Republican presidential contender Donald Trump told “60 Minutes” in an interview aired Sunday that his plans for the country will work because he will revive the economy with his tax plan. Trump is set to unveil his tax plan on Monday, and gave correspondent Scott Pelley a hint at what it would include. The wealthy will see taxes raised, while the middle and lower classes will see cuts, as corporate taxes will be lowered. “But overall it’s going to be a tremendous incentive to grow the economy and we’re going to take in the same or more money,” he said. “And I think we’re going to have something that’s going to be spectacular.”
Many individuals will pay no taxes at all, Trump said. “I will say this: There will be a large segment of our country that will have a zero rate,” Trump said. “And that’s something I haven’t told anybody.” Many people in lower brackets already don’t pay income taxes he said, but that number will become larger. But the economy will grow so much that the net result will be more taxes taken in because more people will be earning more money, he said. His campaign also released a statement looking ahead to his Monday announcement:
Essentially, the plan is a major tax reduction for almost all citizens and corporations, in particular, those in the middle and lower income classes Likewise, a major beneficiary will be corporations and job producers, with an emphasis on businesses in the United States and bringing money back into the United States, which is locked in other countries (Corporate Inversion).”
In his “60 Minutes” appearance, Trump also repeated his pledge to take jobs from other countries. A skeptical Pelley, warned he could be starting a trade war. The president doesn’t have the ability to stop China from devaluing its currency, Pelley said, and would be in violation of the North American Free Trade Agreement if he prevented American companies from building plants in Mexico.
Trump said NAFTA should either be renegotiated or broken. “Because, you know, every agreement has an end,” he said. “Every agreement has to be fair. Every agreement has a defraud clause we’re being defrauded by all these countries.” Trump also said he will be able to work with Congress just as he has worked with politicians his whole career. Pelley noted that Trump himself has said he has worked with politicians by donating to them, and he won’t be able to do that as president. Trump assured Pelley he would be able to befriend members of Congress. Among other issues, Trump said he would:
- Make the U.S. military “so strong, so powerful, so modern, has the greatest equipment in the world and that everybody says, ‘We’re not going to mess with them.’
- Let Russia fight ISIS in Syria, and put U.S. ground force in Iraq to wipe them out.
- Consider dropping a bomb on North Korea’s nuclear reactor to gain the respect of China, who backs the communist dictatorship.
- Repeal and replace Obamacare with a plan that would cover all, with government paying for the poor and others able to negotiate for cheaper coverage.