20113295303_387b0af347_kBy Shaynah Ferreira 9/28/2015

GOP front-runner, Donald Trump has released his proposed tax plan he says is “amazing, simple, easy and fair.”

Trump has vowed to drastically cut taxes for millions of Americans across income spectrums while also casting out loopholes that are traditionally popular on Wall Street.

Trump’s tax plan comes forward as he and his campaign management have been recently pressured more and more to divulge concrete information that would paint a picture for the American people of how the Trump administration would govern.

The highly anticipated tax plan from the presidential hopeful ends up spending more money than the country can afford to put out. Economists are estimating the Trump tax plan could cost the federal government trillions of dollars.

“It will provide major tax relief for middle income and most other Americans. There will be a major tax reduction.” Trump said Monday at a New York City press conference at Trump Towers. He continued on to say, “It’ll simplify the tax code, it’ll grow the American economy at a level that it hasn’t seen for decades.”

Under Trump’s plan, the percentage of people who will benefit the most are the Americans that earn the least amount of money every year. The top marginal income rate will drop to from 40 percent to 25 percent.

Middle income-earning families would pay between 10-20% and individuals earning less than $25,000 and married couples earning jointly less than $50,000 will not pay an income tax. The Trump campaign estimates that this action will “remove nearly 75 million households . . . from the federal income tax rolls.” For a quick breakdown, Trump’s tax code reform will:

o Eliminate the marriage penalty

o Eliminate the estate tax and alternative minimum tax

o Businesses will pay no more than 15% of their revenue to the government

o Cut the current income brackets from seven to four

o Slashing rates for the rich, the poor and businesses

o Eliminating all traditional loopholes and deductions

Donald Trump says, “It’s a tax reform that I think will make America strong and great again . . . I think people will be very happy.”

 

Leave a Reply

Your email address will not be published. Required fields are marked *