Donald Trump unveils tax plan

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.

Trump’s plan would also cut the top individual rate to 25 percent, the top rate for business to 15 percent and get rid of the estate tax.

“It reduces or eliminates most of the deductions and loopholes available to special interests and to the very rich”, Trump said, adding, “In other words, it’s gonna cost me a fortune”.

Americans for Tax Reform said that it did object to Trump’s intention to raise the tax rate on carried interest, but noted that Trump’s plan would be a tax cut overall.

It also counts on that overseas business cash coming home, taking advantage of a one-time, significantly discounted 10% tax rate.

Trump estimated his plan would lead the economy to grow at least 3% a year. “This is an even bigger tax cut aimed at high income people”, Gleckman said.

The plan would reduce the current seven tax brackets to four – 0%, 10%, 20% and 25%. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world.

On the opposite end of the economic spectrum, Trump’s tax plan appears to offer a major tax cut-although this will depend on specifics Trump’s plan does not detail.

“There are many conservatives who are not going to like that”, he said. In sum, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt. “It’ll simplify the tax code”.

“It is a fraud – a total fraud”, Al Hunt, columnist and commentator at Bloomberg, said in response to the tax proposal on Bloomberg’s “With All Due Respect” Monday.

Trump claimed that “tax experts love this plan”, but declined to name any when asked by a reporter.

“I know them. They all are supporting Jeb Bush and Hillary Clinton”, Trump told CNN at a campaign stop in Nashville, Tennessee, last month. The plan also cuts all taxes on businesses down to 15 per cent and eliminates the estate tax.

“They get a new one page form to send the IRS saying, ‘I win, ‘ those who would otherwise owe income taxes will save an average of almost $1,000 each“, Trump said on his website.

In fact, he said, a few isolated taxpayers could pay more.

While the text of Trump’s plan says it is “fiscally responsible” and will not increase the deficit, the math of the plan does not make that possible.

– Individuals with low-to-moderate incomes would see their income tax bills reduced to zero.

“If you think back all the way to 1999, George Bush’s tax plan was in response to Steve Forbes’ tax plan“, Galdieri said.

Reportedly, his audience was mostly white and barely filled the room, but they were excited about his speech. If so, then the temporary threat posed by the billionaire’s soak-the-rich talk – that there might be a genuine outlier of a tax plan from a Republican candidate, forcing a GOP debate that challenged party dogma on the imperative of slashing the tax burden at the top – will have been averted.