the brackets have not yet been defined. we do know the top income tax bracket will fall from 39.6% to 35%. there are also rollbacks coming. repealing the estate tax, the alternative minimum tax and standard deductions of planned to double, letting married couples increase their deductions to $24,000 and preserve deductions for charitable giving, mortgage interest and retirement savings, it will eliminate some other deductions, including for state and local taxes. and businesses will see a major reduction in the top marginal tax rate dropping from 35% to 15%. and steve has some charts to fill in some of these numbers left out. what s the bottom line here, steve? yes, we do. the bottom line is that this is a massive tax cut. not the largest in history, third largest, but still huge. when you look at the breakdown of where this $5.5 trillion is going, you can see that 67% of it, two-thirds of it is going to business. the combination of the corporate rate tax cut and allowing people
for them to be getting, that they ll end up doing better. reporter: trump s tax proposal resembling the plans of two of his rivals, jeb bush and marco rubio, who also call for lowering the top income tax bracket and reducing rates for businesses. the billionaire candidate says any lost revenue would be offset by growing the economy and ending tax loopholes for wealthy hedge fund managers. but no specifics were provided to judge that claim. i actually believe they ll do better because i think the economy will grow. it will grow rapidly. and we ll have something very special. reporter: trump s policy roll outcomes as ben carson surges in the polls. now running neck and neck with the real estate mogul. i m just going to be who i am. if people like that, that s great. and if they don t, so be it. reporter: carson climbing to 20% in the latest nbc news/ the wall street journal poll essentially tied with trump at 21%. also moving up, carly fiorina and marco rubio tied for third at
so, as you travel around the country, what opportunities do they have to pick up voters who may just vote democrat because they do it? i think they have to make it clear that they actually like people other than rich white guys. i m not guilty trying to be flap boint here. if you were moderating, what question would you want to ask donald trump? what question would i want to ask donald trump? tell me why i should vote for you. reminding him i m a black dude who s not in his income tax bracket. did you watch not meet the press.
one if congress could have passed it. he signed a tax increase in the top income tax bracket, and he signed an increase in taxation on social security benefits and a bunch of other sensible tax provisions that ended up being the biggest tax increase in history. and this time, none of the republicans who had the courage to vote for the george h.w. bush tax increases were willing to vote for the clinton tax increases. clinton tax increases were done without a single republican vote, and the partisan standoff on taxes in congress has been locked in place since then. republicans have not supported a tax increase since then and sensible fiscal policy has been impossible since then. there were some reasonable republicans in the senate in 1993 who told me privately that
in his ad, you saw him slamming the nickel increase in the gasoline tax saying we couldn t afford that, and denouncing the second biggest tax increase in history. and just a few months into his presidency, bill clinton renounced all that, including the middle class tax cut. he abandoned the middle class tax cut and in fact, increased some minor taxes on the middle class that he seemed to oppose in the campaign. after attacking george bush for signing a nickel increase in the gas tax, bill clinton signed a 4.3% increase in the gas tax and would have signed a much higher one if congress could have passed it. he signed a tax increase in the top income tax bracket, and he signed an increase in taxation on social security benefits and a bunch of other sensible tax provisions that ended up being the biggest tax increase in history.