Republican presidential front-runner Donald Trump released his plan to reform the nation’s tax code on Monday during a press conference at Trump Tower.
One of the most notable elements of the plan: Those who make less than $US25,000 (or $US50,000 for joint filers) will pay no income taxes.
What will they do instead? File a one-page form with the IRS that says, “I win.”
From the tax plan:
If you are single and earn less than $US25,000, or married and jointly earn less than $US50,000, you will not owe any income tax. That removes nearly 75 million households — over 50% — from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $US1,000 each.
Trump’s plan would also condense the number of income-tax brackets from seven to four — 0%, 10%, 20%, and 25% for the highest earners. It also takes aim at the so-called “carried interest” loophole.
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