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Trump unveils tax plan that would lower taxes

Posted at 4:13 PM, Sep 28, 2015
and last updated 2015-09-28 17:13:20-04

WASHINGTON (AP) -- Republican presidential front-runner Donald Trump is calling for an overhaul of the tax code that would eliminate income taxes for millions of Americans, and lower them for the rich.

Trump is unveiling his tax plan at a press conference Monday at Trump Tower in Manhattan.

The plan calls for eliminating federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000.

But the plan would also benefit businesses and the rich.

It would lower the corporate tax rate from 35 percent to 15 percent and lower the highest income tax rate from 39.6 percent to 25 percent.

He's also proposing eliminating 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.