Trump to release tax plan

28 Sep 2015 | Author: | No comments yet »

Donald Trump Teases Tax Plan On ’60 Minutes’.

Donald Trump is expected to release a tax plan today 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. Donald Trump spoke with CBS’s Scott Pelley on Sunday’s edition of “60 Minutes” and then promptly attacked his interviewer on social media, adding Pelley to the long list of journalists Trump has lashed out against during this campaign cycle.Under a President Donald Trump, some Americans will pay no income tax and the corporate income tax will fall to 15 percent, while the Treasury Department will maintain or even increase current revenue. The plan would offer a “major tax reduction for almost all citizens” and help stimulate business in the US again, the Republican candidate’s campaign said. It will be a corporate also reduction, I think it’ll be a great incentive for corporations.” “If you look at actually raise, some very wealthy are going to be raised,” he explained. “Some people that are getting unfair deductions are going to be raised.

The GOP presidential frontrunner is also expected to call for the poorest filers to pay no federal taxes at all while also recommending that corporate levies be reduced. Here are a just a handful of Pelley’s retorts to Trump’s now familiar empty bluster on issues like illegal immigration, trade, healthcare reform, and taxes: The businessman has led rounds of national public polls and drawn massive crowds to his rallies, but his support has shown some signs of softening as other outsider candidates pick up steam.

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. A Wall Street Journal/NBC News poll yesterday showed Mr Trump is still the frontrunner, with 21 per cent of GOP primary voters saying he is their top pick; but he’s now tied with Ben Carson, with 20 per cent of those surveyed favouring the retired neurosurgeon.

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. While 36 percent of American households do not pay income tax currently, that share would jump to 50 percent. “My plan will bring sanity, common sense and simplification to our country’s catastrophic tax code,” Trump told the Journal. “It will create jobs and incentives of all kinds while simultaneously growing the economy.” 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. Mr Trump came fifth in a straw poll of social conservatives surveyed by the Family Research Council at the conclusion of its Values Voter Summit in Washington at the weekend.

Mr Trump brought a Bible on stage with him during his appearance at the summit, but the businessman was booed when he called Senator Rubio a “clown” at the event. He said he would support sending ground troops to Iraq to fight Islamic State, but would seek less involvement in Syria, believing Islamic State and the Assad regime would turn on each other and then the US would “pick up the remnants”. “I’ve gotten along with politicians my whole life.

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