Donald Trump unveils plan to slash taxes for the poor — and the wealthy

28 Sep 2015 | Author: | No comments yet »

Donald Trump Teases Tax Plan On ’60 Minutes’.

Criticized by Republican presidential rivals as having a loose grip on policy, billionaire Donald Trump laid out a tax plan on Monday that he said will increase the burden on hedge fund managers, cut rates for corporations and the middle class, and eliminate payments for more of the poor. Perhaps the most dangerous game in political punditry is declaring an end to the strange, narcissistic odyssey that is the Donald Trump presidential campaign. It would eliminate the alternative minimum tax, the so-called marriage penalty, the estate tax, and the carried interest deduction while keeping the mortgage interest deduction, he said. Trump went on CBS’ “60 Minutes” on Sunday night and repeated some of his more outlandish plans, including building a huge and classy border wall with Mexico and making the Chinese respect him “just like I have the Chinese banks in my building, they listen to me.” He also said of the roughly 11 million undocumented immigrants in the United States “we are rounding them up in a very humane way and a very nice way and they are going to be happy because they want to be legalized. … I know it doesn’t sound nice but not everything is nice.” After the interview, Trump did what he always does: Go on Twitter and slam the interviewer—in this case CBS’ immensely talented and relentless Scott Pelley. I think it’ll be a great incentive for corporations:” Newsday Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000.

The highest individual rate under his plan would be 25 percent vs. the current top rate of 39.6 percent, he said. “People in the low-income brackets that are supposed to be paying taxes, many of them don’t anyway,” Trump said during an interview on 60 Minutes that aired on Sunday, previewing the plan. The rise and fall of Walker — he was an official candidate for only 70 days — is evidence of the great fluidity in the race; GOP voters are still looking around, jumping on one candidate . . . only to jump off when he starts to falter.

Trump also said he would increase taxes on Chinese imports if the country continues to devalue its currency, and would tax products made by companies that moved operations overseas to take advantage of lower rates. The one constant over the past few months has been Donald Trump, who rapidly rose to the top of the field — nationally and in places such as Iowa and New Hampshire — and stayed there throughout the summer and now into the fall. But I will tell you this, I do have some differences,” he said. “I don’t want to have certain people on Wall Street getting away with paying no tax.” The real estate mogul has proposed a variety of tax overhauls over the years, including some that have raised eyebrows from groups like the tax-cutting advocacy group Club for Growth.

In his 2001 book “The America We Deserve,” Trump proposed a one-time, 14.25 percent 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. Taxing carried interest as normal income would generate about $17 billion over 10 years, according to the Congressional Budget Office, a nonpartisan scorekeeper. Under his proposal, those who made up to $30,000 a year would pay 1 percent; those who made from $30,000 to $100,000 a year would pay 5 percent; those who made from $100,000 to $1 million would pay 10 percent; income of $1 million or more would have been taxed at 15 percent. Assuming Trump can hold on to a significant bloc of GOP voters and stay in the top two or three in polls, there will be considerable pressure on the Republican establishment to unify behind its strongest candidate to beat him. Trump has been the front-runner for the Republican presidential nomination for the past three months, but his lead in national polls has shrunk during the past 10 days.

And on the Democratic side, Hillary Clinton has lost ground to Bernie Sanders — she leads him by just seven points with Joe Biden in the race, and 15 points without the vice president. Marco Rubio of Florida, thanks to his solid performances in each of the first two debates, his high favorability numbers across the various elements of the party and his considerable natural ability. 10. Trump’s lead has tightened since the second Republican president debate on Sept. 16, when he was the target of criticism from several rivals on stage, and was silent for long stretches as the discussion veered into policy issues. “He never really talks about issues, and can’t have more than a 10-second soundbite on any key issue,” U.S. Senator Marco Rubio, a presidential candidate from Florida, said in a radio interview last week, adding that Trump was “not well informed on the issues.” Republican voters, meanwhile, have said they trust Trump on economic policy.

Trump’s support could collapse eventually — as is the case with any other candidate — but there is precious little evidence that his supporters are deserting him. “The national polling that has come out this week has been mixed,” said PPP director Tom Jensen. “But it’s not something where I would buy into a narrative of Trump declining, unless that was the narrative I wanted. I think, in some quarters, the media people are getting bored [with Trump’s strength] and are ready to write a different story:” The Hill In a video and interview publishing Tuesday, Carl Icahn shares Donald Trump’s criticism of the U.S.’s failure to overhaul taxation and immigration and raise interest rates.

Icahn backs Trump’s calls to end carried-interest loopholes and rules that encourage corporations to relocate overseas and avoid repatriating profits. “I would say it’s an endorsement. There is a lot of talk in GOP circles about when he will need to get out of the presidential race to preserve his chances of winning reelection to his Senate seat next year. 9.

Just look at the aggregate of polls maintained by Real Clear Politics that shows Trump peaking at around 30 percent of the GOP vote and now has him down to 23 percent, still the front-runner but moving in the wrong direction. Chris Christie: In the debate this month, the New Jersey governor showed flashes of the ability that might have made him the front-runner if he had run in 2012. I disagree on certain points I don’t want to get into, I’m sure those can be worked out, but the basic thing is, you need somebody that can get things going in Congress, and I think he can do it. Trump has the unique distinction of being the first developer in New York to receive a public subsidy for commercial projects under programs initially reserved for improving slum neighborhoods. Referring to how he managed to win a 40-year tax abatement for rebuilding a crumbling hotel at Grand Central Station—a deal that in the first decade cost taxpayers $60 million—Trump quipped, “Someone said, ‘How come you got 40 years?’ I said, ‘Because I didn’t ask for 50.'” Trump’s success at getting such deals is better explained by a 1980s study by Newsday, showing Trump had donated more than anyone else to members of the New York City Board of Estimate, which at the time approved all land-use development: Politico

If competitors don’t comply, Trump will tax their imports, he said. “If they don’t come to the table, they’re going to have a tax when they put their products into this country,” he said. “And they’re going to behave.” When host Scott Pelley brought up how such a practice could violate the North American Free Trade Agreement in place with Mexico, Trump said, “We will either renegotiate it or we will break it. That could slow down the slide but it probably can’t stop it, and so far Trump has shown a very strong inclination to rely on free rather than paid media. Kasich’s numbers moved up rapidly in New Hampshire after a heavy ad buy from a friendly super PAC — he went from 2 percent in June to 7 percent in a CNN/WMUR poll — but he now finds himself clumped in a group running well behind the leaders. 6. But both those candidates have serious flaws (Carson is very low energy and doesn’t think a Muslim should ever be president and Fiorina struggles with her business record). But Carson’s recent comments about his wariness about electing a Muslim president further stoked concerns from establishment Republicans that he is simply not ready for prime time. 5.

In 1993, few months before NAFTA went into effect, Sanders, then Vermont’s independent representative, wrote about his opposition to the deal in the Vermont Times. The next debate, coming up on CNBC on Oct. 28, will go a long way to deciding who becomes the post-Trump GOP front-runner as the actual voting draws closer. Two big questions: 1) How much money can she raise while she’s the talk of the contest? and 2) How will she weather the scrutiny coming her way over her time at the helm of HP? 3. His inability (unwillingness?) to articulate any sort of policy solutions on anything other than immigration should limit his ability to grow beyond those who favor him because of his ultimate outsider status. 2. At issue for him is whether his significant financial edge will matter given how skeptical many conservative Republicans are about him, his record and his last name. 1.

Rubio: While Fiorina’s debate performances have slightly overshadowed Rubio, he is now starting to be regarded by many of the money men and women within the GOP as the best bet to derail the likes of Trump and Carson — not to mention provide a winning contrast against Hillary Rodham Clinton in November 2016.

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