Did Trump already
reveal his tax plan? Financial proposal published in book
4 years ago, by Aaron Klein, 9/19/15
During the second Republican
presidential debate last Wednesday, Donald Trump teased the tax plan he says he
will be releasing in about two weeks, calling it a “major reduction for the
middle class.”
“What I’d like to do, and I’ll be
putting in the plan in about two weeks, and I think people are going to like
it, it’s a major reduction in taxes,” he said. “It’s a major reduction for the
middle class. The hedge fund guys won’t like me as much as they like me right
now. I know them all, but they’ll pay more.”
“I know people that are making a tremendous
amount of money and paying virtually no tax, and I think it’s unfair,” he said.
One week earlier, on CBS’s “Face The
Nation,” Trump said of his coming tax blueprint: “We have an amazing tax plan …
We’re going to be reducing taxes for the middle class, but for the hedge fund
guys, they’re going to be paying up.”
While Trump has yet to unveil his
plan, largely ignored by media is that in his 2011 book, “Time
to Get Tough: Making America #1 Again,” he
laid out a plan to completely transform the tax code with a uniform proposal
for all Americans to pay lower taxes.
Trump’s revenue prescription, which
he labeled his 1-5-10-15 income tax plan in the book four years ago, could form
the basis for his campaign’s platform on the issue.
In the book, Trump wrote that his
plan is so simple, it could eliminate the need for accountants and tax
preparers, which he referenced during last week’s debate when he complained
that someone making $50,000 a year “has to hire H&R Block to do the –
because it’s so complicated.”
He wrote in 2011: “Imagine your
paycheck was 40 percent higher than it currently is. What could you do with 40
percent more wealth? How many jobs and opportunities for others could you
create?
“The longer you really think about
it the madder you will get,” he wrote, “especially when you consider the waste,
fraud, and abuse the federal government traffics in as it inflicts its
self-defeating policies on hard-working Americans.”
Here’s Trump’s proposed income-tax
plan as outlined in his 2011 book:
·
Those making up to $30,000 will pay
1 percent.
·
Income from $30,000 to $100,000 is
assessed a flat 5 percent tax.
·
$100,000 to $1 million income will
be taxed at 10 percent.
·
$1 million or above will be taxed 15
percent.
“It’s clear and fair,” wrote Trump
in the book. “Best of all, it can be filled out on the back of a postcard and
will save Americans big bucks on accountants and massive amounts of time wasted
attempting to decipher the tax code.”
In the book, Trump offered a
five-point economic plan “that encourages growth, savings, and investment.”
Here is a WND summary of his five
points:
1. Abolish
the estate or “death” tax
“It’s immoral for the government to
tax you after you’re dead,” he wrote, “to seize a portion of your money and
property that you spent your life building up, and on which you already paid
taxes. Your children deserve your estate, not the federal government.”
In April, Obama proposed changes to
the estate tax that critics say could bring the death tax to an effective rate
of 57 percent. Adding in state inheritance taxes, the rate would average 65
percent but could go as high as 67 percent, according to a Heritage Foundation
analysis.
Writing in 2011, when Obama proposed
moving the death tax to an effective 45 percent, Trump cited a study by former
Congressional Budget Office Director Douglas Holtz-Eakin, who found that the 45
percent rate “is a proven jobs killer, because it will strip $1.6 trillion of
small business capital out of the hands of job creators.”
Holtz-Eakin predicted a loss of 1.5
million new jobs.
2. Lower
tax rates on capital gains and dividends
Trump labeled these as “two more
taxes that are proven jobs and investment killers.”
“Capitalism requires capital,” he
explained. “When government robs capital from investors, it takes away the
money that creates jobs – real private sector jobs that contribute to the
health of our economy.”
3.
Lowering the U.S. corporate tax rate from 39 percent to zero to help create
jobs
4. Punish
companies that outsource jobs overseas with a 20 percent tax hike
The billionaire also suggested
lowering to zero the tax rate for companies that outsourced overseas but
decided to return to the U.S.
“Bottom line: hire American workers
and you win. Send jobs overseas, and you may be fine, but you will pay a tax,”
he wrote.
5. The
1-5-10-15 income tax plan for all Americans
http://www.wnd.com/2015/09/did-trump-already-reveal-his-tax-plan/
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