News   /   Politics

Donald Trump calls for overhaul of US tax code

Republican presidential candidate Donald Trump talks about his tax plan during a news conference in New York, Monday, Sep. 28, 2015.

US Republican presidential candidate Donald Trump has called for a tax increase for the nation’s wealthiest citizens and major tax cuts for low-income and middle-class Americans.

The plan, unveiled Monday by the GOP presidential front-runner, would eliminate federal income taxes on single people earning less than $25,000 and married couples earning less than $50,000 a year.

But the plan would also benefit businesses and the rich. It would lower the corporate tax rate from 35 percent to 15 percent and lower the highest income tax rate from 39.6 percent to 25 percent.

But Trump said the plan would affect the wealthy by reducing or eliminating most deductions and loopholes.

Trump also wants to eliminate the so-called "carried interest" tax break that allows wealthy hedge fund managers to pay lower taxes on much of their earnings.

"In other words, it's going to cost me a fortune," the billionaire businessman said at a news conference at his Trump Tower skyscraper in New York City.

Trump’s plan also would impose an immediate tax on overseas earnings of US multinational corporations, which he said would encourage companies to invest and create more jobs in the US.

If elected as president, he would no longer allow US corporations to defer taxes on income earned overseas. Trump estimates that US corporations are keeping as much as $2.5 trillion in foreign countries.

The proposal drew criticism among debt experts who say the plan would decrease government revenue and increase the budget deficit and national debt.

The announcement came as a Wall Street Journal/NBC News poll released Sunday shows Trump in a virtual tie with retired neurosurgeon Ben Carson in the Republican presidential field.


Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk

SHARE THIS ARTICLE
Press TV News Roku