Vice President Mike Pence will try to rally support in Michigan tomorrow for the new Republican tax reform plan. He’ll speak Thursday afternoon at American Axle Manufacturing in Auburn Hills.
The plan unveiled this week almost doubles the standard deduction for married taxpayers filing jointly to $24,000. Individual filers will see their standard deduction increase to $12,000.
The plan cuts the corporate tax rate from 35 to 20 percent. For individual tax filers, the number of tax brackets shrinks from seven to three, with a surcharge on the wealthiest Americans.
Michigan’s Republican members of Congress praise the plan as needed “progress.”
Rep. Paul Mitchell (R-Dryden) says the plan delivers “the fairness and simplicity Americans deserve.” In addition, Rep. Tim Walberg (R-Tipton) says, the plan will allow “hard-working, middle-class families in Michigan to keep more of what they earn.”
But the Michigan Democratic Party blasted the Republican tax plan, saying it “only benefits the rich” and is “just another bait-and-switch scam designed to rob from working men and women.”
It’s been three decades since the last major overhaul of the federal tax code.