Donald Trump’s rhetoric on immigration has sparked his surge in the polls. But it is his economic critique of the GOP, and his attack on the financial corruption of the Republican donor class and leadership, that is a mortal threat to the party.
Over the weekend, Byron York reported on Donald Trump’s efforts to form a “comprehensive” plan on tax reform. He has signaled an interest in raising taxes on the richest Americans, and he has set his targets on the carried-interest loophole favored by hedge fund managers. He has said repeatedly that hedge funds pay too little in taxes, and that he himself is willing to pay a larger share to “make America great again.” Trump has essentially said that his preference is for middle-class tax cuts.
Although it may not be included in his plan in 2016, Trump has also flirted with truly radical tax ideas, such as a one-time tax on assets. Are you a multimillionaire with a big boat? Perhaps you should start putting aside some ready cash.