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How Much Income Tax Would You Pay Under President Trump?

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How Much Income Tax Would You Pay Under President Trump?

Donald Trump took some heat this weekend over comments he made regarding taxes on businesses and the wealthiest Americans.

On Sunday, Trump said that he and many other wealthy Americans would be willing to pay more in income taxes. However, on Monday, Trump clarified that he will not be raising taxes on anyone. According to Trump, the higher taxes he was referring to on Sunday were relative to the rates in his proposed plan, not the rates that Americans are already paying.

“I may have to increase it on the wealthy – I’m not going to allow it to be increased on the middle class,” Trump told CNN.

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“Now, if I increase it on the wealthy, that means they’re still going to be paying less than they are paying now. I’m talking about increasing it from my tax proposal.”

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According to his website, Trump's proposal consists of the following rates:

  • 1. 0 percent for single filers earning less than $25,000 annually or joint married filers earning less than $50,000.
  • 2. 10 percent for single filers earning $25,001–$50,000 or joint married filers earning $50,001–$100,000.
  • 3. 20 percent for single filers earning $50,001–$150,000 or joint married filers earning $100,001–$300,000.
  • 4. 25 percent for single filers earning more than $150,000 or joint married filers earning more than $300,000.

Not surprisingly, Democratic frontrunner Hillary Clinton has criticized Trump’s tax plan, saying that his proposed tax cuts for the top one percent of earners “would almost certainly come at the expense of working and middle-class families.”

Posted-In: 2016 presidential election Donald Trump Hillary Clinton income taxPolitics Top Stories Media General Best of Benzinga

 

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