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Trump proposes 15 percent cap on business taxes

3 months 3 weeks 5 days ago August 08, 2016 Aug 8, 2016 Monday, August 08 2016 August 08, 2016 1:43 PM in News
Source: Associated Press
By: ApNewsNow

WASHINGTON - Donald Trump is overhauling the income tax proposal he unveiled during the Republican primary and increasing the amount that would be paid by the highest-income earners.

Trump says in an economic speech in Detroit that he wants to simplify the tax code to three brackets: 12 percent, 25 percent and 33 percent of income.

That's a change from September, 2015, when he proposed four brackets that would pay zero, 10 percent, 20 percent and 25 percent.

Trump says the "tax simplification will be a major feature " of his plan and calls it "the biggest tax revolution since the Reagan tax reform"

He says, "We will make America grow again."

Experts said his old plan would have increased the debt by as much as $10 trillion over the next decade.

Trump says that no business should pay more than 15 percent of income in taxes.

And he's calling for a temporary moratorium on federal regulations.

Trump is also proposing allowing parents to fully deduct the average cost of childcare from their taxable income.

The current Child and Dependent Care tax credit is capped at 35 percent of qualifying expenses or up to $3,000 for one cared-for individual or $6,000 for two or more.

A senior campaign aide says the proposal would be aimed at working and middle class families and that it would include an income limit, though the person declined to say how much. The person spoke on condition of anonymity to discuss details ahead of the speech.

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