Reduce tax rates for lower income families

The plan Trump unveiled proposes eliminating income taxes entirely for millions of single Americans earning less than $25,000 and married couples earning less than $50,000 a year.

One of the most notable elements of the plan: Those who make less than $US25,000 (or $US50,000 for joint filers) will pay no income taxes.

“It’s a tax reform that I think will make America strong and great again”, Trump said, promising “major tax relief for middle income and most other Americans”. He did note, though, that under his plan “there will be a large segment of our country that will have a zero rate” and that tax cuts for the middle class would be “significant”.

Taxing carried interest as normal income would generate about $17 billion over 10 years, according to the Congressional Budget Office, a nonpartisan scorekeeper.

The tax rate of hedge fund managers is a favorite political target for the 2016 presidential candidates. Apparently, Mr. Trump’s understanding of liberal policies isn’t that deep.

In the segment that aired Sunday night, Pelley asked Trump about Obamacare.

Republican voters, meanwhile, have said they trust Trump on economic policy. But Trump’s is harder to parse, said Republican economist Douglas Holtz-Eakin. Marco Rubio, have clear objectives for their tax plan. “It’s going to be very specific”, Trump told voters in Columbia.

As for Trump, “I don’t know what he wants”, Holtz-Eakin said. When Pelley pressed Mr. Trump further about who would pay for this coverage, Mr. Trump said “the government’s gonna pay for it“.

“It just doesn’t square up”, Ellis said, even as he praised the proposal for lowering tax rates.

Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent. Like his two rivals, Trump said his proposal relies on projected growth to offset losses.

Trump said his plan would also bring in new sources of revenue to the Treasury by allowing corporations to bring money held in overseas accounts back to the United States after paying a one-time tax of 10 percent. If competitors don’t comply, Trump will tax their imports, he said. “And they’re going to behave”. “One idea is called countervailing duties, which is actually what he’s thinking about there”, Bernstein said. Bernie Sanders and former Maryland Gov. Martin O’Malley. “The essence of NAFTA is that American workers will be forced to compete against desperate and impoverished Mexican workers who earn a minimum wage of 58 cents and hour and an average manufacturing wage of $2.35 cents an hour”, Sanders wrote. The real estate magnate has surged to the top of the polls by touting a populist tone, lamenting that wealthy people like himself should pay more.

Scott Pelley: What are we supposed to take from that? “Some people that are getting unfair deductions are going to be raised”.