I like anything that whacks estate tax, this has a horrific impact on what you can leave your family
Via The Hill:
GOP front-runner Donald Trump rolled out a plan Monday that would slash the top corporate tax rate by more than half while also dropping millions from the income tax rolls.
Trump has talked up his tax plan for weeks, noting over and over that he would raise taxes on Wall Street executives who he believes are paying entirely too little to the Treasury.
In his plan, the billionaire businessman does target the carried interest provision prized by investment fund managers, in one of several proposals that appear aimed at tapping into the populist anger of the moment.
But in other ways, Trump’s tax plan fits comfortably within decades of GOP orthodoxy, based on the idea that a tax plan that sparks economic growth will help struggling middle-income families, and overlaps with plans released by other candidates, like former Florida Gov. Jeb Bush.
Trump would cut the top individual tax rate from 39.6 percent to 25 percent, while totally scrapping the estate tax. All businesses would pay a maximum rate of 15 percent, a steep drop from the top corporate rate of 35 percent.
The seven income tax brackets would be collapsed into four brackets of 0 percent, 10 percent, 20 percent and 25 percent, while the tax rate on capital gains would see a slight dip, from 23.8 percent to 20 percent. Single filers earning up to $25,000 annually would face no income tax, as would married couples earning up to $50,000 a year.
Trump focused largely on the more populist aspects of his plan during a news conference at the Trump Tower in New York, saying it would “provide major tax relief” for the middle class and help Americans who are looking for work due to the offshoring of jobs.