Punch cartoon (1907); illustrates the unpopularity amongst Punch readers of a proposed 1907 income tax by the Labour Party in the United Kingdom. (Photo credit: Wikipedia)
Largely ignored by the news media is that in his 2011 book, “Time to Get Tough: Making America #1 Again,” the billionaire laid out a plan to completely transform the tax code, with a uniform proposal for all Americans to pay lower taxes.
Trump’s revenue prescription, which he labeled his 1-5-10-15 income-tax plan in the book four years ago, could form the basis for his campaign’s tax proposals.
In the book, Trump decried the current tax code: “Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?
“The longer you really think about it the madder you will get,” he wrote, “especially when you consider the waste, fraud, and abuse the federal government traffics in as it inflicts its self-defeating policies on hard-working Americans.”
Here’s Trump’s proposed income-tax plan:
- Those making up to $30,000 will pay 1 percent.
- Income from $30,000 to $100,000 results in a flat 5 percent.
- $100,000 to $1 million income will be taxed at 10 percent.
- On $1 million or above will be taxed 15 percent.
“It’s clear and fair,” wrote Trump. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”