“This is a hell of a plan,” conservative radio host Mark Levin said Monday night about Donald Trump’s tax proposal, while admitting he disagrees with the GOP candidate in several areas.
“Let me tell you the strong things in this,” he continued. “And he’s very specific for those who want specifics.”
From seven tax brackets to four. And the top rate is 25%. The top rate now is 39.6%, but for some people it actually winds up being 43% thanks to the deal the Republicans made with Obama a few years ago. So, the Republican establishment types – the Bushies, the Paul Ryan guys – they really have no complaint here, because while they voted to increase the top level to 39.6, and in some cases 43%, 25% would be the top rate under the Trump plan – and I would remind you I think it was 27% under Reagan.
Levin said that, although he prefers both the flat and fair taxes, he thinks Trump’s plan is good overall.
“Trump cuts the business tax rate from 35% and, in some cases, 39.6% depending on the business type, to 15%,” he said. “Could you imagine the amount of economic growth that would occur in this country?”
“He cuts capital gains taxes from 24% to 20%,” Levin continued. “No death tax, so anybody who spends their life acquiring assets, having already paid taxes on them many times, to local, state, and the feds, you don’t have to liquidate after your death – your family doesn’t – in order to pass on the family farm, or homes…”
“No marriage penalty,” he went on, and then explained that some American businesses have parked over $2 trillion overseas, having already paid taxes on it in other countries. If they repatriate it, or bring it back to the United States, however, they are taxed on it again.
“We’re the only major developed, industrial nation that does that to our own businesses,” he charged.
According to Trump’s plan, if a company repatriates its funds, it would receive a one-time tax of 10%.