Trump: My Tax Plan Makes America Rich Again

Donald Trump unveiled his plan to revamp the tax code on Monday which lowers tax brackets across the board on everyone and eliminates taxes on a large swath of people.

He also lowers the corporate and small business taxes.

“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. “It’ll simplify the tax code, it’ll grow the American economy at a level that it hasn’t seen for decades.”

Families that draw the smallest paychecks appears to be One of the biggest beneficiaries. 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.

Here are the bullet points of the Trump plan, according to details released by his campaign:

• No income tax for single people who earn less than $25,000, or married couples who jointly earn less than $50,000.
• The income tax code will be collapsed from seven brackets to four. Depending on income, taxpayers will pay 0 percent, 10 percent, 20 percent or 25 percent in taxes.
• Trump will lower business and corporate taxes, saying no business of any size will pay more than 15 percent of its income on taxes.
• Trump will get rid of what’s known as the death tax.
• Certain deductions and loopholes for the rich will be reduced or eliminated, including the “carried interest” tax break for hedge-fund managers.
• A one-time 10 percent tax will be imposed on the profits of American corporations earned abroad, with the hope it will force companies to choose to bring business and jobs back home.

Trump, during his press conference, would specifically say who helped him draft his tax plan, but said he had some help from experts.

“I did the plan with some of the leading scholars and economists and tax experts that there are in this country,” he said. “They love it, they say, ‘Why hasn’t this done before?’”