VP Mike Pence stumps in Michigan for Republican tax plan
Vice President Mike Pence was in suburban Detroit today to sell the Trump administration's tax overhaul proposal.
Pence addressed an audience of about 250 people at American Axle & Manufacturing, a company in Auburn Hills.
According to Pence, the Republican tax plan seeks the biggest tax cut in U.S. history, and it will benefit working families and boost the economy.
"Tax cuts mean more jobs, tax cuts mean higher wages, tax cuts mean more money in your pocket on pay day," said Pence. "And tax cuts create an economy where anything is possible again -- where anyone can achieve the American dream."
Among other things, the tax overhaul proposal would:
- Reduce the top tax bracket from 39.6% to 35% and increase the lowest from 10% to 12%
- Double the standard deduction to $12,000 for a single person and $24,000 for a couple
- Create a new $500 tax credit for dependents who are not children, such as the elderly
- Eliminate the estate tax which applies to estates larger than $5.49 million
- Eliminate the alternative minimum tax
- Lower the corporate tax rate from 35% to 20%
- Create a tax new tax rate of 25% for "pass through" businesses, like partnerships and sole proprietorships, instead of the ordinary income tax rate of their owners
The Michigan Democratic Party said the Republican plan will raise taxes on working people and line the pockets of the rich.
In addition to promoting the Republican tax proposal, Pence said that eliminating the Affordable Care Act is still a top priority for the Trump administration.
"While the Senate ran out of time this week on the subject of health care, I'm gonna make you a promise," said Pence. "Before this session of Congress ends in 2018, we will repeal and replace Obamacare."
The latest of multiple efforts to end Obamacare failed in the Senate earlier this week.