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Wall Street hates Trump, but his tax plan does looks good.
Trump to Call for Higher Taxes on the Wealthy
The Wall Street Journal.
Heather Haddon
14 hrs ago
Donald Trump plans to unveil an ambitious tax plan that would eliminate income taxes for millions, lower the tax rate on all businesses and change tax treatment of companies overseas earnings.
Donald Trump is set to release a tax plan Monday that calls for major reductions in levies on middle-income and poor payers, while increasing taxes on the wealthy and reining in companies that pay less in taxes by moving their headquarters overseas.
The plan will offer a “major tax reduction for almost all citizens” and help stimulate business in the U.S. again, the Republican candidate’s campaign said Sunday.
The GOP presidential front-runner is also expected to call for the poorest filers to pay no federal taxes at all while also recommending that corporate levies be reduced.
In an interview set to air on CBS’s “60 Minutes” Sunday night, Mr. Trump shrugged off questions as to how he would pay for the tax plan and what kind of Republican presidential candidate would recommend that the wealthy pay more to the government.
“Some very wealthy are going to be raised. Some people that are getting unfair deductions are going to be raised,” Mr. Trump told CBS anchor Scott Pelley about his tax plan, according to a transcript. “But overall it’s going to be a tremendous incentive to grow the economy and we’re going to take in the same or more money.”
The tax plan will be the second policy platform released by Mr. Trump in the more than three months since he declared his candidacy. He released a six-page paper outlining his hard-line stance on immigration last month.