Republican presidential front-runner Donald Trump, as part of a plan he said Monday would grow the U.S. economy at a pace not seen in years, proposed eliminating income taxes for millions of Americans and lowering rates for the highest-income earners.
Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000.
Trump said he wants to eliminate the "carried interest loophole," which allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminate most deductions and loopholes for individuals and corporations.