Donald Trump to propose massive tax reform in economics speech; kill ‘death tax’

DETROIT, Aug. 8 (UPI) — Republican presidential nominee Donald Trump reportedly will propose the biggest tax reform since Ronald Reagan, with cuts at all income levels.

A source told Bloomberg his major economic speech in Detroit will propose three income-tax brackets instead of seven. Speech details also were confirmed by an ABC source.

Trump will reportedly propose to exempt all child care expenses from taxation during a major economic speech Tuesday. His opponent, Hillary Clinton has proposed a cap on child care costs at 10 percent of a family’s income.

The billionaire proposes to end the estate tax — nicknamed the “death tax.” The 40 percent tax applies to estates larger than $5.45 million for individuals and $10.9 million for couples.

Trump also wants to help businesses, proposing a tax rate of 15 percent.

He also will seek elimination of special tax treatment for carried-interest income at private-equity firms and other investment firms. Carried interest is a portion of investment gains paid to certain investment managers and is now taxed like capital gains at rates as low as 23.8 percent. Trump proposes to tax them as ordinary income.

Trump will still oppose the Trans-Pacific Partnership trade agreement backed by the Obama administration and many prominent Republicans in Congress.

In his speech, Trump is expected to repeat his positions on the following: asking TransCanada to renew its Keystone pipeline permit application, rescinding the Climate Action Plan and “waters of the U.S.” rule; opening offshore drilling; and killing the Paris climate agreement.

Trump will reportedly point to Detroit as an example of the failed economic policies of Obama and Clinton.

“She’s the candidate of the past and ours is the campaign of the future,” Trump says in a draft of the speech. “Every policy that has failed Detroit has been fully supported by Hillary Clinton. The one common feature of every Hillary Clinton idea is that it punishes you from working and doing business in the United States.”

Clinton, who is in Florida on Monday to campaign, has attacked Trump on the economy. She released a statement before Trump’s speech, saying he is pushing an agenda “that experts across the political spectrum say would lead to a recession and cost millions of American jobs.”

comments powered by Disqus