Trump rolls out proposal to simplify tax code, cut taxes for millions
(Worthy News) – Presidential hopeful Donald Trump said he would lower tax rates and slim the federal tax code, cutting millions of people out of any income tax liability at all as he unveiled his plan Monday, joining a growing list of Republicans pushing for a scaled-down, simpler system.
He said he would ax many of the breaks that the wealthy and upper middle class use to avoid paying higher taxes, though he would preserve the charitable and mortgage interest deductions.
The billionaire businessman said some of his wealthy pals wouldn’t be happy with those trims, but he expects his top-tier tax rate of 25 percent, down from the current 39.5 percent, would leave many of them better off anyway. He also proposed cutting the corporate tax rate to 15 percent. [ Source ]
Trump’s Tax Plan Borrows From Republicans Who’ve Gone Before Him
Like his rivals, Trump also leans on projected growth to pay for the tax cuts. Bush’s cuts would cost an estimated $3.4 trillion over a decade, with a net revenue loss of $1.2 trillion after projected economic growth. Rubio’s plan to slash taxes on investments, wages, and business income would reduce collections by $1.7 trillion during the same time, while, like Bush, largely favoring the top 1 percent of Americans over the middle class.
Trump claimed his plan would be “fully paid for,” but didn’t provide his projections. During an interview on 60 Minutes on Sunday, Trump said his plan relied on economic growth to avoid adding to the nation’s $18 trillion debt. On Monday, Trump said his plan would be paid for if the country makes “much better deals.”
Trump would also eliminate the so-called marriage penalty and the estate tax. Single people earning less than $25,000 per year or married people earning less than $50,000 per year would pay no income tax, he said. Or as his plan posted online said, “They get a new one page form to send the IRS saying, “I win.”
“There will be a major tax reduction,” Trump told reporters, saying his plan would increase growth between 3 percent to 6 percent. “It’ll grow the American economy at a level it hasn’t seen in decades.” [ Source ]
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