Posted on 09/28/2015 8:18:50 AM PDT by Helicondelta
Republican presidential candidate Donald Trump plans to unveil an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.
Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.
Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too. For example, an analysis of Jeb Bush’s plan—taxing individuals’ incomes at no more than 28%—by the business-backed Tax Foundation found that the biggest percentage winners in after-tax income would be the top 1% of earners.
(Excerpt) Read more at wsj.com ...
“Between 2 personal exemptions and the standard deduction...”
How do you know the persomal exemptions and standard deduction will stay in there? If it doesn’t, I would pay much more than I do now.
Seems to cut taxes at the top and bottom, and keep them the same at the middle.
Steve Deace is ripping Trump a new one on twitter over this progressive plan.
yep, but Reagan inherited a top rate I think of 90%.
Incorrect. You’d only have to pay the tax on the amount that puts you into the tax bracket.
Sounds great to me! Zero tax on first 25k per individual to 50k as married. AMT GONE! Death Tax Gone!
Looks damn good to me.
Speak for yourself. I’m earning more than my parents ever did because I went to college and learned a marketable, technology-based skill. If you’re not successful, it’s your own fault, no one else’s.
that would 1/2 my taxes immediately if it became law, and that’s not even including deductions... even after deductions currently my taxes would be cut in half.
Reagan inherited from Carter 70% as the top marginal tax rate.
Cruz is for a flat tax, which is by definition more conservative and more fair than progressive tax rates. Deace is a conservative and a Cruz supporter. I wouldn’t say he’s “ripping Trump a new one” but he is saying Cruz’ tax plan is better and more conservative, which it is.
Sorry Jonesy.
☺☺☺
Sorry, but you are naive if you believe this.
I was born in 1971, the median household income in the united states was about 25k with a single breadwinner, a year of Harvard cost $2500. Today the median household income is about 50k with both adults working, and a year of Harvard is $45k without room and board and fees.
So today it takes 2 people on average, make in real wealth just barely what 1 person could 40 years ago.
This isn’t just an education issue, this is the fact our leaders have sold this nation down the toilet for decades... the problem is far bigger than you didn’t educate yourself better. You work in Tech? Then you should be well aware that the H1B program is wholesale abused to drive down labor prices of skilled tech workers etc etc etc.
While everyone should take responsibility for their lives, you are very naive if you think the deck has not become highly stacked against the average person more and more every year by our pathetic leaders.
We live in an Oligarchy today, that has sold America down the sewers.
And Rush doesn’t believe you’d ever get a “flat tax” through Congress although he favors it. You’d have to turn out most of the Congs with a new way of thinking.
I agree with Rush here that it’s about nil to get the Congs changing to the flat tax.
******This isn’t just an education issue, this is the fact our leaders have sold this nation down the toilet for decades... the problem is far bigger than you didn’t educate yourself better.******
___________________
There ya go!
Great comments.
“Both CNN and MSNBC .com haave the Trump tax plan as a main story. FoxNews.com has nothing.”
Trump has boycotted Fox News, so perhaps Fox thinks Trump doesn’t want news about him on Fox. If they report the Trump news, they get pounded unless they call him “great”.
Trump’s going to get them on many issues. ;-)
you fell for the propaganda.
(lets keep this simple to let me explain this)
Person A is currently making $100,000 and pays a 40% tax, would leave him owing $40,000, but he has $20,000 in deductions, which leaves him owing $20,000.
Person B is also currently making $100,000 and only pays a 25% tax and has no deductions, this leaves him owing $25,000.
Who is paying the most? Person A or Person B
Person B ! Of course.
But Trump is trying to fool everyone into believing that person A is paying the most because he has a higher tax rate.
*news flash*
The tax rate you pay DOESN'T matter. All that matters is how much comes out of your pocket when all the dust clears. If you will pay MORE, then you just got your taxes raised!
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Society works better when our election to make a purchase is not taxed by the ever expanding government.
Such a mode of taxation would force the expansion of an already too large Behemoth.
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I don’t hate Trump, he amuses me for the most part, but he is utterly unqualified for the job he claims to seek.
Your statement was patently false, and sycophantic.
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