Republican presidential frontrunner Donald Trump unveiled a plan Monday that would drastically overhaul the U.S. tax system if he's elected to the White House, eliminating federal income taxes for millions of Americans, reducing tax rates for everyone else — including the richest citizens — and cutting the corporate tax rate.
The billionaire businessman said the proposal will still hit wealthy taxpayers because the U.S. would partially pay for the plan by reducing or eliminating corporate loopholes and deductions that are often utilized by Wall Street and other members of the country's elite.
During a news conference at Trump Tower in Manhattan, Trump declared that his proposal will "provide major tax relief for middle-income and for most other Americans."
"It'll simplify the tax code," the real estate mogul and former Atlantic City casino magnate told the crowd, which included dozens of reporters and supporters gathered in the high rise's lobby.
"It'll grow the American economy at a level that it hasn't seen for decades."
Trump said he could enact his plan without increasing the$19 trillion national debt partially because it will help the U.S. economy grow by 3 percent, and possibly by as much as 6 percent.
"This is my wheelhouse," said the 69-year-old businessman, who leads his 14 Republican opponents — including New Jersey Gov Chris Christie — in the polls.
"The economy is what I do well."
source: NJ
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