Republican frontrunner Donald Trump on Monday rolled out his plan to overhaul the U.S. tax code, saying he would slash rates for individuals and businesses, while at the same time getting rid of deductions and loopholes available to the wealthiest Americans.
The four pillars of Trump's tax plan:
+ Tax relief for middle class Americans
+ Tax simplification
+ Revenue neutral (no new deficit spending)
+ Spurs job growth
For most Americans, the Trump plan would change their income taxes, especially those who make the least amount of income, as individuals earning less than $25,000 a year and married couples making less than $50,000 a year would pay no federal income taxes.
Credit: Jamie Dupree
Credit: Jamie Dupree
While wealthy Americans would see their tax rates drop from 39.6 percent at the very top of the current structure to 25 percent, they would see that offset by changes in deductions, as the Trump plan would reduce or eliminate "most deductions and loopholes available to the very rich."
Full details of Trump's plan are available on his website.
Credit: Jamie Dupree
Credit: Jamie Dupree
One interesting note about Trump's own news release - five different times, he clearly says that his tax plan would be paid for by reducing tax breaks for the "very rich."
That is not usually the type of language used by Republicans when they roll out their own tax plans.
Credit: Jamie Dupree
Credit: Jamie Dupree
About the Author
