Donald Trump, the leading Republican presidential candidate, wants to lower taxes if he becomes President.
To be more specific, Trump wants to eliminate taxes for the lower-income Americans, reduce taxes for the middle class and completely end beneficial deductions for the wealthy upper class, 3 News has learned.
"We're lowering taxes very substantially," Billionaire Trump has said, adding that he would simplify the tax code that will encourage investment and spur U.S economic growth.
"We have an amazing code. It will be simple. It will be easy. It will be fair," Trump said in a press conference at the New York headquarters of his company.
A similar report from Consumer Affairs states that Trump's tax revision would only have four brackets versus the current scheme of seven.
The said brackets are 0 percent, 10 percent, 20 percent and 25 percent. In addition, it would also eliminate the marriage penalty, estate tax and the Alternative Minimum Tax. This plan by Trump would potentially provide the lowest tax rate in America since before World War II.
However, some are not buying Trump's proposal and different economists and policy groups are now going over the details of this plan.
According to reports, the problem that is facing today's political candidates is the fact that the U.S government isn't collecting anywhere close to the money it needs to pay its bills, making Trump's tax reduction proposal, a little hard to implement in reality.
As per CNN, Trump said that this tax plan will hit everyone's wallet, even his. Trump said in the report that he would even "end up paying more."
"I will probably end up paying more money," Trump said. "But at the same time, I think the economy will do better, so I'll make it up that way."
As for the trade off with higher taxes, he just said, "I really believe the economy is going to go, 'boom.' Beautiful."
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