Republican presidential nominee Donald Trump released new
details on his tax plan in an Aug. 8 speech. His plan adopts
aspects of House Republicans’ tax reform blueprint,
indicating a move by the candidate to veer closer to the Republican
party’s tax agenda.
Trump’s former plan, released in September 2015, laid out
four tax brackets of 0%, 10%, 20% and 25%. His new plan adopts the
House Republicans’ three-bracket approach of 12%, 25% and
33%. In a departure from his previous plan, Trump also said he
would seek to eliminate carried interest preferences.
In addition to those changes, Trump again highlighted his proposal
to equalize tax rates for business income at 15%, regardless of
whether that income is earned through a pass-through or a
corporation. Trump also vowed to put a hold on regulations and
impose a 10% tax on repatriated earnings.
On the individual side, Trump proposed a full deduction of the
“average cost of child care spending” and a repeal of
the estate tax.
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