Let’s see how this goes.
Donald Trump wants to eliminate the tax burden for individuals who earn $25,000 or less annually, and for families that earn $50,000 a year. He would allow them to pay no federal income tax — none, zero.
He wants to reduce theĀ corporate tax rateĀ from 35 to 15 percent; wealthy Americans would get a reduction in their income tax from 39.6 percent to 25 percent.
But … he vows to eliminate hundreds of loopholes that he says in effect will generate more revenue for the government and grow the economy. Trump said his plan is going to “cost me a fortune.”
Is the leading Republican presidential candidate a socialist in the mold of, say, Barack H. Obama, who also has argued for reducing the tax burden low-income Americans?
My strong hunch is that the GOP faithful are going love this plan, as it’s coming from a Republican. When something like this comes from a Democrat, well, he’s just another wealth-distributing socialist who’s intent on “destroying the American dream.”
Uh, Mr. Trump? What about that national debt?