The Republican presidential frontrunner laid out a set of tax proposals on Saturday, including a zero rate for those with low incomes and tax cuts for corporations; however, Wall Street financiers would have to pay more.
Republican presidential frontrunner Donald Trump gave an outline of his tax plans for the presidency on Saturday, including a proposal to impose higher taxes on Wall Street bankers, to cut federal corporate taxes, and slash the income tax to zero for low earners.
“It’s a substantial reduction for the middle-income people. Because our middle class is being absolutely decimated. It will also be a corporate reduction, I think it’ll be a great incentive for corporations.”
“There will be a large segment of our country that will have a zero rate, a zero rate.”
“We’re talking about people in the low-income brackets that are supposed to be paying taxes, many of them don’t anyway,” said Trump, in an interview with 60 Minutes.
On Monday, the Republican is set to unveil his tax policy proposal in full at a press conference in Trump Tower. During Saturday’s interview, while promising tax breaks to corporations and people and low- and middle-incomes, he singled out Wall Street bankers as those who he plans to tax more.
“I’m a pretty good Republican. But, I will tell you this, I do have some differences [with the party]. I don’t want to have certain people on Wall Street getting away with paying no tax.”
The frontrunner for the GOP nomination was asked about how the US would finance such measures, in light of the $19 billion federal debt.
Trump replied that such tax cuts would be made possible by bringing jobs to the US from other countries. His economic policy intends to prevent them from using the method of currency devaluation to lower their production costs.
“If I bring jobs back from China, from Japan, from Mexico, from so many countries, everybody’s taking our jobs.”
“They don’t respect our president. They don’t respect our country. They will respect me. They won’t be doing it,” declared Trump, using combative terms to set out his policy.
“If they don’t come to the table, they’re going to have a tax when they put their products into this country. And they’re going to behave.”
Trump ended the interview by describing his motivation for running for the presidency.
“I love my business. I didn’t want to do this. I just see our country as going to hell. And I felt I had to do it,” he explained.
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