By Hunter Wallace
After months of hype, Donald Trump has finally released his tax plan:
“Donald Trump’s apparent ability to get conservatives on board with tax hikes was among the biggest shocks of his summer surge. The billionaire unashamedly told crowds — bigger crowds than any Republican rival could muster — that “the hedge fund guys” needed to pay higher taxes, and that the rich could afford to pay more generally. The pro-Jeb Bush super PAC Right to Rise literally flew a banner over one of those rallies, in Alabama, warning about tax hikes. Trump kept on talking taxes, and didn’t suffer at all.
Yet today, upon the release of his tax reform white paper, the Republican front-runner won over the GOP’s unofficial pope of tax cuts. “Trump’s plan is certainly consistent with the Taxpayer Protection Pledge,” said Grover Norquist, president of Americans for Tax Reform, in a statement. “Trump has said he opposes net tax hikes and has made clear that the real problem is spending. This plan is a reform, not a tax hike.” …”
As it was advertised, the plan does close some notorious tax loopholes for the very wealthy, but it dramatically slashes corporate taxes while reducing the top rate from the current 39.6 percent to 25 percent. Contrary to the hype, it does not raise taxes on the very wealthy at all. Instead, Trump’s tax plan is such a massive giveaway to the rich that Jeb Bush’s tax plan is more “populist” in comparison.