Trump gets down to business on 60 Minutes

28 Sep 2015 | Author: | No comments yet »

AZ Talk: Can Donald Trump win the White House?.

WASHINGTON, Sept 27 (Reuters) – Republican presidential front-runner Donald Trump said in an interview that aired on Sunday on the eve of the unveiling of his tax plan that a “large segment” of U.S. taxpayers would have a zero rate if he wins the White House. Donald Trump is set to release a tax plan Monday that calls for major reductions in levies on middle-income and poor payers, while increasing taxes on the wealthy and reining in companies that pay less in taxes by moving their headquarters overseas.A lawyer for Donald Trump fired off a letter to the conservative Club for Growth threatening a “multi-million dollar lawsuit” if the group does not pull its TV ad claiming Trump “supports higher taxes.” Trump’s lawyer says the claim is false, and libelous. 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 plan will offer a “major tax reduction for almost all citizens” and help stimulate business in the U.S. again, the Republican candidate’s campaign said Sunday.

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. The GOP presidential front-runner is also expected to call for the poorest filers to pay no federal taxes at all while also recommending that corporate levies be reduced. He has tapped into the frustration and anger that many voters have with the dysfunction of Washington, the perception of immigrants impacting society, and how Wall Street isn’t paying its fair share.

Trump told Time on Aug. 18 that his tax changes would not increase the net amount of taxes, but that does not mean it will not raise taxes on some taxpayers — as Trump himself has said. Trump shrugged off questions as to how he would pay for the tax plan and what kind of Republican presidential candidate would recommend that the wealthy pay more to the government. “Some very wealthy are going to be raised. Trump has said his plan will make “people happy, other than maybe the hedge fund guys, who make hundreds of millions of dollars and pay very little tax.” His attorney said Trump’s overall plan would lower taxes. Taxing carried interest as normal income would generate about $17 billion over 10 years, according to the Congressional Budget Office, a nonpartisan scorekeeper.

His overall tax plan, Trump told “60 Minutes” was “going to be a tremendous incentive to grow the economy and we’re going to take in the same or more money.” (Reporting by Peter Cooney; Editing by Eric Walsh) 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. Not only do I think Republicans will not allow Trump to prevail, but I don’t think there is any possibility of the general electorate choosing someone so unqualified and unsuited.

An NBC/Wall Street Journal survey released on Sunday showed the 69-year-old celebrity real estate mogul with a lead of just 1 percentage point over retired neurosurgeon Ben Carson. The revenue it generated, he said, would be used to pay off the debt, then $5.7 trillion, to give a middle-class tax cut and to shore up the Social Security trust fund. Trump’s lead has tightened since the second Republican president debate on September 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. The businessman has led rounds of national public polls and drawn massive crowds to his campaign rallies, but his support has shown some signs of softening as other outsider candidates gain steam. In an Aug. 26 interview with Bloomberg’s “With All Due Respect,” one of the hosts, John Heilemann, noted that that would affect not only hedge fund managers, but also people in limited real estate partnerships “of which you are in a fair number.” “That’s right. Trump is still the race’s front-runner with 21% of GOP primary voters saying he is their top pick, but he’s now virtually tied with Ben Carson, with 20% of those surveyed favoring the retired neurosurgeon. Trump came in fifth in a straw poll of social conservatives surveyed by the Family Research Council at the conclusion of its Values Voter Summit in Washington.

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. Capital gains are taxed at a lower maximum rate — 23.8%, including a 3.8% tax in the Affordable Care Act — than most ordinary income, which carries a top tax rate of 39.6%. 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. Trump brought a Bible on stage with him during his Friday appearance at the summit and his address was full, but the businessman was booed when he called Mr.

And I think there should be a graduation of some kind, because as you make a certain amount of money, I think you should have to graduate upward.” But that was a response to a question about a flat tax, in which everyone pays the same rate, regardless of income. That means rich people might be paying less than they are paying right now.” On the corporate side, The New York Times notes that “Trump has threatened to impose tariffs on American companies that put their factories in other countries … And he has vowed to change laws that allow American companies to benefit from cheaper tax rates by using mergers to base their operations outside the United States.” In other words, it is possible there would be some who pay higher taxes under Trump’s plan. FactCheck.org is a nonpartisan, nonprofit “consumer advocate” for voters that aims to reduce the level of deception and confusion in U.S. politics. Based in Philadelphia, FactCheck monitors the factual accuracy of what is said by major U.S. political players in the form of TV ads, debates, speeches, interviews and news releases.

When asked about magazine covers featuring the businessman that line the walls of his office at Trump Towers, he quipped: “it’s cheaper than wallpaper.”

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