Republican presidential front-runner Donald Trump has released his plan to overhaul the nation’s tax code. He made the announcement Monday during a news conference at Trump Tower in New York City.
One of the most notable elements of the plan: Those who make less than $25,000 (or $50,000 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 $25,000, or married and jointly earn less than $50,000, 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 $1,000 each.
Trump’s plan would also condense the number of income-tax brackets to four from seven, with brackets of 0%, 10%, 20%, and 25%. It also takes aim at the “carried interest” loophole.