DONALD TRUMP Releases Tax Plan – Will Cut Taxes for Millions
Donald Trump released his tax plan today during a press conference.
Trump will cut taxes for millions—
— Jim Hoft (@gatewaypundit) September 28, 2015
“It’s all about business. It’s all about jobs.”
— CNN Politics (@CNNPolitics) September 28, 2015
The Wall Street Journal reported:
Republican presidential candidate Donald Trump unveiled an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.
Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.
Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too. For example, an analysis of Jeb Bush’s plan—taxing individuals’ incomes at no more than 28%—by the business-backed Tax Foundation found that the biggest percentage winners in after-tax income would be the top 1% of earners.
Mr. Trump’s plan appears designed to help him, as the GOP front-runner, cement his standing as a populist—though that message is complicated by the fact that the billionaire, like other Republican leaders, would eliminate the estate tax.
Trump posted his tax plan online.
— Donald J. Trump (@realDonaldTrump) September 28, 2015