Donald Trump’s tax plan goes after corporate ‘inversions’
Donald Trump says U.S. companies will no longer need to move abroad to take advantage of lower taxes if his tax plan becomes a reality.
Trump, the billionaire real-estate mogul currently leading the pack for the Republican presidential nomination, took aim squarely at so-called corporate tax inversions when he unveiled his tax-reform plan on Monday.
Trump’s plan would significantly cut the U.S. corporate tax rate, to 15%. The current top corporate rate is 35%.
“This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world,”
Trump says in his tax plan.
Trump’s wide-ranging plan includes collapsing seven tax brackets for individuals into four, and making the highest individual income-tax rate 25% versus the current 39.6% rate. To pay for his proposals, he would end the tax break for “carried interest,” and levy a one-time tax of 10% on overseas profits of U.S. corporations, among other things. High-income earners would see the tax exemption on life-insurance interest phased out.
“Since we are making America’s corporate tax rate globally competitive, it is only fair that corporations help make that move fiscally responsible,” Trump’s plan says.
Trump joins both fellow Republican
Jeb Bush and many Democrats in targeting inversions.
Both sides are against Inversions...............but they disagree on how to deal with it.............
So, what is her plan...................