Donald Trump on Tax Reform 2000 Reform Primary Challenger for President

4 brackets; 1-5-10-15%; kill death tax & corporate tax

What does that tell you? It tells me that it's time we restore simplicity & sanity to the income tax. Here's my income tax plan:

• Up to $30,000, you pay 1%
• From $30,000 to $100,000, you pay 5%
• From $100,000 to $1 million, you pay 10%
• On $1 million or above, you pay 15%

Our country is hungry for real tax reform. That's why we should implement the 1-5-10-15 income tax plan. And we need to enact [the rest of] my 5-part tax policy: kill the death tax; lower the tax on capital gains & dividends; eliminate corporate taxes; and a 20% import tax.

Cutting tax rates incentivizes a strong national work ethic

As with most things, President Reagan had it right, But Reagan was merely echoing the economic thoughts of President John F. Kennedy, who had already said, in 1962, "The paradoxical truth is that the tax rates are too high today and tax revenues are too low and the soundest way to raise revenues in the long run is to cut rates now."

Reagan and Kennedy's views prove that smart tax policy shouldn't be a partisan issue. It should be common sense. If you tax something you get less of it. It's as simple as that. The more you tax work, the less people are willing to work. The more you tax investments, the fewer investments you'll get. This isn't rocket science.

Previously supported wealth tax; now supports Bush tax cuts

Ten years earlier, when Trump was also floating a run for the White House, he was singing a different tune. The first proposal unveiled by his exploratory presidential campaign in 2000 was to impose a one-time 14.25% tax on the assets of people and trusts worth $10 million or more.

Repeal the inheritance tax to offset one-time wealth tax

My proposal would also allow us to entirely repeal the 55% federal inheritance tax. The inheritance tax is a particularly lousy tax because it can often be a double tax. If you put the money into trust for your children, you pay the inheritance tax upon your death. When the trust matures and your children go to use it, they’re taxed again. It’s the worst.

Some will say that my plan is unfair to the extremely wealthy. I say it is only reasonable to shift the burden to those most able to pay. The wealthy actually would not suffer severe repercussions. The 14.25% net-worth tax would be offset by repeal of the 55% inheritance-tax liability.

Simplify tax code; end marriage penalty & other hidden taxes

Let me sum up what is wrong with the tax code.
• Its complexity bleeds off billions of productive hours.
• Tax rates are too high.
• Hidden taxes take even more.
• High property taxes punish people for improving their property.
• Our code discriminates against married people.
• The complexity of the tax code allows too much government intrusion into our lives.
• The tax code is liable to change overnight in ways that could jeopardize your plans for a small business or retirement.

Opposes flat tax; benefits wealthy too much

I object to the flat tax:
• It is unfair to the poor; eliminating the Earned Income Tax Credit [hurts] taxpayers at the lowest rungs of the ladder.
• It is unfair to workers by taxing them for health insurance and other benefits.
• Only the wealthy would reap a windfall, because a flat tax would allow them to cash in interest payments and capital gains without paying personal income taxes.
• I don’t believe that a flat tax could raise enough revenue to keep the government operating.

Personally avoids sales tax, but knows many people like it

One-time 14.25% tax on wealth, to erase national debt

He said the one-time tax package would:
• Raise $5.7 trillion to erase the nation’s debt and save $200 billion in annual interest payments
• Use the savings to save Social Security and slash taxes for the middle class
• Increase his personal tax bill by at least $725 million.

Tax assets over $10 million, paid over 10 years