Donald Trump to unveil tax plan Monday

28 Sep 2015 | Author: | No comments yet »

Donald Trump promises ‘large segment’ of taxpayers will have zero rate.

WASHINGTON – Republican presidential front-runner Donald Trump is set to roll out a tax plan Monday he says will reduce rates for lower and middle-income families as well as corporations, while increasing rates for some, like hedge fund managers who he says don’t pay enough. Presidential candidate Donald Trump told Scott Pelley on Sunday night’s “60 Minutes” that his new tax proposal means low-income Americans will pay nothing.

TRENTON — During a wide-ranging interview that aired Sunday night on “60 Minutes,” Republican presidential frontrunner Donald Trump revealed that a “large segment” of Americans would pay no federal income taxes if he’s elected to the White House. Trump said the numbers will work out as long as ‘‘the economy grows the way it should grow, if I bring jobs back from China, from Japan, from Mexico, from so many countries.’’ Trump said the United States also must heavily tax imports, especially those from Mexico and Japan.

I think it’ll be a great incentive for corporations.” The plan is expected to share many aspects in common with those put forward by other Republican presidential hopefuls, including former Florida Gov. And that’s something I haven’t told anybody.” Saying the middle class was “being absolutely decimated,” Trump promised middle-income earners would get a substantial tax cut under his plan.

Chris Christie — in the polls for more than two months. “Because our middle class, Scott, is being absolutely decimated.” And in a move that runs against the views of many people in his own party, the former reality television star said he will raise taxes on some of America’s wealthiest citizens and eliminate some “unfair” deductions. “I’m a pretty good Republican,” Trump said. “But I will tell you this: I do have some differences. He said he’d cut a deal with hospitals to take care of everyone, and that “the government’s gonna pay for it, but we’re going to save so much money on the other side,” though he also suggested that “for the most part, it’s going to be a private plan.” Trump said, when it came to the terror group’s presence in Syria, the Obama administration had the wrong approach. Pelley pointed out that politicians on both sides of the aisle don’t seem especially fond of the brash businessman and probably would be slow to approve some of Trump’s plans. ‘‘I do it all the time,’’ Trump said in describing his ability to get things accomplished. ‘‘And I deal with governments all the time.

Rather than actively target them now, he said the U.S. should let the Islamic State and President Bashar al-Assad’s forces fight between themselves, then come in after. As for the Islamic State’s presence in Iraq, he called for a more aggressive approach, saying “you got to knock them out.” He added that ground troops should be used if necessary. Pelley noted that all the magazines on the desk in Trump’s office feature Trump on the cover, while his walls are adorned with nothing but his own image. “I’m on a lot of covers,” he said. “I think maybe more than almost any supermodel. In his 2001 book “The America We Deserve,” Trump proposed a one-time, 14.25 per cent tax on individuals and trusts with a net worth over $10 million — a plan he claimed would bring in $5.7 trillion in new revenue, which he said would be enough to pay off the entire national debt. (The actual debt currently stands at more than $18 trillion.) “Some will say that my plan is unfair to the extremely wealthy,” he wrote then. “I say it is only reasonable to shift the burden to those most able to pay.” By 2011, Trump had abandoned the tax-the-rich plan, and in his book “Time to Get Tough,” he proposed lowering the U.S. corporate tax rate to zero, and unveiled a “1-5-10-15″ income tax plan.

Under his proposal, those who made up to $30,000 a year would pay 1 per cent; those who made from $30,000 to $100,000 a year would pay 5 per cent; those who made from $100,000 to $1 million would pay 10 per cent; income of $1 million or more would have been taxed at 15 per cent. Trump also proposed lowering rates on capital gains and dividends, slapping a 20 percent tax on companies that outsourced jobs and a 20 percent tax on foreign countries shipping goods in the U.S.

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