“No Taxation without Representation,” a slogan which has been ringing out loudly through the Tea Party, an early platform for Donald Trump’s unprecedented election win.
What is the sweeping tax reform plan which the Trump Administration plans to announce???
There are hints of this tax plan in Trump’s Book, Crippled America.
He outlines a Five Point Tax Plan:
First, end the Death Tax.
The death tax is the epitome of Socialist indoctrination. A 50% tax on half the possessions a person owns is insane. There is no way around it. Work our entire life so we can give it away to the government when we die. What a sham!!!!
Second, Lower the tax-rate on Capital gains and Dividends... This is a plan to let wealth create more wealth without having a punishment.
Third, Reduce Corporate Tax Rate to Zero.
“How can we expect companies to hire American workers and locate their businesses in America when our government taxes them at exorbitant rates for doing so?” writes Trump. “I want to encourage American companies to stay here and hire American workers, and I want foreign companies to relocate their businesses to the United States and create jobs here.”
Fourth, Trump says he would impose a 20 percent tax on those who outsource jobs overseas. Trump says “for those companies who made the mistake of sending their businesses overseas but have seen the light and are ready to come home and bring jobs with them, they pay zero tax.”
Fifth, For Income Tax Reform.
- Up to $30,000, you pay 1 percent
- From $30,000 to $100,000, you pay 5 percent
- From $100,000 to $1 million, you pay 10 percent
- On $1 million or above, your rate is 15 percent