Yesterday, President Trump while in Indiana at the Indianapolis Farm Bureau, gave details about his tax plan that if passed will be the largest tax reform that we have seen in decades. He spoke directly to farmers who in times past have had to pay large sums of inheritance taxes, which forced them to sell their farmland that often had been in their family for generations. Highlights of the tax reform that President Trump campaigned on and focused on in his plan are below:
- The tax code will be simplified by cutting the number of brackets from seven to three or four.
- The standard deduction will be doubled to $12,000 for individuals and $24,000 for married couples.
- The plan incorporates major tax cuts for the middle class.
- The tax rate for small businesses will be lowered to 25%.
- The plan would lower the corporate tax rate from 35% to 20%.
- The Inheritance tax, better known as the “death tax” will be eliminated.
For more details please see this article. .
Majority Whip Steve Scalise, Congressman from Louisiana, made a dramatic entrance today as he made his way slowly back to the Congressional floor after spending the past three and half months recovering from a shotgun injury. Scalise was shot on June 14th while practicing for the Congressional Baseball Game for Charity that was scheduled for the following day. He made a very humbled speech, often referencing his belief in the power of prayer. He expressed his thanks to the Capitol Police whose quick response saved his life that day. He also thanked his doctors that gave him a 2nd chance, and his dear family and friends that stayed by his side every step of the way.
As I listened to Steve Scalise’s speech (and I admit I did not know much about him until this tragic shooting) I was taken back by his kind words, soft spoken voice and absolute sincerity that we often do not hear from DC. I have had two opportunities to visit his office over the past year to see Congressman Patrick McHenry who represents North Carolina in the 10th District. He was appointed by Congressman Scalise as his Deputy Majority Whip. In his absence McHenry served in his place. It was truly great to see our Congress united today as they stood and welcomed Congressman Scalise back. He obviously is well loved and respected by Representatives on both sides of the aisle. We welcome you back Congressman Scalise, and we thank you for your sacrifice and service to our country!