Posted on 08/27/2015 5:58:23 PM PDT by WilliamIII
Not sure who Gant Daily is, or why you’ve excerpted - a blog maybe? But here’s the article he/they might’ve *borrowed* from, for this piece......
Donald Trump: Tax the rich more
Donald Trump is finally showing us more of his economic plan beyond the “Make America Great Again” slogan on his red hat.
America has now learned:
— He wants to tax the rich more and the middle class less.
— He wants to lower corporate taxes.
— He wants to cut government spending and stop raising the debt ceiling.
“The hedge fund people make a lot of money and they pay very little tax,” Trump said in an interview Wednesday with Bloomberg. “I want to lower taxes for the middle class.”
In short, Trump is willing to raise taxes on himself and those like him.
Many hedge fund managers and real estate investors are able to list their earnings as “carried interest” because of an IRS tax rule. They are able to cast their earnings as investment gains instead of income, which allows them to be taxed at a lower rate.
“You’ve seen my statements. I do very well. I don’t mind paying a little more in taxes. The middle class is getting clobbered in this country,” he said.
Related: Donald Trump trounces GOP field
Eliminate “inheritance” tax or worry about inequality
Trump has been all over the place on taxes over the years. He criticized President Obama for not wanting to keep the Bush tax cuts in place on the wealthiest Americans. He has also proposed eliminating the so-called “estate tax” on people that inherit money, gifts and property from their parents. Both moves would be a major gain for the rich.
Now Trump is starting to sound more populist.
“The middle class built this country, not the hedge fund guys,” he said Wednesday.
“One of the reasons he is winning votes is he’s talking about the macro issues that so frustrate many Americans and seem so blatantly unfair,” says Peter Morici, a professor of economics at University of Maryland’s Robert Smith school of business.
Lower corporate taxes and bring $2.5 trillion home
Trump also wants to even the playing field on taxes that businesses pay. He believes that lowering the corporate tax rate will stop American companies from trying to move their headquarters — and possibly jobs — overseas in an effort to dodge taxes in the U.S.
Many U.S. companies such as Apple (AAPL, Tech30) have huge cash reserves that they could spend on growing their businesses, but that money is mostly held overseas to avoid U.S. taxes. Trump estimates as much as $2.5 trillion could return to America if taxes were lower.
“This is money that could be spent in this country,” he said. “We have companies with thousands of jobs that re leaving this country.”
http://money.cnn.com/2015/08/27/news/economy/donald-trump-economy-tax-plan/index.html
Be sure and read this part, regarding the taxes on the rich...
.....hedge fund managers and real estate investors are able to list their earnings as “carried interest” because of an IRS tax rule. They are able to cast their earnings as investment gains instead of income, which allows them to be taxed at a lower rate.
“You’ve seen my statements. I do very well. I don’t mind paying a little more in taxes. The middle class is getting clobbered in this country,” he said.
He seems to not grasp the fact that many of the richest Americans are wealthy precisely BECAUSE of government. Especially on Wall Street.
How about simply exposing the rich and connected to the free-market instead?
He has said that he would have a ‘postcard’ tax form, and the taxes would START with anyone making $30,001.00, and ZERO taxes below that!
He seems to not grasp the fact that many of the richest Americans are wealthy precisely BECAUSE of government. Especially on Wall Street.
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Wall Street won’t like Trump’s proposal. At all.
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His plan exposes what the RE and Hedge fund types have been getting away with, by claiming capital gains, rather than income.
He also wants to lower corporate tax rates to incent companies to bring back headquarters/offices to the US.
This attitude moves us closer to socialism. As more people pay little or no tax it is harder and harder to elect any one who wants to cut government spending. You get a majority that have no skin in the game so why reduce spending. Just tax the rich more. Romney was right in his 47% comment.
Middle class.....middle class, I have this vague memory of once being a part of something referred to as the middle class, but that was a whole lot of dollars, and a job ago!
I’m for a flat tax. But there sure is a bunch of ultra-rich that agree they should pay more. So fine, give them a serious hair cut for a few years. Let’s see if they change their tune.
Reagan had a top tax rate of 28%.
Trump wants a top tax rate of 15%.
See post # 10.
Obviously, the plank of the Trump platform that hasn't been revealed yet is the one where he issues an executive order repealing the rules of mathematics.
My biggest issue is that of carried interest being taxed at long-term capital gains rate. Why should a fund manager that is compensated on the performance of others’ money be taxed at the lower rate... He has no skin in the game... Playing with house money and getting winnings taxed as if there is some greater economic value added from his gambling. I think capital gains tax should be low or eliminated, but what is essentially commission should be taxed as ordinary income.
To the liberal, being “rich” is determined by how much you EARN. That way, if you’re John Kerry or the like, you’re not “rich” because your “earnings” aren’t that great, but your holdings are. That way liberal billionaires aren’t taxed, just two income wage earners LIKE MY FAMILY.
Trump won’t be taxed.
I’m tired of this scam, and I’m not voting for Trump.
You are obviously not paying attention. Trump has no one in ZERO tax bracket. I love to pay 6 figure tax bill, when I cash in lots profits in the market. When I lose in stock market, currently I end up paying nothing. I still have other income from pensions and rentals. But I pay zero! That is wrong. Any one with positive income should pay at least 1%.
15% is fine if there are no loop holes and deductions.
And what he has sketched out (nothing comprehensive offered) is a step back from the really progressive tax system we have - funny how a step in the right direction causes alarm bells to go off in some folks' heads.
It’s not a private agreement when it involves a politician. Anyone with two brain cells can see it was payment for services rendered as governor.
“America is trying hard to be bankrupt and probably is.
NOT caused by tariffs or trade restrictions.
Yeah, it’s worrisome if he’s going to end up advocating higher taxes on capital investment. (Capital gains.)
Trump wants a wealth tax.
“Trump wants a wealth tax.”
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Not anymore. Trump made that proposal in late November of 1999. It’s no longer his position.
Well, this thread sure turned out to be fake news. But it was just a repost of a CNN article after all.
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