Trump calls for tax code overhaul to hit wealthy

Republican presidential front-runner Donald Trump is calling for an overhaul of the tax code that would eliminate income taxes for millions, while lowering them for the highest-income earners and business.

The plan would eliminate federal income taxes on people earning less than $25,000 (€22,258) and married couples earning less than $50,000.

But the plan would also lower the corporate tax rate from 35% to 15% and lower the highest income tax rate from 39.6% to 25%.

Trump said the plan would also impact the wealthy by reducing or eliminating most deductions and loopholes.

“In other words, it’s going to cost me a fortune,” he said at a news conference at his Trump Tower skyscraper in Manhattan.

Trump wants to remove 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.

The billionaire property mogul says the country would pay for the tax cuts through a combination of eliminating deductions and loopholes. He also wants to allow corporations to bring money held in overseas accounts back to the US after paying a one-time tax of 10%.

Trump estimated his plan would lead the economy to grow at least 3% a year.


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