The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners
By Jenn Gidman,  Newser Staff
Posted Sep 28, 2015 1:27 PM CDT

(Newser) – Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan, which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working, too many jobs have been shipped overseas, and too many middle class families cannot make ends meet," notes his site, which boasts four "simple" goals to mitigate these issues: offering tax relief to the middle class, simplifying the tax code, growing the US economy, and ensuring the country doesn't add to its debt and deficit. Highlights of Trump's plan include getting rid of income taxes for individuals making less than $25,000 and married couples making less than $50,000—with those qualifying filers receiving "a new one page form to send the IRS saying, 'I win.'" (Seriously.)

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Tax brackets would be whittled down from the current seven to four: 0%, 10%, 20%, and 25% (down from a current high of 39.6%, the AP reports; see where you'd fall on the tax chart shown here). The blueprint also would cut business tax rates down to no more than 15%, as well as levy a one-time 10% tax on overseas profits, which Trump's campaign thinks will encourage corporations to bring money back home, the Wall Street Journal notes. Trump says the tax benefits would be funded by reducing or ending "redundant" deductions and loopholes (mostly for the wealthiest, but also in certain cases for middle-class filers), as well as from newly reaped tax revenue from a healthier economy, the AP notes. "My plan will bring sanity, common sense, and simplification to our country's catastrophic tax code," Trump said in an interview with the Journal. "It will create jobs and incentives of all kinds while simultaneously growing the economy." (Read further details about the plan here.)

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