Komfie Manalo, Opalesque Asia: Weeks after claiming that 'hedge funds are getting away with murder’ for
allegedly paying less taxes than the average Americans, Republican
presidential nominee frontrunner Donald Trump unveiled on Monday his
proposed tax plan aimed at helping the "middle- and lower-income
classes."
In a report, The Guardian said that under Trump’s proposal,
individual income taxes would be reduced from 39.6% to 25% while taxes
for "all business" are capped at 15%. He also proposes a tax free regime
on earners at the bottom of the income scale, or individuals who earn up
to $25,000 annually or couples with a combined income of $50,000 a year.
Trump said at his Trump Tower in Manhattan, "It will grow the American
economy at a level it has not seen for decades. And all of this does not
add to the U.S. deficit." He added, "It eliminates the loopholes
available to the very rich. In other words, it’s going to cost me a
fortune, which is true."
He triumphs that his proposal would provide a "major tax relief" to at
least 31 million households who will no longer pay any federal taxes and
at the same time "simplify the tax code".
But not everybody was convinced of Trump’s proposal. Dean Baker, a
liberal economist with the Center for Economic Policy Research,
commented, "It looks like a huge tax break for the rich. You’ve lowered
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