Trump: 'Historic Tax Relief to the American People'

President Donald Trump unveiled a $5 trillion plan that offers deep cuts to both individual and corporate tax rates.

"We will deliver historic tax relief," said President Trump. "Tax reform will protect lower and middle income households not the wealthy."

The President touched down in Indiana Wednesday to build momentum for his plan that he says would supercharge a slow-growing economy. The proposal would simplify the tax system and cut the corporate tax rate from 35 to 20 percent while recommending a surcharge on the wealthy.

"Under our frame work, the vast majority of families will be able to file their taxes on a single sheet of paper," said President Trump.

It also creates three individual tax brackets with rates of 12 percent, 25 percent and 35 percent.

"Married couple won't pay taxes on their first $24,000 and they can spend their money on their family and children," said Trump.

"Today we are taking the next step to liberate Americans from our broken tax code," said House Speaker Paul Ryan.

It's been 30 years since the last major tax reform was passed. Republican leaders are hoping to make tax reform a reality as the GOP needs a win after the Obamacare repeal failed.

https://www.speaker.gov/sites/speaker.house.gov/files/Tax%20Framework.pdf?utm_source=Speaker.gov+Master+List&utm_campaign=8664ae64d7-EMAIL_CAMPAIGN_2017_09_27&utm_medium=email&utm_term=0_3e173f5a25-8664ae64d7-154068941