Speaking at the iconic Trump Tower, Republican presidential candidate Donald Trump released his plan
for tax cuts for low-income and middle-class Americans, coupled with a tax increase for the wealthiest. On September 28, Trump said that he was certain that his plan will “make America great again.” His announcement came following revelations that a September 27 Wall Street Journal/NBC News poll indicates that he is in dead heat for the top GOP presidential candidate spot. He is now almost tied with Ben Carson. Trump polled at 21 percent, while Carson stood at 20 percent.
“It will provide major tax relief for middle-income, and for most other Americans, there will be a major tax reduction," Trump said, adding "It will simplify the tax code.”
The plan he unveiled would eliminate federal income tax on individuals earning less than $25,000 a year, as well as married couples earning less than $50,000 per year. His plan contends that this would amount to a tax break for 31 million households. America’s wealthiest would have less to cheer about, but would see a tax break nevertheless. Trump’s plan would impose a 25 percent tax rate on the wealthiest, as compared to the current rate of 39.6 percent.
The Trump tax plan begins at the lowest bracket of 10 percent and would apply to income ranging from $50,000 to $100,000 for married couples. The next bracket, taxed at 20 percent, would apply to married couples earning more than $100,000. It would abolish the alternative minimum tax, also cut the highest capital gains rate from 23.8 to 20 percent.
Americans in the poverty range would pay no taxes, according to Trump. Instead, they would “get a new one page form to send the IRS saying, ‘I win,’” according to the real-estate mogul.
Trump had already pledged that he would show no quarter for what he described as “the hedge-fund guys,” who would have to pay their fair share. The Trump plan would terminate the “carried interest” tax break, which allows investment-fund managers to pay lower taxes on much of their earnings.
“In other words, it’s going to cost me a fortune," Trump, a billionaire, said.
The tax plan is the third policy paper released during his campaign. The first detailed his now controversial plan for immigration reform. The second demonstrated his dedication to Second Amendment gun rights. While he once supported a ban on assault weapons, he now says all law-abiding people should have their choice of firearms.
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