Trump’s tax plan: Wall Street hikes, ‘zero rate’ for some

Donald Trump

The poor and middle class could see a significant tax dip under a Donald Trump presidency – to zero, in fact – if the hopeful wins the nomination, wins the White House and subsequently puts in place a populist-sounding plan to grow the economy.

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On “60 Minutes,” the leading candidate said a “large segment ” of America would see their tax burdens substantially lessen.

“I will say this, there will be a large segment of our country that will have a zero rate, a zero rate. And that’s something I haven’t told anybody,” he said, to host Scott Pelley.

“We’re going to grow the economy so fast. If the economy grows the way it should, then we’ll be able to pay for it.”

Trump’s revelation was short and to the point, and he declined to go into further details. But he did say part of his overall economic package involved higher rates for Wall Street hedge fund officials and a concerted effort to reel back China on the global market.

Saying the middle class was “being absolutely decimated,” Trump promised middle-income earners would get a substantial tax cut under his plan.

Asked on whom he would increase taxes, Trump, a billionaire real estate mogul, said: “Some very wealthy are going to be raised. Some people that are getting unfair deductions are going to be raised.”

In addition to cutting rates for the lower-level and middle-class earners, Trump said he’d like to trim back tax burdens on corporations, too. He added his corporate tax reduction would be “a great incentive” for companies.

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“I will tell you this. I’m a pretty good Republican,” he said, acknowledging some of his core policy beliefs strayed from traditional Republican beliefs, the Daily Mail reported. “I do have some differences. I don’t want to have certain people on Wall Street getting away with paying no tax.”

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