Since the top 10% of earners pay 68% of all federal income tax, how does Trump get his plan to be revenue neutral if the rich all pay less and the bottom 50% pay nothing? Who makes up the difference? I think your statement is incorrect. Under the Trump plan, the rich would pay a lower top marginal rate, but would have to pay tax on a much larger percentage of their income due to the loss of deductions. So they would wind up paying more in taxes -i.e., a tax increase.
What trump seems not to understand is that reimbursement rates for Medicaid are already ridiculously low already.
I had a friend who was a dentist who dedicated most Saturdays to providing routine dental care to Medicaid patients. The govt paid him $6 per patient for a routine exam and cleaning. Not much room for more negotiation.
I’m not one of those upper income individuals...unfortunately...but if I were, I would gladly give up deductions for a much lower tax rate, lower capital gains, and no estate tax. Trump’s plan keeps the mortgage interest deduction.
Many of the working wealthy own businesses, and if they are incorporated, the top corporate rate would be 15% under Trump’s plan, down from 35%.
I agree, though, that everyone should have some skin in the game. Married couples making less than $50,000 a year should pay something, and single people earning $25,000 or less should pay something as well in income taxes.
Trump’s plan would bring in additional revenue to the government because the economy would expand.....I think this is how he would make up the difference. When Reagan took office in January 1981, the IRS took in $500 billion a year. When he left office eight years later, the IRS was taking in $950 billion per year, because of a growing and expanding economy.
Yes, the deficits grew, largely due to a House of Representatives that was controlled by democrats for all of Reagan’s eight years in office.