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| Donald Trump unveils tax plan to boost 'middle- and lower-income classes' | Donald Trump unveils tax plan to boost 'middle- and lower-income classes' |
| (35 minutes later) | |
| Donald Trump, the polling frontrunner in the race for the Republican presidential nomination, staged a major policy announcement on Monday morning, laying out a tax reform plan he said would be a boon for the “middle- and lower-income classes”. | |
| Related: Trump Hotel workers use candidate's anti-Latino rhetoric to galvanize union | |
| Trump’s plan would lower the top tax rate on individuals from 39.6% to 25% while capping taxes for “all businesses” at 15%. The plan calls for zero federal taxes on earners at the bottom of the income scale, defined as individuals making up to $25,000 a year or couples making twice that. | Trump’s plan would lower the top tax rate on individuals from 39.6% to 25% while capping taxes for “all businesses” at 15%. The plan calls for zero federal taxes on earners at the bottom of the income scale, defined as individuals making up to $25,000 a year or couples making twice that. |
| In an appearance at Trump Tower in Manhattan to announce the plan, the real estate billionaire said it would eliminate federal taxes for 31 million households. | |
| Trump said the plan would provide “major tax relief” and “simplify the tax code. It will grow the American economy at a level it has not seen for decades. | |
| “And all of this does not add to the US deficit,” he said. | “And all of this does not add to the US deficit,” he said. |
| “It eliminates the loopholes available to the very rich,” Trump added. “In other words, it’s going to cost me a fortune, which is true.” | “It eliminates the loopholes available to the very rich,” Trump added. “In other words, it’s going to cost me a fortune, which is true.” |
| Trump’s plan calls for new revenue streams from capping individual deductions and imposing a one-time 10% tax on profits held overseas by US corporations – profits that have been estimated to amount to $2.1tn. | Trump’s plan calls for new revenue streams from capping individual deductions and imposing a one-time 10% tax on profits held overseas by US corporations – profits that have been estimated to amount to $2.1tn. |
| The plan also would close a lucrative loophole for hedge fund managers and other investment managers by raising taxes on fees such managers collect, known as carried interest. | The plan also would close a lucrative loophole for hedge fund managers and other investment managers by raising taxes on fees such managers collect, known as carried interest. |
| “We’re lowering taxes, which Republicans love,” he said, “and we’re getting rid of deductions.” | |
| Answering questions from the press with typical brash assurance, the candidate trumpeted his own success in paying as little tax as possible. | |
| “I’m the only one who’s honest about this,” he said, adding in a reference to the 2012 Republican presidential candidate, who was subject to intense scrutiny over his tax returns: “I listen to Romney.” | |
| “I fight like hell to pay as little as possible. Can I say that? I’m not a politician. It’s an expense! I have the best lawyers and accountants. I fight and I pay.” | |
| Trump addressed reporters at a lectern in front of two American flags at the bottom of a set of escalators, which ground to a halt about five minutes before the event began. A noisy indoor waterfall also stopped running. | Trump addressed reporters at a lectern in front of two American flags at the bottom of a set of escalators, which ground to a halt about five minutes before the event began. A noisy indoor waterfall also stopped running. |
| A small crowd of onlookers, seemingly a mix of Trump employees and shoppers in the tower lobby distracted by the spectacle, gathered to listen. | A small crowd of onlookers, seemingly a mix of Trump employees and shoppers in the tower lobby distracted by the spectacle, gathered to listen. |
| “I think you’ll see, we have an amazing code, it will be simple, it will be easy, it’s fair – it’s graduated,” Trump said. “I don’t think it’s supply side or anything else. I think it’s a commonsense, well-thought-out tax proposal.” | |
| The plan overlapped significantly with blueprints offered by other Republican candidates including Jeb Bush, who has also called for closing the loophole on carried interest, lowering taxes on corporations and lowering the top income tax bracket. Trump would also eliminate the estate tax, another overlap with Bush. | |
| Like Bush, Trump said he would not sign a pledge, supported by the group Americans for Tax Reform which is led by the anti-tax crusader Grover Norquist, not to raise any taxes on anyone. | Like Bush, Trump said he would not sign a pledge, supported by the group Americans for Tax Reform which is led by the anti-tax crusader Grover Norquist, not to raise any taxes on anyone. |
| Norquist granted provisional approval to the Trump plan after its broad outlines were announced on Sunday night. | Norquist granted provisional approval to the Trump plan after its broad outlines were announced on Sunday night. |
| “Donald Trump’s tax reform plan – released Monday am – is perfectly consistent with the Taxpayer protection Pledge,” he tweeted. “(the problem is spending).” | “Donald Trump’s tax reform plan – released Monday am – is perfectly consistent with the Taxpayer protection Pledge,” he tweeted. “(the problem is spending).” |
| Trump last presented a policy blueprint in mid-August, when he described a plan to build a wall on the US-Mexican border and to deport an estimated 11 million undocumented migrants. | Trump last presented a policy blueprint in mid-August, when he described a plan to build a wall on the US-Mexican border and to deport an estimated 11 million undocumented migrants. |
| Trump has spoken out in favor of different tax reform proposals over the years, although he has never before run for president or presented his tax ideas as a policy platform. | |
| The anti-tax group Club for Growth made a million-dollar ad buy in Iowa earlier this month, in order to attack a proposal Trump made in writing in 2000 to impose a one-time, 14.5% tax on net worth for the richest Americans. | The anti-tax group Club for Growth made a million-dollar ad buy in Iowa earlier this month, in order to attack a proposal Trump made in writing in 2000 to impose a one-time, 14.5% tax on net worth for the richest Americans. |
| At the time, when in the prelude to the Iraq war the government was running a budget surplus, Trump said such a tax would create enough revenue to pay off the national debt. | At the time, when in the prelude to the Iraq war the government was running a budget surplus, Trump said such a tax would create enough revenue to pay off the national debt. |
| Trump’s new tax plan contains no proposal so aggressive – or potentially unwelcome – to the Republican voters he is courting. | |
| Those voters are, by and large, working conservatives who find themselves under economic pressure. | |
| On Monday Tracey Cook and her mother, Linda, vacationing in New York from Jacksonville, Florida, stumbled on the Trump event when they stopped in the tower lobby to buy bumper stickers. They ended up joining the crowd of Trump supporters gathered behind him as he spoke. Linda Cook held a sign reading “The silent majority stands with Trump.” | |
| “That’s what it’s going to take to straighten this country out,” said Linda. “Business sense.” | |
| “We’re really excited,” said Tracey. “I think he’s got the right business nose to make a difference. And we’re in trouble in this country. Americans should get back to work and be able to take care of ourselves.” | |
| After the event the pair expanded their souvenir purchases to T-shirts with the Trump slogan: “Make America great again.” | |
| Trump, meanwhile, called the 5.3% national unemployment rate “the biggest lie” because, he said, it did not reflect workers who had fallen out of the economy and were no longer seeking employment. | |
| Related: Donald Trump goes by the Book but social conservatives unconvinced | |
| Referring to polls in which his lead over another candidate with no experience in elected office has closed recently, he said: “People ask, why is Donald Trump doing well? Why is Ben Carson doing well? | |
| “You know why they’re doing well? Because people are tired of political speak. One of the worst examples of it is the phony unemployment rate. There’s anger out there.” | |
| Trump denied, however, that he was simply espousing populist policies. | |
| “No, I’m not a populist,” he said, “No, I’m not. I’m a man with great common sense ... I wouldn’t say populist at all. I’d say I’m a man with common sense.” |