Trump tax plan gets Americans for Tax Reform seal of approval

GOP presidential front-runner Donald Trump has earned top marks from Americans for Tax Reform (ATR) after the rollout of his tax platform on Monday. ATR founder Grover Norquist said the Trump plan will create “jobs, jobs, jobs” for Americans by helping business owners’ bottom lines.

Trumps plan includes a series of cuts for businesses and individuals, including slashing the top individual tax rate from 39.6 percent to 25 percent and eliminating completely the estate tax. Business would pay an across-the-board flat tax of 15 percent, less than half of the current 35 percent corporate tax rate.

The poorest Americans would pay no taxes under the Trump plan, with single filers earning less than $25,000 and married couples earning less than $50,000 getting a pass from the IRS.

Everyone else would fall into one of three tax brackets, paying 10 percent, 20 percent or 25 percent of income in taxes.

Wall Street hedge fund managers will take a slight hit under the plan, as Trump seeks to eliminate the tax code’s carried interest provision and other loopholes which benefit the wealthiest Americans. Capital gains taxes, however, would dip slightly under a Trump White House, from 23.8 percent to 20 percent.

“It’s going to cost me a fortune,” Trump said of his plan.

But the billionaire said he believes the wealthy Americans will do better in the long run because his plan would grow the entire economy between 3 percent and 6 percent each year.

“It’ll grow rapidly, and we’ll have something very special,” he said, adding, “If we have more than three, these numbers are really spectacular.”

Norquist praised the plan as a revenue neutral attempt at U.S. tax reform.

“Trump’s plan is certainly consistent with the Taxpayer Protection Pledge,” he said. “Trump has said he opposes net tax hikes and has made clear that the real problem is spending. This plan is a reform, not a tax hike.”

And while ATR contends that the Trump plan will go a long way making U.S. business more competitive globally, the tax reform advocacy organization says it could still be improved for America’s movers and shakers.

“The most disappointing part of the Trump plan is that the tax system would move no closer to full expensing of business fixed investment. Businesses would still be saddled with the complex, distorting, and growth-inhibiting ‘depreciation’ regime where an asset is deducted over several or even many years,” said ATR’s analysis of the plan.

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