Trump promises to simplify and streamline U.S. tax code

Republican presidential front-runner Donald Trump on Monday (September 28) promised to simplify the U.S. tax code and eliminate deductions and loopholes for special interest groups if he becomes president at the November, 2016 election.

“We’re going to cut the individual rates from seven brackets to four,” Trump said in a news conference at Trump Tower in Manhattan

“If you’re single and less than 25,000 or married and jointly earn less than 50,000 you’ll not pay any income tax. Nothing.”

Real estate mogul Trump said he would end deferred taxes on corporate income earned abroad, and eliminate the so-called death tax and marriage tax penalty.

“No business of any size from a Fortune 500 company to a mom and pop shop to a freelancer living from gig to gig will pay more than 15 percent of their business income in taxes.”

Trump also said he will renegotiate some of the military costs of having U.S. bases in countries such as Germany and South Korea.