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The Trump Tax Plan

Yesterday (Monday September 28, 2015) Donald Trump released his latest position paper. This time on taxation. He calls it the “TAX REFORM THAT WILL MAKE AMERICA GREAT AGAIN”.

Donald Trump at press conference announcing his tax planIt is a tax plan designed to remove the tax burden completely from those who are on low incomes. In fact it removes more than 70 million households – over 50% – from the income tax rolls.

For example, if you are an individual and earn less than $25,000.00 or a couple and jointly earn less than $50,000.00 your tax rate is zero – you pay no tax.

At the same time Trump also proposes that the tax code would also be simplified, to reduce the “headaches” Americans face in preparing their taxes.

The number of tax brackets will be reduced from the current seven to only four – 0%, 10%, 20% and 25%.

This new tax code will also eliminate the “marriage penalty” and the “Alternative Minimum Tax” (AMT).

Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers.

In addition, no family will have to pay the death tax. Trump says, “You earned and saved that money for your family, not the government. You paid taxes on it when you earned it.”

 

Stimulating The Economy

But the tax plan is not only designed to help individuals. It is also aimed at stimulating and growing the economy and creating many more jobs, by lowering taxes for many top rate payers and for corporations and other businesses.

trump-tax-plan-928Trump’s plan would lower the top tax rate on individuals from 39.6% to 25% while capping taxes for all businesses, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, at 15%.

This lower rate makes corporate inversions unnecessary because it would create an American tax rate that would be one of the best and most competitive in the world.

Donald Trump says that his tax plan will not add to the national debt and deficit, which are already too large.

The Trump tax cuts are fully paid for by:

  • reducing or eliminating most deductions and loopholes available to the very rich;
  • allowing corporations to repatriate cash held overseas at a significantly discounted 10% tax rate;
  • an end to the deferral of taxes on corporate income earned abroad.
  • reducing or eliminating corporate loopholes that cater to special interests;
  • a reasonable cap on the deductibility of business interest expenses will also be phased in.

 

Welcomed by Individuals And Businesses

Donald Trump’s tax plan should be welcomed by both individuals and businesses. It is designed to leave more money in the hands of both which in turn will provide the cash to stimulate the economy.

Along with Trump’s other proposals of creating a fairer playing field for American companies, cutting unnecessary government waste and running government as an efficient business rather than an out of control bureaucracy, it is indeed a plan that could help to make America great again.

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To read and/or download a copy of the Tax position paper in its entirety please click here.

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