Republican presidential front-runner Donald Trump is set to roll out his new tax plan today — and he’s already predicting that some of the GOP’s wealthiest backers are going to be very unhappy.
It’s a plan the billionaire businessman has been touting for weeks as he’s come under increased scrutiny for failing to outline specific policy platforms as he’s risen to the top of GOP polls.
Trump’s proposed tax overhaul is expected to have plenty for the Republican faithful to like, such as a tax cut for middle-class Americans and corporations.
But Trump is also expected to put forward several ideas contrary to typical GOP talking points.
Trump is expected to take aim at groups like hedge fund managers he has long complained don’t pay enough. He would propose to change this, for instance, by eliminating the so-called “carried interest loophole” that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals. That could amount to a massive tax hike on a group that often supports Republican candidates.
“I think it’s going to be a plan that’s going to make people happy, other than maybe the hedge fund guys who make hundreds of millions of dollars and pay very little tax,” Trump said during a recent town hall event in Columbia, South Carolina, adding: “I think they’re all going to be my enemies.”
He said Sunday the plan would be revenue neutral, or bring in more money, and pushed back against the idea that he was breaking with the Republican Party by calling for higher rates for some wealthy earners.
Trump added that the plan would include eliminating income taxes altogether for people at the lower end of the income spectrum.
“There will be a large segment of our country that will have a zero rate,” he said in the interview.
“I’m a pretty good Republican. But I will tell you this, I do have some differences,” he said. “I don’t want to have certain people on Wall Street getting away with paying no tax.”
The real estate mogul has proposed a variety of tax overhauls over the years, including some that have raised eyebrows from groups like the tax-cutting advocacy group Club for Growth.
In his 2001 book “The America We Deserve,” Trump proposed a one-time, 14.25 percent tax on individuals and trusts with a net worth over $10 million — a plan he claimed would bring in $5.7 trillion in new revenue, which he said would be enough to pay off the entire national debt. (The actual debt currently stands at more than $18 trillion.)
“Some will say that my plan is unfair to the extremely wealthy,” he wrote then. “I say it is only reasonable to shift the burden to those most able to pay.”
By 2011, Trump had abandoned the tax-the-rich plan, and in his book “Time to Get Tough,” he proposed lowering the U.S. corporate tax rate to zero, and unveiled a “1-5-10-15” income tax plan.
Under his proposal, those who made up to $30,000 a year would pay 1 percent; those who made from $30,000 to $100,000 a year would pay 5 percent; those who made from $100,000 to $1 million would pay 10 percent; income of $1 million or more would have been taxed at 15 percent.
The Associated Press contributed to this report.
Both the democrats, and republicans are bought and payed for oil company,drug company, and aluminum can company stooges, they don’t work for us, we have a capitalist gov.
I guess you haven’t heard of Jesus having an army to fight the Antichrist Gov. are you going to be in Jesus’s army? The antichrist gov. is our US gov. run by the greedy company’s that are destroying our world
I ask people What caused this economic depression? no one can tell me, well do you know? high gas prices did, when the price of gas goes up so does the price of everything else, and the only thing that will bring us out of this depression is free energy , so force the auto company’s to make only water to hydrogen cars and trucks and conversion kits to change the pieces of junk fuel injected, and diesel trucks to run on hydrogen with switches to shut off the fuel injectors, and the fuel pump, don’t do this now and the economy will collapse soon, when our bought and payed capitalist Gov. goes bankrupt Tell every one not to buy a new car, and tell them to tell others, tell them they must do both. Don’t buy a new car, or truck., free energy is the only thing that will bring our economy around, like it was in the 50s ,60s
Cancer society’s are not doing any research, because they found cures for cancer way back in the 1930’s, and you won’t be giving them any money if they come out with a cure, they are the biggest mass murders, and you are paying them to kill you with chemo, and surgery, they can’t make any money curing you, catch 22, the best cure for cancer is in a book Encyclopedia of healing Juices, by John Heinerman, page 141 under Grape/ raisin juice, a man diagnosed with cancer didn’t do the murdering chemo, he buckled down and eat his fruits and vegetables, and killed all of his cancer, red fruits and vegetables, have a substance called lycopene that will kill cancer, and keep you from getting cancer, pore nutrient is what causes cancer, and a host of other illnesses so eat your fruits and vegetables, with your meat. a good balanced diet.
#1 cause of Alzheimer’s is aluminum poisoning, take all cookware to recycling, and don’t buy anything in aluminum cans, spread the word to every one, when we stop buying they will have to make iron cans, and cookware, so spread the word and tell those you tell to spread the word also. #2 cause is iodine deficiency, that cause’s bipolar, schizophrenia, depression, suicides, eat fish, and yogurt 2 to 3 times a week spacing them out every 2 to 3 days, because iodine will be depleted out of your body in 2 to 3 days
The flu shots have been tested out to have 25 mg of mercury per shot, they tested to have formaldehyde, ethylene glycol ( anti freeze ) and aluminum the #1cause of Alzheimer’s, ADD and ADHD, .The drug company’s pills are coated with aluminum oxide, they are slowly making you brain dead zombies, to give you a strong immune system from the flu, colds, and a host of other germs, and bacteria, you want to get Garlic, powder, and or minced and season with a little almost every day, all nutrients will be depleted out of your body in two to three days so you need a little almost every day, a garlic container should last a person 8 to 10 months.
Diabetes is one of the biggest medical scams, it can be cured with a little cinnamon almost every day, like iodine it will be depleted in 2 to 3 days, so a little almost every other day will keep your blood sugar level normal
Love your comments. TRUTH!
A lot of good wisdom in these notes.
The hedge fund managers and investment bankers made a killing off the system which led to the 2008 financial collapse. I have a hard time feeling sympathy for money shufflers who get paid bonuses measured in millions of dollars.
There needs to be a differentiation in the income tax code. Those who actually produce something should be given a lower rate than those who make their money shuffling money around or gambling with other people’s money. These high-stakes earners have created a derivatives market which could destroy the world’s financial systems if (and when) it collapses.
Brice…Thank you for this!! The world needs to see/know this. I’ll be forwarding this piece. Once again, thank you. Michael Elley
Something else people EVERYWHERE need to know about. The AN_MADE climate change. That`s right….man made. This so called drought out here in commiefornia has been a product of the Dept. of Defense, and the elite behind the guise of the New World Order and Agenda 21. As far as Agenda 21 goes, google it, you will be floored when you find out what`s been going on with the sell out of our country to the U.N. and other foreign bodies.
Next….the drought. There has been an antenna array set up in Alaska and I believe 5 other stations around the globe that shoot MASSIVE amounts of RF in a focused spot on our ionosphere WIPING out any low pressure systems building outside the west coast in the Pacific. They have been successful at moving the entire jet strean south and east by passing the west coast and Calif! This is NOT a conspiracy theory, it is a conspiracy PERIOD!!! Look up HAARP. Check out it`s patent. Under the patents title of “purpose” is states it for “weather modification” It wouldn`t so much bother me if it was run by some organization with the intent on improving water delivery to places that need it badly all the time, but the fact that it is owned and run by the Dept. of Defense well….need I say more. They have found their weapon on how to create any type of weather and deliver it to ANYWHERE. Part of Agenda 21 is to depopulate the entire west coast. What better way to do that than to create drought, year, after year, after year, after year. With all the systems running the way they want they can create a WORLDWIDE FOOD AND WATER SHORTAGE!!! Control the worlds food and water what have you got? WORLD DOMINATION!!! That`s exactly why we as Americans MUST NOT give up our 2nd amendment rights. The Obutma admin. has been paying off the interest on the 1.3 trillion dollar debt China bought with land taken through eminent domain! The govt. knows the people will not stand for this and until our guns become history they cannot carry through on giving away our great nation! Theres a lot more involved, like killing the U.S. Dollar as the world currency, China`s massive gold buys, Russia buying 20% of our plutonium, or uranium, I forget which but I do remember it was the Clintons with their 51% in this company that allowed the to sell it to Putin. Bryce you are spot on with what your saying, mostly. Now tie all that in with Agenda 21 and the NWO along with “Homeland Security” buying over 2 billion rounds of ammo (hollow points at that!) and over 2600 MRAP vehicles. This is keep in mind NOT the Dept. of Defense, but Homeland Security. WOW!!! Buckle up folks, the rides going to get tough, you`d better all be preparing if not already prepared and pass on all this info to as many as possible.
Something just clicked. Re: They’ve successfully **moved** the jet stream! I used to be in a very good, relatively survivable location -by dwelling a few degrees to the south of the jet streams presence.
I can attest to this after living here for 7 yrs. [although that’s an insignificant amount of time as to this issue in the long term, ] I watch the stream currents daily, from reputable, live streaming sources, and I have noticed a sustained and definite southward ‘push’ to the jet stream winds.
Two things come to mind:
1. If .gov desires to manipulate our climate, – TO WHAT PURPOSE? Whats their intended goal?
2. If they have been successful, what are they shifting our weather generators to and or from? and WHY?
A postulated thought…..what if their intent is to ‘protect’ the area known as the COG location [Denver] from the ‘nuked ill winds’ still blowing out of Fukishima? And what if they are also shifting it to deflect ANY nuke strike or bio-warfare weaponry AWAY from DIA? Pisses me off though since I am the one now absorbing it all, from the newly appeared ‘jet stream’! “just when you thought it was safe to live here!” lol
Let the good times Roll
Bryce;
Thanks!…All good advice.
Finally somebody proposed a new approach but the obstacles are so huge ; there is no chance to any man on the planet Earth to turn around this fiscal mass leading to the collapse of the entire USA , and the entire world economy with it
BRING IT ON !!!!! Ready to take action for doing the proper things while we are in the physical world.
The dirtbags (humans are made mostly of water so it’ waterbags) have had it too long so let’s act starting NOW!
Donald Trump’s Plan does not appear to be well thought out by advisers with expertise to understand how the system works. A far simpler and more fair process might be, dismantle the IRS and go to a flat percent consumption tax that everyone rich or poor would pay on all purchases with no exemptions or loopholes. The rich buy more goods, they pay more tax. The poor buy less and they pay less. Savings, investments would not be taxed encouraging more of both. Bottom line is everyone pays something and contributes to society which is more than is happening now.
Along with Tax Reform, Trump needs to develop a Plan for reducing the size, scope and cost of government right away and not in ten years as advocated by some political idiots. Go for a balanced Federal Budget in Year One and start working toward reducing the National Debt. My guess is the economy and jobs would skyrocket and the government would take in more money than was needed to provide basic services. Since this clearly will not happen, such thoughts are merely an academic exercise.
You got anything better than what we have?????? Until then, HUSH!!!!
Dude. Try reading beyond the first line! ;^) And NOW is NOT the time to “hush” NOW is the time to listen to the ROAR and “hear” the full spectrum!
This guy talks about this consumption tax in the first 10 minutes of this video. Too bad he had an unfortunate accident at home and was killed about a year ago. HMMMMMMM!!??? https://www.youtube.com/watch?v=8cnPwNEO1cE
whoa! Well, it figures that the most attractive to me idea -is also apparently life threatening!
100% agreed!!! I think you should make ‘the Donald’ aware of your proposal-or at the very least, this comment! He seems far more approachable than any other so called ‘candidate’. At worst, All he could do is revert to his 7year old mindset and call you silly names! LOL
Which sadly, I have half come to expect as a reaction towards ANY good idea that steps outside the status quo.
So! When are YOU tossing your hat into the ring? :^)))
I believe if we get TOUGH, not act tough but GET TOUGH, close the borders PHYSICALLY, send back ALL criminal illegals with the promise of extinction upon their ILLEGAL return, MANUFACTURE, BUY, AND SELL ONLY AMERICAN PRODUCTS for at least the first 10 years before even thinking about going global again with business, this country would flourish with an industrial revolution the likes we`ve never seen. Then lay down good, common sense laws for overseas operations where we EXPORT at least as much as we import we would again be the world leader we once were. Almost forgot, give term limits to ALL politicians. If they don`t try and accomplish what they promised, kick `em out…no pension, no benefits, and if they break the law don`t reward them, stick them in general population in lets say Pelican Bay, make an example of them. Let`s face it, as long as there are people like Hillary out there, and I`m just using her for an example God knows there are just as many dirty Rep`s out there but as long as those rich and elite run the show we will TRUELY have NO SAY with what goes on in Washington. This is why Washington is scared to death right now of Trump, Fiorina, and Carson, and they should be. I would actually be somewhat happy if ANY of those 3 were elected and the other 2 put in high positions.
And don’t forget that our supreme court has come out of the “sponsors” closet as well with “Corpos are people too” “ruling”. HEY SUPREME COURT! CONFLICT OF INTEREST MUCH???
oh. Yeah. Their corpo sponsored careers and bennies are for LIFE!!!! Overturn this ruling, and in fact, criminalize corporate establishment of “personhood”. RESTORE both personal responsibility, accountability, and checks and balances via gummint involvement to ALL business activity as a basic requirement. Eliminate campaign finance, eliminate “protection racketeering” [seems to me RICO certainly DOES apply! ] and restore the “public service and does no harm requirement’ making corporations INDEED entirely responsible for liability and extend this right out into investors.
We dont have to toss out the baby with the dirty water! WE don’t have to entirely tear up everything to rebuild!