The Republican presidential candidate Donald Trump appeared on 60 Minutes Sunday night and among several topics, he discussed NAFTA, calling it a disaster. Trump said we need "fair" trade not "free" trade and he will either break or renegotiate if he's elected president.
Meanwhile, Trump unveiled his tax plan that would lower taxes for millions. This is the latest report from the Associated Press:
NEW YORK (AP) — Republican presidential front-runner Donald Trump on Monday proposed eliminating income taxes for millions of Americans, and lower rates for the highest-income earners, as part of a plan he said would grow the U.S. economy at a pace not seen in years.
Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive "a new one page form to send the IRS saying, 'I win.'"
Trump's plan would also disproportionately benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent.
"There will be a major tax reduction," Trump said at a news conference at his Trump Tower skyscraper in Manhattan. "It'll simplify the tax code. It'll grow the American economy at a level that it hasn't seen for decades."
Trump said he wants to eliminate the so-called "carried interest loophole" that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminating most deductions and loopholes for both individuals and corporations. "In other words, it's going to cost me a fortune," he said.
The billionaire real estate mogul said those changes would pay for the tax cuts, along with an increase in tax revenue generated by economic growth. Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent — a rate of growth that most economists say is unrealistic.
Trump said his plan would also bring in new sources of revenue to the Treasury by allowing corporations to bring money held in overseas accounts back to the United States after paying a one-time tax of 10 percent. He would also prevent companies from deferring taxes paid on income earned abroad.
In sum, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt.
"We have an amazing code," Trump said of his tax system. "It will be simple. It will be easy. It will be fair."
Trump said the plan had been crafted with the help of leading economists, but refused to say who they are during his news conference. He also said his plan didn't suit any particular political agenda, describing it as a "common sense approach."
The tax plan is the third major policy proposal from Trump, who has also outlined plans for immigration and guns. He has been criticized for failing to unveil specific policy proposals as he's risen in early preference polling.
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Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Seven San Diego school districts were closed Wednesday due to San Diego Gas & Electric's public safety power shut off, but are expected to re-open Thursday; and the Red Flag Warning that prompted the shut-off ended Wednesday evening.
A national fundraising campaign to help Native American students in South Dakota is now targeting San Diegans; and while the students' stories will certainly tug on your heart-strings, there's something you should know before reaching for the checkbook.
A 14-year-old Fallbrook High School student was arrested Wednesday for allegedly making an online threat to carry out a shooting at the northern San Diego County campus, authorities reported.
The San Diego County Public Administrator/Guardian/Conservator's Office announced Wednesday the need for items ranging from clocks to colored pencils for its annual holiday gift drive for at- risk county residents.
Nearly 400 additional Central American migrants arrived Wednesday in Tijuana – joining the more than 300 migrants that arrived Tuesday.
A worker at an Old Town hotel testified Wednesday that a man pulled a gun on her in a women's restroom earlier this year and demanded sex, but she told him no and escaped when he backed into a stall and closed the door.
The San Diego County Board of Supervisors Wednesday approved a program that will allow local businesses to provide food and products in incorporated areas with less red tape.
Your fur-pal is waiting for you at The Doggie Street Festival! An adoption event on Saturday, November 17th at NTC Park Liberty Station from 9 a.m. - 3 p.m.