Posted on 08/10/2015 8:14:46 AM PDT by SatinDoll
One charge leveled against Trump is that he hasn't offered any "specifics."
Well, not quite...
Trump’s code, which he calls the “1-5-10-15 income tax plan,” is a simplistic way to fix our nation’s broken taxation system, without putting the strain on any particular group of people.
Under Trump’s tax plan, those making up to…
$30,000 per year will pay 1 percent in federal income taxes $30,000 to $100,000 will pay 5 percent $100,000 to $1 million will pay 10 percent $1 million or above will pay 15 percent
Note: No deductions, no exceptions, period.
Your tax return would fit on a postcard. There would be little to audit (only "how much did you make?") and thus 90+% of compliance costs would disappear.
Now why isn't the media focusing on that?
Incidentally, I have not run the numbers to determine if this is revenue neutral..... but shouldn't that be analyzed and shouldn't the media take a good, solid look at it?
Why don't they? Because I bet virtually everyone would like it, that's why.
That sounds very nice to me and very, VERY conservative.
Notice the article said “your tax return would fit on a postcard”.
That sounds a lot like what Cruz is proposing.
Huckabee was the only candidate that mentioned the FAIR tax at the debate, still can't support him...
A progressive tax system that leaves the entirety of the IRS in place...
Figures. Trump’s modus operandi appears to be shuffle the deck chairs, but steer the same course.
No thanks. There are BETTER candidates offering either a Flat tax or, preferably, an NRST.
Cruz 2016.
Those that receive social security income are taxed twice. One tax to pay into the system and then the 1% trump tax.
The problem that the US faces is not with the method or structure of tax COLLECTION. There are a lot of tax collection options (fair tax, flat tax, sales tax, etc). NONE OF THEM ADDRESS THE PROBLEM!
The problem is spending. As long as spending exceeds collection we have a major and ever growing problem.
Those who receive Social Security are ALREADY taxed on their Social Security payments. Take it from me, a 73 year Old Social Security recipient. Social Security payments are taxable income.
I am not a big fan of Huckabee, but he does deserve credit for mentioning the FAIR Tax. I am somewhat of a fan of the FAIR Tax. The only flaw in the FAIR tax from my perspective is the rebate. If there was no rebate I would be completely fine with it.
There should be a serious debate dedicated to taxes.
“those making up to…$30,000 per year will pay 1 percent in federal income taxes”
Shame on you, you didn’t read your own article. Everyone pays something,
Yes and similar to what Steve Forbes was saying too.
Exactly. Until there is a constitutional amendment limiting the amount of money Congress can spend, they will continue to pile up the debt.
Not to me, and I'm so conservative that I make Alexander Hamilton look like a hippie.
If a person is making under the minimum needed to survive, I believe that he should be given the option to forfeit his right to vote or serve on a jury and likewise be exempted from paying income taxes.
But everyone should have some "skin in the game."
Regards,
OOPS! I misread the article. Shame on me!
I don’t think so. Everybody has skin in the game. If you make $20,000 you pay $200. More than fair.
I hope that also includes all recipients of entitlements. EVRYONE needs to have skin in the game.
Cute.
The people who would be paying 1 percent are actually receiving "earn income credit" subsidies now, so the left will howl that we are taxing the poor.
| If I Earn This Much: | My Tax Bill is: |
| 30000 | 300 |
| 30001 | 1500 |
| 100000 | 5000 |
| 100001 | 10000 |
| 1000000 | 100000 |
| 1000001 | 150000 |
| 30000 | 300 |
Flat tax would still require the same IRS that Trump’s plan would. But neither should require the behemoth that exists today. Imagine the screaming from accountants.
Yes, that would be an area politicians could juggle for votes.
Another flaw, if you have a Roth 401k you've already paid tax on it. Now you pay tax on it again?
Another potential flaw. A 22% or so tax on the purchase of a home, new car? Adding that amount to the price of big ticket items would be a deal killer IMO.
No, people paying from $1 to $30,000 would pay 1%. People paying $30,000 to $100,000 would pay 5%. Since most families earning under $50,000 pay no income tax thanks to deductions and credits then doing away with them will mean a tax increase for about half the population. I guarantee you once the media realize that then they'll start doing stories about how Trump wants to shaft working people.
The major problem I see with Trumps tax plans is that when you also take into account the increases he want in defense and veterans programs, as well as his claim that he won't cut Social Security or Medicare, then he's setting us up for runaway deficit spending yet again.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.