Pence touts tax cut plan during speech in Orlando

ORLANDO, Fla. — Vice President Mike Pence visited Orlando Thursday to discuss President Trump’s tax plan.

Pence, along with agriculture Secretary Sonny Perdue, met with Gov. Rick Scott, local businesses, community leaders and families to discuss the need for tax reform.

Pence arrived at Orlando-International Airport at 3:30 p.m.

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Under the tax cut plan unveiled Thursday, personal taxes are supposed to be simpler.

There are only four proposed brackets instead of seven, with the tax amounts ranging from 12 to nearly 40 percent.

It's unchanged at the top, but an increase at the bottom, which the Trump administration claims will be wiped out by a doubling of the standard deduction, which makes more of filers' income tax-free.

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"I think the broad swath of the country would see a reduction in their taxes and more disposable income and this would certainly be a boost in economic growth for the U.S. economy," said Dr. Sean Snaith, UCF Institute of Economic Competitiveness.

Snaith calls it a win for most families -- with one caveat.

"Just depending on where you live, what your income is, how big your mortgage is, a lot of things can change, and it's certainly possible that some households could see their tax bills go up," he said.

In general, though, middle class taxpayers should benefit from the plan, Snaith said.

"A lot of things that will ultimately help folks in the middle class have additional disposable income each year," he said.

Home mortgage interest would only be deductible on houses up to $500,000. That's a cut from $1 million.

Meanwhile companies like Correct Craft will see their taxes cut to 20 percent, with the option to bring back money held overseas.

"That means more economic activity here in the US. I think it's $2.5 trillion by some estimates of profits currently being held overseas by U.S. companies," said Snaith.

Pence also spoke to the public at Correct Craft, a Florida-based company that specializes in the marine industry.

Pence will be the keynote speaker at a Republican fundraiser at Disney's Grand Floridian Resort and Spa.

Follow Channel 9's Field Sutton on Twitter for updates.

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