Frontrunner Donald Trump’s plan to radically reduce income taxes will bolster his popularity with the American people.
In his book, “Time to Get Tough: Making America #1 Again,” published in 2011, and updated for the 2016 campaign, Trump put forward a plan to transform the government’s expropriation of income and wealth.
- $30,000 per year will pay 1 percent in federal income taxes
- $30,000 to $100,000 will pay 5 percent
- $100,000 to $1 million will pay 10 percent
- $1 million or above will pay 15 percent
“It’s clear and fair,” Trump wrote about his tax plan. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”
“Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?”
“No doubt you work hard for your money — I know I do — and you should be permitted to keep more of it. Anything less creates a disincentive for a strong national work ethic,” Trump said.
The plan will abolish the estate or “death” tax, lower tax rates on capital gains and dividends, reduce corporate tax rate from 39 percent to zero to spur job growth, and implement a simple “1-5-10-15 income tax plan” to address and fix the country’s unfair tax system.
On Sunday Trump told CBS he pays as little taxes as possible.
“I fight like hell to pay as little as possible for two reasons. Number one, I’m a businessman. And that’s the way you’re supposed to do it,” he said. “The other reason is that I hate the way our government spends our taxes. I hate the way they waste our money. Trillions and trillions of dollars of waste and abuse. And I hate it.”