Donald Trump sounded like a serious GOP presidential contender Monday morning as he unveiled a tax plan that checked all the Republican Party’s boxes.
Trump—who usually speaks loosely and off the cuff—held court at Trump Tower on Monday with notes and a detailed list of tax proposals, which ranged from eradicating the so-called death tax to lowering the corporate tax rate from 35 percent to 15 percent for businesses of all sizes, “from Fortune 500 to mom-and-pop shops to a freelancer living job to job.
“We have an amazing code. It will be simple. It will be easy. It will be fair,” Trump said.
Unlike his immigration proposal, which was dismissed as a pandering pipe dream with calls to deport 11 million people, Trump’s tax plan included many ideas that the GOP has lobbied for before.
Trump’s plan draws from the traditional Republican policy arsenal. He proposes reducing the number of tax brackets in the U.S. from seven to four, with those making less than $25,000 as individuals or $50,000 as a couple having an income-tax rate of zero. The highest earners who make $150,000 individually or $300,000 as a couple will have a top rate of 25 percent. He also proposed giving businesses a tax holiday and encouraging them to reinvest their foreign-held money in the U.S. by offering them a “one-time” 10 percent tax rate.