Donald Trump slashes taxes for poor -- and wealthy
- 9 years ago
New York Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.
One of the biggest beneficiaries appears to be families that draw the smallest paychecks, who Trump said would pay no income taxes under his plan.
However, the proposal would also be a boon for the wealthiest Americans like Trump - the top bracket includes couples making more than $300,000 - who would pay an income tax rate of 25%, according to the Wall Street Journal.
The candidate says he would make up for the difference in a number of ways: killing certain deductions for the rich and creating incentives for U.S. companies to bring back cash currently held overseas, thereby boosting growth at home.
Since launching his White House campaign in June, Trump has made sweeping attacks on hedge fund managers who are paid in carried interest.
Trump, who claims that his personal assets are valued at more than $10 billion, frequently makes the distinction between investors who work in real estate and those on Wall Street.
One of the biggest beneficiaries appears to be families that draw the smallest paychecks, who Trump said would pay no income taxes under his plan.
However, the proposal would also be a boon for the wealthiest Americans like Trump - the top bracket includes couples making more than $300,000 - who would pay an income tax rate of 25%, according to the Wall Street Journal.
The candidate says he would make up for the difference in a number of ways: killing certain deductions for the rich and creating incentives for U.S. companies to bring back cash currently held overseas, thereby boosting growth at home.
Since launching his White House campaign in June, Trump has made sweeping attacks on hedge fund managers who are paid in carried interest.
Trump, who claims that his personal assets are valued at more than $10 billion, frequently makes the distinction between investors who work in real estate and those on Wall Street.