Posted on 08/28/2015 1:37:43 PM PDT by Hojczyk
Trump’s revenue prescription, which he labeled his 1-5-10-15 income-tax plan in the book four years ago, could form the basis for his campaign’s platform on the issue.
In the book, Trump wrote that his plan is so simple, it could eliminate the need for accountants and tax preparers, which he referenced in his comment Tuesday about putting H&R Block out of business.
He wrote in 2011: “Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?
“The longer you really think about it the madder you will get,” he wrote, “especially when you consider the waste, fraud, and abuse the federal government traffics in as it inflicts its self-defeating policies on hard-working Americans.”
Here’s Trump’s proposed income-tax plan:
Those making up to $30,000 will pay 1 percent. Income from $30,000 to $100,000 is assessed a flat 5 percent tax. $100,000 to $1 million income will be taxed at 10 percent. $1 million or above will be taxed 15 percent. “It’s clear and fair,” wrote Trump. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”
In the book, Trump offered a five-point economic plan “that encourages growth, savings, and investment.”
1) Abolish the estate or “death” tax
2) Lower tax rates on capital gains and dividends.
3) Lowering the U.S. corporate tax rate from 39 percent to zero to help create jobs.
4) Punish companies that outsource jobs overseas with a 20 percent tax hike
5) The 1-5-10-15 income tax plan for all Americans.
(Excerpt) Read more at wnd.com ...
Yep, but a lower rate in exchange for no deductions is a fair deal in my view. I have a pretty hefty mortgage and taxes here in California, and my back of the envelope calculation shows I won’t see much difference upon switching.
However, if his plan passes, I will have the option of increasing my income without hitting the AMT wall. That is where the system is really broken now. All of my current career planning and investment strategies revolve around tax avoidance instead of maximizing income. The itemized deduction/AMT system is broken, and cannot be fixed, it has to be pulled out at its roots.
Any graduated income tax is straight out of the playbook of Marx and Engels.
And this is a graduated income tax.
It is a suggestion…..on how to cut government….he also wants to get debt under control
‘Herman Cain’s 9-9-9 plan was catchier.”
No good. Upside down it’s 666.
That's what they say Trump is saying today, but back when Obama did just that by extending the '03 tax cuts, Trump said it was a bad idea. Sure I'm in favor of Trump agreeing with us now but we have to realize that Trump sometimes changes his mind.
So right now he wants a 20% tax increase on any business that he says is too international for his tastes, a huge tax increase on what he calls "hedge fund managers", higher taxes on them what he says are making "hundreds of millions a year" and a 35% tax hike in imports.
Ya got to hand it to that guy, and then keep handing it to him.
They won’t need to pass along those costs anymore...costs that are currently hidden in higher prices, lower wages, or reduced roi.
I like it except for #4.
Instead of punishing companies for going overseas, make it great here so they want to stay. Zero corporate tax would be a big part of it.
Looks to be the most massive tax cut in US history.
What don’t you like about the plan, Jordan?
Probably phased out over a substantial period of time.
Trump’s not about to destroy the RE market.
But many get many times what they’ll pay back in benefits.
“Any graduated income tax is straight out of the playbook of Marx and Engels.”
Even though I consider myself very conservative (Cruz is my guy), I like graduated tax.
Having been very poor when young and achieving a relatively high income later, I know that even 1% would have been a burden for me at one time. And I know that 15% would not have been a burden for me at my high income years.
And we can give the border patrol all their bullets and weapons. lol Seriously, what good reason does the IRS have to be possessing firearms?
http://insider.foxnews.com/2013/06/13/irs-agents-training-ar-15-rifles-lawmaker-says
The Fair Tax would be better.
I like #4 but that is the one that would probably have the big international corps. gunning for him. Hate to say it, maybe literally.
80% of jobs come from small business. Lowering the corporate rate gives corporations a bigger advantage over small business in a mercantilist environment that is already stacked against them. Try again.
but a lower rate in exchange for no deductions is a fair deal in my view.”
Seems like the base amount increases every year before you can even claim deductions. I would gladly trade no deductions for the ability to file my tax return on a post card. Paper work is just getting ridiculous.
Have several clients who simply don’t bill for anything during December because of the tax consequences from income bracket creep. Would make my life a whole lot easier not having to monitor numbers for them and juggle or postpone the accounting activities.
Anything that simplifies the taxing process though is going to be met with anger by thousands of tax accountants, attorneys and companies like Quicken and H&R Block.
If we can get it taken down to 1-5-15% or whatever, it will only grow back to current levels without strong controls.
Abolishing the 16th Amendment is the only way to stop the IRS!!!!
Of course, no mention of congress....Trump will just follow Obama’s lead and use his pen and phone.
Not bad, but the criminal and gimmedat classes would still pay no tax under this plan, so no, not everyone would have skin in the game.
Under the Fair Tax, which is just a national sales tax, everyone who spends money would pay into the system.
The 20% tax on corporations moving overseas is a bad idea. But alas, not many will move if we eliminate corporate tax here on our shores.
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