From his posted tax plan.
Here are the relevant points from Mr. Trump’s tax plan:
“This plan simplifies the tax code by taking nearly 50% of current filers off the income tax rolls entirely and reducing the number of tax brackets from seven to four for everyone else. This plan also reduces or eliminates loopholes used by the very rich and special interests made unnecessary or redundant by the new lower tax rates on individuals and companies.”
“The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests.”
A few points if you will...First, by taking “50% of current filers” off the tax roles is exactly opposite of what should be done. EVERYONE who earns income should have to pay something. I don’t care if it’s only $1 but everyone earning income should pay.
Second, I would concur with the carried interest provision with regard to hedge funds. However, that’s not a big revenue raiser. President Obama included this in his 2009 budget and it was projected to raise approximately $61 billion over 10 years.
Third, that leaves us with “and reduces or eliminates other loopholes for the very rich and special interests.” There is no way, with a 25% tax rate on high income earners that you can find enough “loopholes” to not add to the “debt or deficit.”
The reason Mr. Trump railed against the Reagan tax cuts of 1986 was the loopholes that were eliminated in that act. Those “loopholes” have not been restored.
Fourth, Mr. Trump says he would raise taxes on himself. As one poster stated Mr. Trump is talking about carried interest and hedge funds. Mr. Trump is not a hedge fund manager. So where is the raising taxes on himself coming from? Real estate partnerships were one of the things attacked in the 1986 act with loopholes eliminated. So what can he possibly be talking about?
Fifth, and finally, Mr. Trump has a published tax plan.
Based on the above he is contradicting whats in it. What else is he going to evolve on?
For full disclosure I’m not a Trump supporter but am trying my best to be honest. I am concerned for my country and believe that Mr. Trump is a person who will say anything to get elected. The news coming out today seems to back that up.