Trump’s code, which he calls the “1-5-10-15 income tax plan,” is a simplistic way to fix our nation’s broken taxation system, without putting the strain on any particular group of people.
Under Trump’s tax plan, those making up to…
$30,000 per year will pay 1 percent in federal income taxes
$30,000 to $100,000 will pay 5 percent
$100,000 to $1 million will pay 10 percent
$1 million or above will pay 15 percent
“It’s clear and fair,” wrote Trump on his tax plan. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”
Trump also wrote, “Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?”
“The longer you really think about it the madder you will get,” he wrote, “especially when you consider the waste, fraud, and abuse the federal government traffics in as it inflicts its self-defeating policies on hard-working Americans.”
Trump’s rhetoric on taxes continues to this day. On CBS’ “Face the Nation,” Trump stated that he tries to pay as little tax as possible.
“I fight like hell to pay as little as possible, for two reasons. Number one, I am a businessman, and that’s the way you are supposed to do it. And you put the money back in your company and employees and all of that.”
He also added, “But the other reason is that I hate the way our government spends our taxes. I hate the way they waste our money, trillions and trillions of dollars of waste and abuse. And I hate it.”
Trump’s proposed tax plan is fair and shows real promise at fixing what has arguably become America’s biggest headache. It doesn’t tax the poor to the point of bankruptcy, and it doesn’t punish the rich for being successful.