Trump Proposes the Most Sweeping Tax Overhaul in Decades<br />On the individual side, the plan would collapse the tax brackets from seven to three,<br />with tax rates of 12 percent, 25 percent and 35 percent, the president said.<br />INDIANAPOLIS — President Trump on Wednesday began an ambitious push to slash taxes and salvage what remains of his embattled legislative agenda in Congress this year, proposing a politically challenging array of tax cuts for individuals and businesses<br />that would constitute the most sweeping changes to the federal tax code in decades.<br />“Tax reform will protect low-income and middle-income households, not the wealthy and well-connected,” Mr. Trump said, framing a proposal<br />that would affect hundreds of millions of Americans in terms of his own self-interest.<br />“If Senator Donnelly doesn’t approve it — because, you know, he’s on the other side — we will come here, we will<br />campaign against him like you wouldn’t believe,” Mr. Trump said as Mr. Donnelly looked on from the audience.<br />Mr. Trump, who has broken with precedent for modern American presidents by refusing to release his tax returns, insisted<br />that wealthy people like him would not benefit — an assertion that seemed improbable for a man who runs a family-owned real estate empire and whose children stand to inherit vast sums.<br />And Mr. Trump paired his scripted talk of bipartisanship with an impromptu threat to Senator Joe Donnelly, Democrat of Indiana, saying<br />he would personally work to defeat the senator’s re-election bid next year if he does not fall into line on the tax plan.<br />Provisions such as the alternative minimum tax and the estate tax, a levy on inherited wealth<br />that Mr. Trump has derided for years, would be gone under the Republican proposal.
