Mogul-turned-politician Donald Trump told nearly 20,000 people gathered at a rally at American Airlines Center in Dallas Monday, if elected, he will cut tax rates for the middle class and corporations.
The Republican presidential frontrunner, who said he knows as much about the tax code as anybody, announced he plans to unveil his complete economic plan within the next few weeks.
“We’ve got to lower taxes for a lot of people,” the billionaire said. “Middle income people are being decimated.”
While his preview didn’t offer many specifics, Trump said he wants to simplify the tax code, eliminate the estate tax, lower the capital gains rate and abolish the carried tax loophole, which allows private equity and hedge fund managers to pay taxes at the 20 percent capital gains rate instead of the 39.6 percent income tax rate.
During an appearance on “Face the Nation,” the real estate tycoon said his system would require Wall Street executives to pay more.
“It’s a shame, and it’s disgraceful.… And you see these guys making enormous amounts of money, and it’s a total and complete joke,” he said.
Trump is one of the few candidates who has yet to sign American for Tax Reform’s No New Taxes Pledge.
“I know a lot of bad people in this country that are making a hell of a lot of money and not paying taxes. And the tax law is totally screwed up,” he told Time.
Conservative political advocacy group Club For Growth announced it will launch a $1 million attack-ad campaign against the candidate, saying it is “committed to exposing Trump for the liberal he is on taxes, trade, health care, and eminent domain.”
The ads will start running the day before the second Republican presidential debate Wednesday.
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