The president proposes sweeping tax cuts for individuals and corporations, insisting the plan will not benefit the ‘wealthy or well-connected’

Donald Trump on Wednesday unveiled an ambitious tax plan, proposing sweeping tax cuts for individuals and corporations in what the president dubbed a “once-in-a-generation” opportunity to overhaul America’s tax code.

Speaking at an event in Indiana, Trump called the current tax system a “relic” while rolling out a proposal that seeks to simplify the tax code and nearly doubles the standard deduction to $12,000 for individuals and $24,000 for families.

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