Post by PooDolla on Sept 28, 2015 11:42:41 GMT -7
Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.
"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."
The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.
One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.
"They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.
However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.
"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."
The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.
One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.
"They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.
However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.
