President Trump wants to reform the tax system so it benefits working families. In a speech in Pennsylvania, Trump said his tax plan means big tax cuts across the board, especially for middle class Americans. He said his administration wants the middle class, not the wealthiest people, to be the biggest beneficiaries of his tax plan. Trump said his plan will end the estate tax, increase the child tax credit and provide credits for elder care. He also promised to make it simpler to file taxes, saying most Americans will be able to file their taxes on one sheet of paper. He also wants to impose a 1-time low tax on companies that return to the U.S. from overseas.
He predicted that a typical American household would see a $4,000 pay raise from his tax reform plan.