'This Would Cost Me a Fortune': Watch Trump Unveil His Tax Plan
Donald Trump unveiled his tax plan Monday morning, promising to lower rates for the middle class and businesses and bring back corporate cash from overseas.
The campaign estimates that 31 million American households would have zero income taxes under his plan, including those who make less than $25,000 a year and married couples making less than $50,000.
Trump said he will eliminate the alternative minimum tax and "the marriage penalty."
"No business of any size ... will pay more than 15% of their business income in taxes," Trump said at Trump Tower, adding that he will eliminate the estate tax, or "death tax."
"A lot of families go through hell over the death tax," said Trump.
He said he will go after hedge funds by ending the carried-interest loophole, explaining that these firms "do not create jobs and are not risking their own capital"
Trump said corporations stashing money overseas would face a "one-time" 10 percent tax when they bring the money back into the United States.
He said right now, companies refuse to bring the money back because of the "onerous" tax.
Trump said all politicians agree that the estimated $2.5 trillion needs to be repatriated, but can't agree on a deal to do it.
"I've been watching politicians now for years talking about bringing this money back. All talk, no action. ... Everybody, Republicans, Democrats, agrees it should come back. They can't make a deal. They don't know how to go about making a deal. ... It's called leadership," he said.
Trump touted his plan as a "major tax reduction" that will simplify the tax code and "grow the economy at a level we haven't seen in decades" without adding debt.
He said there would be four tax brackets - down from seven currently - of 25%, 20%, 10% and 0%.
Trump promised that he will eliminate deductions and loopholes for the super-rich and for special interests, explaining his plan "would cost me a fortune."
You can can read the full plan, here.
Watch his remarks above.