YET HIS TAX PLANS WOULD GIVE MAJOR BREAKS TO THE RICH AND LIKELY INCREASE THE NATIONAL DEBT… Institute On Taxation And Economic Policy On Trump’s 2011 Tax Proposal: “[Trump’s] Five-Step Plan Includes Eliminating The Estate Tax And The Corporate Income Tax, Lowering The Tax Rate On Capital Gains And Dividends, Enacting A 20 Percent Tariff On All Imported Goods And Creating A New, Lower Income Tax Rate Structure.” “What exactly are Trump’s tax plans? The most recent detailed plan that Trump has offered is contained within his 2011 book, Time to Get Tough. His five-step plan includes eliminating the estate tax and the corporate income tax, lowering the tax rate on capital gains and dividends, enacting a 20 percent tariff on all imported goods and creating a new, lower income tax rate structure. The income tax would include a tax rate structure of 1 percent for up to $30,000; 5 percent for $30,000-$100,000; 10 percent for $100,000-$1,000,000; and 15 percent for income over $1,000,000.” [Institute On Taxation And Economic Policy, 6/22/15] • Institute On Taxation And Economic Policy: Trump’s Policies On Taxes Would “Likely Sharply Increase The National Debt And Make The U.S. Tax System Substantially More Regressive By Both Cutting Taxes For The Rich And Creating A Massive New Tax That Would Disproportionately Hurt Lower-Income Americans.” “Billionaire businessman, television personality and now presidential candidate Donald Trump is the latest candidate to jump into the race. He has made a number of tax proposals. His more recent proposals, in contrast to ones he proposed back around the 2000 election, would likely sharply increase the national debt and make the U.S. tax system substantially more regressive by both cutting taxes for the rich and creating a massive new tax that would disproportionately hurt lower-income Americans.” [Institute On Taxation And Economic Policy, 6/22/15] AND HE PREVIOUSLY OPPOSED PRESIDENT OBAMA’S CALL TO THE LET THE BUSH TAX CUTS EXPIRE FOR THE WEALTHY Trump Supported The Bush Tax Cuts And Criticized President Obama More Not Wanting To Extend The Cuts. “More recently, in 2011, [Trump] criticized Obama more not wanting to extend the Bush tax cuts, including for those earning over $250,000.” [CNN Money, 7/28/15] TRUMP SAID HE DIDN’T “FULLY” BELIEVE IN SUPPLY-SIDE ECONOMICS Trump Said He Did Not “Fully” Believe In Supply-Side Economics. “Trump was also asked, ‘Do you believe in supply-side economics in as much as, you reduce taxes on everybody, including the wealthy, and that rising tide lifts all boats?’ Trump said, ‘I don’t fully believe in it, but there is something to it. I don’t fully.’” [Breitbart, 8/12/15; Hannity, Fox, 8/12/15] DEDUCTIONS AND INCENTIVES TRUMP CALLED FOR THE ELIMINATION OF TAX DEDUCTIONS Trump On The Tax Code: “We Can Get Rid Of Deductions.” “After host Sean Hannity said, ‘I thought you liked the flat tax.’ Trump stated, ‘The problem with the flat tax is it’s sort of the same. I actually believe that people as they make more and more money can pay a higher percentage.’ Later he added, ‘I don’t like where everybody’s paying the same. If I make a billion Confidential Page 170