Difference between revisions of "Donald Trump"
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| − | *An individual filing single that has earned less than $25,000 will not pay any income tax. | + | *An individual filing single that has earned less than $25,000 will not pay any income tax. [https://www.donaldjtrump.com/positions/tax-reform] |
*An individual filing head of household that has earned less than $37,500 will not pay any income tax. | *An individual filing head of household that has earned less than $37,500 will not pay any income tax. | ||
*Couple married filing jointly that have earned less than $50,000 will not pay any income tax. | *Couple married filing jointly that have earned less than $50,000 will not pay any income tax. | ||
Revision as of 16:13, 20 January 2016
Donald Trump, born June 14, 1946 in Queens, New York City, is a real estate mogul and leading Republican nominee for the 2016 Presidential election. Prior to campaigning for the presidency, Trump hosted a television show The Apprentice (later known as The Celebrity Apprentice), and owned parts or the total of several beauty pageants, including Miss Universe. He attended Fordham University for two years before transferring to the University of Pennsylvania for a bachelor's of science in economics.[1]
Although he has switched political parties several times throughout his life, even campaigning as a Reform Party candidate in 2000[2], he most recently identifies with the Republican party and has signed an agreement promising not to run as an Independent should he not be chosen as the Republican nominee.[3]
Contents
Tax Reform
Trump's Tax Reform agenda seeks to fulfill four goals:
- Tax relief for middle-class Americans
- Simplify the tax code
- Grow the American economy
- Don't add to Debt or Deficit
Personal
- An individual filing single that has earned less than $25,000 will not pay any income tax. [4]
- An individual filing head of household that has earned less than $37,500 will not pay any income tax.
- Couple married filing jointly that have earned less than $50,000 will not pay any income tax.
- Eliminate the marriage penalty
- Eliminate Alternative Minimum Tax (AMT)
| Income Tax Rate | Long Term Cap Gains/ Dividends Rate | Single Filers | Married Filers | Heads of Household |
| 0% | 0% | $0 - $25,000 | $0 - $50,000 | $0 - $37,500 |
| 10% | 0% | $25,001 - $50,000 | $50,001 - $100,000 | $37,501 - $75,000 |
| 20% | 15% | $50,001 - $150,000 | $100,001 - $300,000 | $75,001 - $225,000 |
| 25% | 20% | $150,001+ | $300,001+ | $225,001+ |
Corporate
- Corporate tax rate reduced to 15%, regardless of business size. Current rate hovers ~39.1%[5]
