By Sandy Wells
KABC News
Donald Trump’s tax proposals are not about helping himself and his wealthy cronies, according to one of his economic advisers.
“This is not a big tax giveaway for rich people” says Stephen Moore, an economist with the Heritage Foundation. “For every dollar they save from the lower tax rates, they’re going to have to pay more, because they’re not going to have all the loopholes to shelter all their money.”
Moore says Trump’s plan will simplify tax filing for millions of Americans.
“Deductions and loopholes are what make they system so complicated. We believe that 80 to 90 percent of all Americans will no longer have to itemize their deductions. They’ll have a big standard deduction. That means you don’t have to have all those shoe boxes of receipts and April 15th isn’t going to be agony.”
Businesses would pay a 15% “flat tax.” The current rate is 40%.
“Hillary wants to take it to 50 (%). This is one of the biggest contrasts. We’re going to bring jobs back by going from the highest-taxed country in the world to the lowest. And when you do that, it’s going to be a magnet for jobs. Hillary actually wants to make the problem worse by continuing to raise the tax on small business investors, owners. How you collect more taxes if you hurt the businesses investors, small business owners – how are you going to get more jobs by taxing the businesses that create the jobs.”
Stephen Moore was a guest on 790 KABC’s McIntyre in the Morning Show.
