Always his own toughest critic, Trump’s got the hottest take on this mess so far.
Because much of the other earnings of Wall Street’s richest bankers is already taxed as ordinary income, the net result could be a substantial drop in their overall income taxes.
Donald Trump announced a tax plan for his 2016 presidential campaign at a press conference in New York City on Tuesday.
“There will be a major tax reduction”, Trump said at a news conference at his Trump Tower skyscraper in Manhattan. “What they didn’t know is that the tax plan we presented them with was not Hillary Clinton’s“.
Mr. Trump’s tax plan would substantially lower individual income taxes and the corporate income tax and eliminate a number of complex features in the current tax code.
It’s more evidence that Trump has faded a bit from numbers that hovered slightly above 30% before the second Republican presidential debate three weeks ago.
But there is one way the wealthy will pay under Mr. Trump’s plan that will catch advisers’ attention. An income statement he released alongside his personal financial disclosure report this past summer reported his 2014 income as $362 million.
Trump’s tax plan seems to simply mirror that of his rival, Jeb Bush, who earlier in the month had proposed tax cuts wherein the highest tax would be 28% and the lowest would be 10%.
TRUMP: “And all of this does not add to our debt or our deficit”.
Still, the candidates free themselves, ever so slightly, from the handcuffs that have constrained Republicans for decades.
Of course, when questioned about what kind of Republican he is, because the right wing is not known for cutting taxes, Trump claimed, “I’m a good Republican“. Instead, Rubio wants to raise the child tax credit to $2,500 from $1,000, and give employers a 25 percent tax credit if they offer workers at least four weeks of paid family leave. The Tax Foundation, a conservative think tank, conducted an analysis of Trump’s tax plan and found that it would increase the incomes of the top one percent of taxpayers by 21.8 percent.
Elimination of a few deductions, like the one for state and local taxes, could adversely affect people in high-tax states such as California, said Edward McCaffery, professor of law, economics and political science at the University of Southern California.
“Now let me just say this: ISIS in Syria, [Syrian President Bashar] Assad in Syria, Assad and ISIS are mortal enemies”. And while incomes for all Americans would rise under this scenario, there is an disproportionate benefit for the top 1%, of which Trump is a proud member.