Trump’s tax plan: How much does it cost?
Donald Trump’s plan to tax Wall Street speculation would likely cost a lot more than the current $1 trillion in new revenue, according to an analysis by Axios.
Trump has proposed a tax cut of more than $1,000 per individual and $250 for couples, but that plan is more complex than previous versions.
The tax cut would also include a “tax credit” that would be worth up to $10,000 to those with small business expenses, according the Axios analysis.
Trump’s plan would increase the corporate tax rate from 15 percent to 25 percent, which would be phased in over 10 years, according Axios, which did not give an exact dollar figure.
Trump would also eliminate the Alternative Minimum Tax, which currently applies to high-income earners, but would apply to small businesses, which are not subject to the tax.
The plan would also phase out the estate tax, which is levied on estates of $5.49 million or more.
The tax is paid by the wealthiest Americans and disproportionately affects wealthy retirees.
Axios’ analysis also looked at Trump’s “Buffett Rule” tax reform plan, which he has been promising for months.
The Buffett Rule, which could raise $3 trillion over the next decade, would reduce the capital gains tax to 10 percent from 15.5 percent, Axios found.
Trump and Republican lawmakers have already unveiled a version of the Buffett Rule that would lower the top tax rate to 20 percent.