Announcement

Collapse
No announcement yet.

Trump unveils tax plan that would lower taxes for millions

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Trump unveils tax plan that would lower taxes for millions

    Trump unveils tax plan that would lower taxes for millions
    By JILL COLVIN-AP | September 28, 2015


    NEW YORK (AP) — Republican presidential front-runner Donald Trump on Monday proposed eliminating income taxes for millions of Americans, and lower rates for the highest-income earners, as part of a plan he said would grow the U.S. economy at a pace not seen in years.
    Related Stories

    Trump Set To Unveil His Tax Plan CBS Dallas Fort Worth (RSS)
    In 2011, Donald Trump wanted to eliminate taxes on corporations and slash rates for the rich Vox.com
    Donald Trump To Unveil Tax Plan Huffington Post
    What Jeb Bush's Tax Plan Might Mean for You ABC News
    Jeb Bush Wants to Lower Taxes, Limit Deductions The Wall Street Journal
    Best SUV Deals: What you should know Yahoo Search Sponsored 

    Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive "a new one page form to send the IRS saying, 'I win.'"

    Trump's plan would also disproportionally benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent.

    "There will be a major tax reduction," Trump said at a news conference at his Trump Tower skyscraper in Manhattan. "It'll simplify the tax code. It'll grow the American economy at a level that it hasn't seen for decades."

    Trump said he wants to eliminate the so-called "carried interest loophole" that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminating most deductions and loopholes for both individuals and corporations. "In other words, it's going to cost me a fortune," he said.

    The billionaire real estate mogul said those changes would pay for the tax cuts, along with an increase in tax revenue generated by economic growth. 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 — a rate of growth that most economists say is unrealistic.
    View gallery
    People holds signs as U.S. Republican presidential …
    People holds signs as U.S. Republican presidential candidate Donald Trump speaks during a news confe …

    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. He would also prevent companies from deferring taxes paid on income earned abroad.

    In sum, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt.

    "We have an amazing code," Trump said of his tax system. "It will be simple. It will be easy. It will be fair."

    Trump said the plan had been crafted with the help of leading economists, but refused to say who they are during his news conference. He also said his plan didn't suit any particular political agenda, describing it as a "common sense approach."

    The tax plan is the third major policy proposal from Trump, who has also outlined plans for immigration and guns. He has been criticized for failing to unveil specific policy proposals as he's risen in early preference polling.

  • #2
    trump wood be good for bisnis butt nun of them kare ubout us as ppl thay all just want the job for the power washingto is roling over in his grave guys all the founders are its sad

    Comment


    • #3
      millions of word text in brach with gift to your prposell

      Comment


      • #4
        I try not to talk politics on forums but, the forecasted national debt due to trumpps "plan" is in the trillions by 2020?, bottom line is trickle down has not and never will work (Reagan years and forward).

        Comment


        • #5
          Originally posted by doc45 View Post
          trump wood be good for bisnis butt nun of them kare ubout us as ppl thay all just want the job for the power washingto is roling over in his grave guys all the founders are its sad


          The government is a business and that is exactly why more accountants and successful entrepreneurs and business men should be in some sort of office in the gov't. Everyone in Congress is a lawyer. They know how to spend money that is not theirs. Also, lowering taxes does not guarantee or help the country debt. It would increase it overall. The government would need to figure out how to make the money they do not get if they lower taxes. See it like this- wal-mart wages increase so does the price of goods. The system sucks and needs a serious overhaul.

          Comment


          • #6
            Guys now is your moment VOTE.

            Clinton my god, they can't be serious, no one should want that bitch as president..unbelievable

            Comment


            • #7
              Originally posted by RonnyT View Post
              Guys now is your moment VOTE.

              Clinton my god, they can't be serious, no one should want that bitch as president..unbelievable
              100% Agreed!

              Comment


              • #8
                We need a business man in office. One that is self funded. Yes there's going to be tough times ahead people. But is we keep allowing these idiots to continue down a path like the last 8 years. Our kids will be working their entire life to pay off debt that WE allowed to happen. Yes Trump has a big mouth. Yes he says shit he shouldn't but in my opinion, he's the only hope. All the rest are in it for the fame and glory. Trump already has that. I just pray that if that boy does make it in, we aren't in war the day he is put into office.
                I'm voting for him........ Who else is there???

                Comment


                • #9
                  Trump for the win!!!

                  Comment


                  • #10
                    Trump 2017!!!!!

                    Comment


                    • #11
                      Originally posted by JoeyGym65 View Post
                      100% Agreed!
                      That would be horrible a 1st lady would be Bill standing by her side nodding his head while she speaks !!

                      Comment

                      Working...
                      X