At a speech in Detroit, Donald Trump talked about his campaign’s plans for tax code reform. Trump stresses that taxes are one of the biggest differences between his campaign and Hillary Clinton’s.
As Trump explains, Clinton wants to increase taxes by $1.3 trillion, including raising them on many small businesses to rates of almost 50 percent, a move that will surely eliminate new jobs.
In a recent campaign speech to voters, Clinton “short-circuited” (to use her own words) and said she wanted to increase taxes for middle-class Americans. Whether this was a slip of her tongue or a Freudian slip is debatable.
However, in contrast to Clinton, Trump promises across-the-board income tax reductions for all Americans that will create lucrative new jobs in many industries.
Under Trump’s tax plan, the rich will pay their fair share of taxes, but no taxpayers will pay to the extent that the nation’s ability to compete on the world stage would be undermined.
Trump wants to reduce the current number of tax brackets from seven to three. He’s promising that the carried interest deduction and other special interest loopholes that have favored Big Business for years will be eliminated.
He also wants to simplify the tax code, which is currently so complex that nine billion hours are wasted every year by taxpayers complying with it.