubles the standard deduction.
Speaking at the Indiana State Fairgrounds, President Donald Trump warned Indiana Sen. Joe Donnelly, a Democrat, to support his tax-cut plan.
President Donald Trump and congressional Republicans are proposing a far-reaching, $5 trillion plan Wednesday that would cut taxes for corporations and for individuals, simplify the tax system and nearly double the standard deduction used by most Americans.
On the eve of the grand rollout of the plan, details emerged on Capitol Hill on Tuesday while Trump personally appealed to House Republicans and Democrats at the White House to get behind his proposal.
Sen. Joe Donnelly will fly home to Indiana aboard Air Force One with Donald Trump on Wednesday to catch the president's speech at the Indiana State Fairgrounds.
President Donald Trump is scheduled to speak at an event at the Indiana State Fairgrounds on Wednesday to promote the Republican-led federal tax overhaul effort.
Republican tax negotiators are targeting a corporate tax rate of 20 percent, but there’s at least one potential obstacle: President Donald Trump, who wants a lower rate.
Republican tax negotiators are targeting a corporate tax rate of 20 percent, according to two people familiar with the matter. That would be higher than President Donald Trump wants—setting up a key decision for the president on a top legislative priority.
Vice President Mike Pence will make the Republican case for a federal tax code overhaul during a speech Friday in his home state of Indiana.
The Indiana Manufacturers Association is also hoping the state will allow local governments to offer relocation tax incentives to build upon any that the state offers.
The broad-brush tax cut number, if approved by the Senate, would pave the way for tax writers to slice corporate and individual tax rates and curb tax breaks in hopes of boosting economic growth.
Property owners are voting on establishing a precisely targeted district that would help them pay for improvements to the up-and-coming neighborhoods.
Treasury Secretary Steven Mnuchin and Legislative Affairs Director Marc Short both said Trump is still committed to cutting the rate from 35 percent to 15 percent, but acknowledged the potential for compromise.
