Donald Trump unveiled his tax plan earlier this week, which some officials estimate could cost the country up to $12 trillion.
This Monday, outspoken presidential candidate Donald Trump unveiled his tax plan the he would implement should he be elected. According to a report from the Examiner, Trump’s plan falls short of turning the country’s economy around, and by some estimates would contribute to the deficit by as much as $12 trillion.
Trump’s plan is a far cry from those of some of his republican opponents. Trump stands for a simpler tax code, which he hopes would help bring extended economic growth to the economy. Surprisingly, one of the biggest benefactors of Trump’s proposed plan would be individuals and families that earn less than $25,000 and $50,000 per year, respectively. These people would pay no income taxes under Trump’s proposed plan.
Trump says the proposal would cost him a fortune, but it’s hard to believe he can be so generous to lower earners without making up the difference somewhere else. The wealthiest Americans, individuals making $150,001 and more and couples that make #300,001 and more would pay an income tax rate of just 25 percent, down from today’s level of nearly 40 percent. Trump said, “We’re reducing taxes, but believe me, there will be people in the very upper echelon that won’t be thrilled with this.”
Trump failed to mention how much he currently pays in taxes, and if he would truly cut taxes for the country’s highest earners. “They make a lot of money and a lot of it is luck. They pick a stock and all of a sudden they make a lot of money. I want the hedge fund guys to pay more taxes,” Trump said.