WASHINGTON ― Donald Trump touted a retooled economic plan on Thursday, promising to provide middle-class tax cuts and eliminate perks for the rich. The actual terms of the plan, however, indicate an approach tilted heavily in favor of the wealthy.
Trump would slash the federal income tax rate for the richest Americans from the current level of 39.6 percent to 25 percent, and slash the tax rate on the largest corporations from 35 percent to 15 percent. His plan would wholly repeal the federal inheritance tax, a levy that only applies to families that transmit several million dollars to heirs. Eliminating the inheritance tax on the rich would cost the U.S. Treasury about $269 billion over 10 years.