“Donald Trump called Monday for a ‘tax revolution’ modeled on the vision of Ronald Reagan that would slash income tax rates, cut corporate taxes and create millions of jobs for a new era of prosperity,” Daniel Halper and Bob Fredericks report for The New York Post. “‘These reforms will offer the biggest tax revolution since the Reagan tax reform, which unleashed years of continued economic growth and job creation,’ the GOP presidential nominee told the Detroit Economic Club.”
“In an hour-long address that also called for toughening trade policies and easing regulatory directives, Trump proposed to simplify the tax code to just three brackets from the current seven — 12, 25 and 33 percent,” Halper and Fredericks report. “‘I am proposing an across-the-board income tax reduction, especially for middle-income Americans,’ Trump proclaimed, though the highest wage earners would see their rate fall from 39.6 to 33 percent. ‘The rich will pay their fair share, but no one will pay so much that it destroys jobs or undermines our ability as a nation to compete.'”
“The mogul also called for capping corporate taxes at 15 percent, down from the current 35 percent rate, a move long advocated by Republicans,” Halper and Fredericks report. “‘No family will have to pay the death tax. American workers have paid taxes their whole lives, and they should not be taxed again at death. It’s just plain wrong,’ Trump said. Hedge-funders would take it on the chin, as Trump vowed to end the ‘carried interest loophole,’ which allows them to pay the lower capital gains tax rate instead of the regular income tax rate… Moving from taxes, Trump proposed stronger protections for American intellectual property, pointedly accusing China of being the worst offender.”
Read more in the full article here.
MacDailyNews Take: “Stronger protections for American intellectual property.” Imagine that.
As we’ve stated many times: Obviously, U.S. corporate taxes are too high.
Under the current U.S. corporate tax system, it would be very expensive to repatriate that cash. Unfortunately, the tax code has not kept up with the digital age. The tax system handicaps American corporations in relation to our foreign competitors who don’t have such constraints on the free flow of capital… Apple has always believed in the simple, not the complex. You can see it in our products and the way we conduct ourselves. It is in this spirit that we recommend a dramatic simplification of the corporate tax code. This reform should be revenue neutral, eliminate all corporate tax expenditures, lower corporate income tax rates and implement a reasonable tax on foreign earnings that allows the free flow of capital back to the U.S. We make this recommendation with our eyes wide open, realizing this would likely increase Apple’s U.S. taxes. But we strongly believe such comprehensive reform would be fair to all taxpayers, would keep America globally competitive and would promote U.S. economic growth. – Apple CEO Tim Cook, May 21, 2013
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Apple CEO calls corporate tax rap ‘total political crap’ – December 18, 2015
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U.S. companies now have $2.1 trillion overseas to avoid corporate taxes – March 4, 2015
Intel CFO: Obama repatriation tax proposal ‘lipstick on a pig’ – February 4, 2015
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Obama targets foreign profits with tax proposal, Republicans skeptical – February 2, 2015
Senator Rand Paul finds Democratic partner for tax repatriation holiday – January 30, 2015
Businesses hopeful Republican control of U.S. Congress will break tax-reform gridlock – November 5, 2014