WATCH: Trump Delivers Speech on Tax Reform LIVE STREAM

President Trump is delivering a speech in Indiana on Wednesday where he will describe his proposal to reform the American tax system. The speech is scheduled for 3:20 p.m. EST.

Early analysis of the plan indicates that the GOP’s focus is on major tax breaks for both individuals and corporations. This will entail new thresholds for state and local tax deductions, along with a corporate tax rate of approximately 20 percent.

Other measures of Trump’s proposal include the elimination of several tax brackets, the estate tax, and a multitude of exemptions. It is possible Trump will use his speech to address critics and skeptics who have questions about how Congress will pay for these tax cuts while compensating for any potential increase to the federal deficit.

Republicans are hungry for a legislative win after their latest failed attempt to repeal and replace the Affordable Care Act. Some GOP leaders think tax reform is a more unifying issue which will be reinforced by the president’s economic focus, though others suspect that passing a new plan could prove as difficult as reforming health care.

[Image via screengrab]

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