After months of making open-ended statements and promises, Donald Trump has finally gotten down to the nitty-gritty of something other than immigration and guns and unveiled his income tax plan.
Standing at Trump Tower in New York City, Trump on Monday morning promised his new tax plan would lower rates for the middle class and businesses and bring back corporate cash from overseas, according to Fox News Insider.
Under Trump's new plan, his campaign estimates that 31 million American households, including those who make less than $25,000 a year and married couples making less than $50,000 a year, would have their federal income taxes eliminated.
He notes, however, that the plan would also benefit businesses and the rich, reported Yahoo! News. Under the plan, the corporate tax rate would lower from 35 percent to 15 percent and and the highest income tax rate would decrease from 39.6 percent to 25 percent.
"No business of any size ... will pay more than 15 percent of their business income in taxes," Trump said, adding that he will eliminate the estate tax, or "death tax."
"A lot of families go through hell over the death tax," he said.
To pay for the proposed tax cuts, the plan would impact the wealthy by reducing or eliminating most deductions and loopholes for high-income taxpayers, according to the Wall Street Journal.
"In other words, it's going to cost me a fortune," he said at the news conference.
He also wants to allow corporations to bring money held in overseas accounts back to the United States after paying a one-time tax of 10 percent.
Overall, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt. Under the proposed plan, he estimates the economy would grow at least 3 percent a year, and as much as 5 to 6 percent.
"We have an amazing code," Trump said of his tax system. "It will be simple. It will be easy. It will be fair."
