Trump Tax Reform
Trump Tax Reform Plan: Taxes are one of the biggest differences in this race. Hillary Clinton – who has spent her career voting for tax increases – plans another massive job-killing $1.3 trillion-dollar tax increase. Her plan would tax many small businesses by almost fifty percent. Recently, at a campaign event, Hillary Clinton short-circuited again – to use a now famous term – when she accidentally told the truth and said she wanted to raise taxes on the middle class.
Trump is proposing an across-the-board income tax reduction, especially for middle-income Americans. This will lead to millions of new good-paying jobs.
The rich will pay their fair share, but no one will pay so much that it destroys jobs, or undermines our ability to compete.
As part of this reform, we will eliminate the Carried Interest Deduction and other special interest loopholes that have been so good for Wall Street investors, and people like me, but unfair to American workers.
Tax simplification will be a major feature of the plan.
Our current tax code is so burdensome and complex that we waste 9 billion hours a year in tax code compliance.
Trump Tax Reform plan will reduce the current number of brackets from 7 to 3, and dramatically streamline the process. We will work with House Republicans on this plan, using the same brackets they have proposed: 12, 25 and 33 percent. For many American workers, their tax rate will be zero.
While we will develop our own set of assumptions and policies, agreeing in some areas but not in others, we will be focused on the same shared goals and guided by the same shared principles: jobs, growth and opportunity.
These reforms will offer the biggest tax revolution since the Reagan Tax Reform, which unleashed years of continued economic growth and job creation.
We will Make America Grow Again.
In the days ahead, we will provide more details on this plan and how it will help you and your family. It will present a night-and-day contrast to the job-killing, tax-raising, poverty-inducing Obama-Clinton agenda.
This is what I want to do for our country – I want to jumpstart America.
Now let’s look at what the Obama-Clinton policies have done nationally.
Their policies produced 1.2% growth, the weakest so-called recovery since the Great Depression, and a doubling of the national debt.
There are now 94.3 million Americans outside the labor force. It was 80.5 million when President Obama took office, an increase of nearly 14 million people.
The Obama-Clinton agenda of tax, spend and regulate has created a silent nation of jobless Americans.
Home ownership is at its lowest rate in 51 years.
The United States also has the highest business tax rate among the major industrialized nations of the world, at 35 percent. It’s almost 40 percent when you add in taxes at the state level.
In other words, we punish companies for making products in America – but let them ship products into the U.S. tax-free if they move overseas.
This is backwards. All of our policies should be geared towards keeping jobs and wealth inside the United States.
Under my plan, no American company will pay more than 15% of their business income in taxes. Small businesses will benefit the most from this plan. Hillary Clinton’s plan will require small business to pay as much as three times more in taxes than what I am proposing, and her onerous regulations will put them totally out of business. I am going to cut regulations massively.
Our lower business tax will also end job-killing corporate inversions, and cause trillions in new dollars and wealth to come pouring into our country – and into cities like Detroit. To help unleash this new job creation, we will allow businesses to immediately expense new business investments.
No one will gain more from these proposals than low-and-middle income Americans.
Trump Tax Reform plan will also help reduce the cost of childcare by allowing parents to fully deduct the average cost of childcare spending from their taxes.
We are also going to bring back trillions of dollars from American businesses that is now parked overseas. Our plan will bring that cash home, applying a 10 percent tax. This money will be re-invested in states like Michigan.
Finally, no family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death – it’s just plain wrong. We will repeal it.