Off The Grid: What Do You Make Of Donald Trump's New Tax Plan?

During Monday’s news conference at Trump Tower, Donald Trump reveals details of his new tax reform plan, cutting taxes from millions of Americans.

Donald Trump unveiled a tax reform plan during a Monday morning announcement in the lobby of the Trump Tower.

The plan included eliminating income taxes for millions of Americans and lowering income-tax rates for highest-income earners.

Trump saying in his announcement:

“This is a plan that is simple, that’s a major reduction, I think people are going to be very happy,” adding "It'll grow the American economy at a level that it hasn't seen for decades."

Trump’s plan includes no taxes on individuals who earn less than $25,000 and married couples who earn less than $50,000. Trump saying those individuals would receive “a new one page form to send the IRS saying ‘I win.’”

His plan also lowers the highest income tax rate from 39.6 percent to 25 percent individually and 35 percent to 15 percent from businesses.

Trump added his new tax plan would cost him a fortune as he wants to eliminate “carried interest loopholes” which currently allow managers of hedge funds and private equity firms to pay a lower tax rate than most individuals.

During the news conference, Trump said the plan has been crafted with the help of leading economists, but refused to say who. In sum, he added, the changes would not add to the annual federal budget deficit or the national debt.

Donald Trump unveiled a tax reform plan during a Monday morning announcement in the lobby of the Trump Tower.

The plan included eliminating income taxes for millions of Americans and lowering income-tax rates for highest-income earners.

Trump saying in his announcement:

“This is a plan that is simple, that’s a major reduction, I think people are going to be very happy,” adding, "It'll grow the American economy at a level that it hasn't seen for decades."

Trump’s plan includes no taxes on individuals who earn less than $25,000 and married couples who earn less than $50,000. Trump saying those individuals would receive “A new one page form to send the IRS saying ‘I win.’”

His plan also lowers the highest income tax rate from 39.6 percent to 25 percent individually and 35 percent to 15 percent from businesses.

Written by

Kanika Lal

Kanika Lal moved to Los Angeles to pursue her career as a host, writer, and producer. She currently works for Ora TV’s NewsBreaker where she constantly keeps up with the latest stories, writes, and broadcasts them from Ora studios. Kanika began her love for journalism at The Hollywood Reporter as a digital news producer and red carpet correspondent. She had the honor of interviewing Anderson Cooper, John Mayer, Cate Blanchett, and covered the 71st Annual Golden Globes. After a rewarding and solid year, she then took her skills a step closer to her passion: hosting. You can catch her recapping television shows under Maria Menounos’ AfterBuzz TV as well as hosting and producing a Bollywood show for Menounos’ Popcorn Talk network. Kanika thrives on self-expression, and she achieves that through Indian classical and contemporary dance as well as hip-hop. She also has small but growing acting credits under her name, as she strives to branch out creatively. Kanika thrives on discovering hidden stories and engaging with a variety of people. She hopes to have an influence in the world of arts, pop culture, politics, and science.

The views and opinions expressed herein are those of the authors alone and do not necessarily reflect the views of Ora Media, LLC its affiliates, or its employees.