Donald Trump Outlines Tax Plan That Would Eliminate Federal Income Taxes for Millions: ‘It’s Going to Cost Me a Fortune’

Donald Trump rolled out his tax reform plan Monday that he said would grow the economy so much that “we will hit pay dirt” by cutting corporate taxes but eliminating loopholes for wealthy earners.

"In other words, it's going to cost me a fortune," the Republican presidential candidate and billionaire real estate mogul said.

He said his plan will be revenue-neutral.

“This will simplify the tax code and grow the economy in a way we haven’t seen in decades,” Trump said, speaking from his Trump Tower in New York City. “All of this will not add to the debt or deficit.”

Republican presidential hopeful Donald Trump announces his tax plan during a press conference at Trump Tower in New York City, Sept. 28, 2015. (DOMINICK REUTER/AFP/Getty Images)

Trump's plan states that it would cut corporate tax rates to keep employers from outsourcing jobs; eliminate loopholes for high-earners and take millions of lower wage earners off the federal tax roles entirely.

Under the plan, a single person earning less than $25,000 or a married couple earning less than $50,000 would not owe any federal income tax, but would get a one-page form to send to the IRS that says, “I win.” The new tax code would be divided into four brackets: 0 percent, 10 percent, 20 percent and 25 percent. No business, small or large, would pay more than 15 percent of their business income in taxes. The plan also eliminates the inheritance tax.

The plan would maintain revenue by reducing most deductions for wealthy people. Trump said he fights "like hell” to avoid paying more taxes, but he'd pay more under his own plan. This would include eliminating the carried interest loophole, which President Barack Obama has advocated.

“I’m not a populist. I’m a man of great common sense who has built a tremendous company,” Trump said.

He went on to talk about how it would create economic growth and more jobs, saying the jobless rate in American is much higher than the unemployment rate reflects.

“I read 5.3 percent unemployment. That is the biggest joke there is in this country,” Trump said. “That number is so false. You know, people ask, how come Trump is doing so well or [Ben] Carson and others? Because people are tired of political speak. The worst example of it is the phony unemployment rate. The unemployment rate is probably 20 percent, but I will tell you, you have some great economists that will say it is 30, 32, the highest I’ve heard so far is 42 percent.”

“China, Japan, Mexico, Brazil, these countries are all taking our jobs like we are a bunch of babies,” Trump continued. “That will stop. People will treat us fairly if I become president.”