On Monday, the Republican frontrunner Donald Trump came up with major proposals on how he would implement tax reforms in the U.S. However, Trump did not provide specific details on how he would pay for the tax cuts. This move has seen experts questioning just how realistic some of the proposals were arguing that the cuts would cost the US trillion of dollars. Trump came up with the tax proposals after mounting pressure regarding his campaign agenda where he has been criticized of not offering any concrete proposals as part of his agenda.
According to Trump, citizens who earn less than $25 will no longer be subject to income tax and so will be couples who earn less than $50,000 annually. Instead, the two groups will submit a one page document to the IRS. Trump further said that he would reduce the amount of tax rates on the wealthy saying that the move was part of his long term agenda to simplify the tax code. The tax cuts as proposed by Donald Trump are relatively larger compared to that of his Republican rivals Jeb Bush and Marco Rubio. In an interview with The LA Times, Urban-Brookings Tax Policy Center senior fellow Howard Gleckman said that Trump was repeating the same game that most Democrat and Republican politicians have been playing over the years in relation to tax reforms.