Time to Get Tough, by Donald Trump: on Tax Reform

Donald Trump: Cutting tax rates incentivizes a strong national work ethic

As with most things, President Reagan had it right, But Reagan was merely echoing the economic thoughts of President John F. Kennedy, who had already said, in 1962, "The paradoxical truth is that the tax rates are too high today and tax revenues are too low and the soundest way to raise revenues in the long run is to cut rates now."

Reagan and Kennedy's views prove that smart tax policy shouldn't be a partisan issue. It should be common sense. If you tax something you get less of it. It's as simple as that. The more you tax work, the less people are willing to work. The more you tax investments, the fewer investments you'll get. This isn't rocket science.

Donald Trump: 4 brackets; 1-5-10-15%; kill death tax & corporate tax

What does that tell you? It tells me that it's time we restore simplicity & sanity to the income tax. Here's my income tax plan:

• Up to $30,000, you pay 1%
• From $30,000 to $100,000, you pay 5%
• From $100,000 to $1 million, you pay 10%
• On $1 million or above, you pay 15%

Our country is hungry for real tax reform. That's why we should implement the 1-5-10-15 income tax plan. And we need to enact [the rest of] my 5-part tax policy: kill the death tax; lower the tax on capital gains & dividends; eliminate corporate taxes; and a 20% import tax.

John F. Kennedy: 1962: Paradoxically raise revenues by cutting tax rates

But Reagan wasn't the only president who understood that lower taxes yield higher revenues by unleashing economic growth and job creation. To many Democrats' chagrin, Reagan was merely echoing the economic thoughts of President John F. Kennedy, who had already said, in 1962, "The paradoxical truth is that the tax rates are too high today and tax revenues are too low and the soundest way to raise revenues in the long run is to cut rates now."

Ronald Reagan: System that penalizes success and discourages work is wrong

"The more government takes in taxes, the less incentive people have to work. What coal miner or assembly-line worker jumps at the offer of overtime when he knows Uncle Sam is going to take sixty percent or more of his extra pay? Any system that penalizes success and accomplishment is wrong. Any system that discourages work, discourages productivity, discourages economic progress, is wrong.

"If, on the other hand, you reduce tax rats and allow people to spend or save more of what they earn, they'll become more industrious; they'll have more incentive to work hard, and money they earn will add fuel to the great economic machine that energizes our national progress. The result: more prosperity for all--and more revenue for government."