Trump’s tax plan would reduce tax rates, eliminate loopholes

Republican presidential front-runner Donald Trump on Monday released details of his plan to overhaul the U.S. tax code, and both low-income and high-income earners could realize savings.

His plan, which he says would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent — a rate of growth most economists find unrealistic – would eliminate income taxes on individuals earning less than $25,000 a year and married couples earning below $50,000 annually. Trump’s proposal also would dramatically lower the highest income tax rate from 39.6 percent to 25 percent, and drop the rate for businesses to no more than 15 percent.

The plan would pay for itself, he said from his Trump Tower skyscraper in Manhattan, by reducing or eliminating most deductions and loopholes for individuals and corporations and by generating increased revenue spurred by the tax-rate cuts.

Read more from The Associated Press.