Donald Trump’s American Wins Tax Plan
Donald Trump, 69 anni, the front running Republican presidential candidate, presented a Republican tax plan Monday.
The GOP front-runner for the Presidential nomination has been promising to eliminate the carried-interest deduction, which taxes private equity and hedge fund profits at 23.8%.
Donald Trump’s plan also reduces the top income tax bracket on the wealthiest Americans to 25% from 39.6%. “It’s going to cost me a fortune,” Mr. Trump said Monday during a news conference at the Trump Tower in New York.
Donald Trump’s plan would reduce the number of tax brackets to 3 from 7.
Mr. Trump proposed a 1-time rate of 10% to encourage the repatriation of an estimate $2.5-T held abroad by US based multi-national corporations.
“This is something, and I’ve been watching it for a long time, everybody agrees to,” Mr. Trump said about his Repatriation Holiday, adding that he plan would create “an amazing code.”
Mr. Trump counts on projected growth to pay for the tax cuts.
He said that his plan would be “fully paid for,” but did not provide projections. And that his plan relies on economic growth to avoid adding to the nation’s $18-T debt.
“I’m not a populist,” Mr. Trump told reporters on Monday. “I’m a man of great common sense.”
Donald Trump would also eliminate the 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. “They get a new 1 page form to send the IRS saying, “I win.”
“There will be a major tax reduction,” saying his plan would increase US growth between 3 to 6%. “It will grow the American economy at a level it hasn’t seen in decades.”
This is Conservatism 101.
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