Trump proposes new tax breaks for the wealthy

Donald Trump, the Republican Presidential candidate, is proposing new tax breaks for wealthy Americans ahead of the 2016 US Presidential elections. In a Presidential election in which much of the discussion will be centred on the future of the US economy, Trump has signalled early intentions to lower taxes for the rich if he were to succeed Obama. Within his plans, seven tax brackets will be reduced to four and estate tax as well as alternative minimum tax will be removed altogether. Interestingly enough for corporations, Trump is further proposing to lower the business tax rate to 15%. Here at International Tax Search, we are intrigued by Hillary Cliton’s tax proposals for the US economy and eagerly await her response to Trump’s plans.

The article states:

"The presumptive Republican nominee stirred up a firestorm Sunday when he said that taxes on the wealthy would likely go up during negotiations of his plan with Congress. He later clarified that he was open to raising the top rate he proposed for the rich, but they would still pay less than they do now.

Trump has left himself a lot of room to negotiate since his plan calls for big cuts in the top tax rates. The billionaire businessman boasts that he would slash everyone's taxes, but his proposal is far more generous to the upper crust than to the average Joe.

The proposal calls for reducing the current seven tax brackets to four and cutting the top rate on the wealthy to 25%, from 39.6%. It would also eliminate the estate tax, which affects only the very wealthy with more than $5.45 million in assets at death, and the Alternative Minimum Tax, which ensnared many affluent families."

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Here are the massive tax breaks Trump is proposing for the rich