Real estate mogul Donald Trump appears to be taking a play from President Obama's tax playbook. The Republican presidential hopeful has scheduled a news conference for Monday morning to announce his tax policy, a plan that will bring major tax cuts to "almost all" citizens while raising taxes on the wealthy.
"I will say this, there will be a large segment of our country that will have a zero rate, a zero rate," Trump said in an interview Sunday with CBS' "60 Minutes." "And that's something I haven't told anybody." Trump also revealed plans to raise taxes on the wealthiest. When asked who would pay more, he said: "Some very wealthy are going to be raised. Some people that are getting unfair deductions are going to be raised."
Trump said his plan will provide "tremendous incentive to grow the economy and we’re going to take in the same or more money.”
The announcement echoes more liberal ideas on taxation. President Obama detailed plans to raise taxes on the wealthy in his 2015 State of the Union address, outlining a plan to raise taxes on inherited wealth. Obama, along with billionaire Warren Buffett, is a proponent of what's popularly known as the "Buffett rule": Millionaires shouldn't pay a lower percentage of federal income tax than middle-income households. In recent years the United States and other countries have been roiled by a series of protests against the gap between the vast majority of the population and the group that has become known as the 1 percenters -- the top 1 percent of income earners who control more than half the world's wealth.
Trump's plan to raise taxes on the wealthy echoes Obama and Buffett, and the candidate used Sunday's interview to underline a key difference between himself and the Republican party in general. "I will tell you this, I do have some differences," he said. "I don't want to have certain people on Wall Street getting away with paying no tax."
The announcement comes at a crucial time for the Trump campaign. A WSJ/NBC poll indicated Sunday Trump's lead may be faltering. Trump polled with 21 percent support with retired neurosurgeon Ben Carson at 20 percent. However, when first and second choices are combined, Carson actually takes the lead from Trump.
Trump also said in the CBS interview he would repeal Obamacare but extend health insurance to everyone by making a deal with "hospitals to take care of people.” Coverage would be private.
The tax plan is the second formal policy statement to be issued by Trump. Earlier this month, he unveiled his immigration policy, which consists of ridding the United States of undocumented immigrants and telling them to reapply for entry.
In the rest of the contest, several candidates are expected to follow the leads of Scott Walker and Rick Perry, and drop out of the race. In a survey of insiders conducted by Politico, Rand Paul, Bobby Jindal and George Pataki were all named as candidates expected to quite the race.