WASHINGTON, D.C. (KELO AM) The Trump Administration on Wednesday unveiled what it called the largest tax cuts in U.S. history.
The Trump tax plan would lower all tax rates, both personal and business, add a tax credit for child care, and eliminate the death tax. The Trump plan would double the standard deduction, which is expected to essentially do away with taxes for people, filing jointly, making $24,000 or less.
South Dakota U.S. Senator John Thune, a member of the Republican leadership team, reacted shortly after the tax plan was announced.
“I welcome the president’s participation in this process. Tax reform has always taken presidential leadership. Today’s proposal is a good start as Congress and the White House work together on a tax reform package that will simplify the code, lower rates, and encourage economic growth.”
KELO.COM News has also reached out for reaction from U.S. Senator Mike Rounds and South Dakota's lone U.S. Representative, Kristi Noem. Noem is a member of the House Ways and Means Committee, which will have a central role in tax reforms moving forward.
Treasury Secretary Steven Mnuchin held a news conference on Wednesday, outlining the basics of the very comprehensive plan. Administration officials say they are in "robust" negotiations with Congress.
This is a developing story.