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Donald Trump plan would eliminate income tax for millions Donald Trump plan would eliminate income tax for millions
(35 minutes later)
Republican presidential frontrunner Donald Trump has unveiled his tax plan, which would eliminate income tax for millions of Americans.Republican presidential frontrunner Donald Trump has unveiled his tax plan, which would eliminate income tax for millions of Americans.
Wealthy Americans and businesses would also pay less in taxes under the plan.Wealthy Americans and businesses would also pay less in taxes under the plan.
His plan would eliminate income tax for people earning less than $25,000 (£16,000) and married couples jointly earning less than $50,000 (£33,000).His plan would eliminate income tax for people earning less than $25,000 (£16,000) and married couples jointly earning less than $50,000 (£33,000).
The real estate tycoon is coming under increasing pressure to outline specific policy goals beyond immigration reform.The real estate tycoon is coming under increasing pressure to outline specific policy goals beyond immigration reform.
He has previously put out papers, outlining his positions on immigration and gun rights.He has previously put out papers, outlining his positions on immigration and gun rights.
"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Mr Trump said on Monday."It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Mr Trump said on Monday.
"It will simplify the tax code, it'll grow the American economy at a level it hasn't seen for decades.""It will simplify the tax code, it'll grow the American economy at a level it hasn't seen for decades."
Analysis: Anthony Zurcher, BBC North America reporter
Donald Trump has billed himself as an unconventional candidate, but his new tax plan is mostly standard Republican fare.
It includes sweeping tax reductions for all income brackets that more than balance any closed loopholes for the extremely wealthy. His much touted provision abolishing the "carried interest" deduction - a favourite of hedge-fund billionaires - can also be found in Jeb Bush's tax proposal.
The conservative Club for Growth has attacked Mr Trump's Republican bona fides recently, but the sharpest criticism of the plan the group could muster was that the New Yorker's heart wasn't in it.
"Does this mean you were completely wrong about all your liberal policies on taxes, trade, health care, bailouts and eminent domain?" the group asked in a statement.
Despite its unremarkable nature, the plan was still couched in very Trumpian language, of course. Low-income Americans who pay no income taxes under Mr Trump's proposal would get a one-page letter to send to the IRS stating, simply, "I win".
About 43% of Americans already do not pay income tax, according to the Tax Policy Center.About 43% of Americans already do not pay income tax, according to the Tax Policy Center.
About 31 million more Americans would fall under Mr Trump's no-income-tax bracket, he said.About 31 million more Americans would fall under Mr Trump's no-income-tax bracket, he said.
The economy would grow at least 3% a year under his plan, he predicts.The economy would grow at least 3% a year under his plan, he predicts.
On average the US economy grows 1 to 2% per year. Rival presidential candidate and former Florida Governor Jeb Bush had promised a 4% growth rate under his policy proposals.On average the US economy grows 1 to 2% per year. Rival presidential candidate and former Florida Governor Jeb Bush had promised a 4% growth rate under his policy proposals.
Many US economists had criticised Mr Bush's growth rate, calling it unreasonable.Many US economists had criticised Mr Bush's growth rate, calling it unreasonable.
He said the US would pay for the tax cuts without adding to the national debt through eliminating deductions and loopholes that have allowed some people, mostly wealthy ones, to save money on taxes.He said the US would pay for the tax cuts without adding to the national debt through eliminating deductions and loopholes that have allowed some people, mostly wealthy ones, to save money on taxes.
"In other words, it's going to cost me a fortune," he said."In other words, it's going to cost me a fortune," he said.
Under his plan, the highest individual tax rate would be lowered to 25% of income from the highest rate now, 39.6%.Under his plan, the highest individual tax rate would be lowered to 25% of income from the highest rate now, 39.6%.
The plan would also put a 10% tax on overseas profits and put a tax on overseas earnings, which now can be deferred.The plan would also put a 10% tax on overseas profits and put a tax on overseas earnings, which now can be deferred.
It would lower the tax rate on businesses to 15% from 35%.It would lower the tax rate on businesses to 15% from 35%.
The so-called "death tax", in which the US government charges certain wealthy individuals to transfer the high-valued property of a deceased person to someone as outlined in a will, would also be eliminated under Mr Trump's plan.The so-called "death tax", in which the US government charges certain wealthy individuals to transfer the high-valued property of a deceased person to someone as outlined in a will, would also be eliminated under Mr Trump's plan.