Calling all TRUMP-haters!
It's FEEDING TIME!!
Posted on 09/28/2015 1:11:38 PM PDT by SeekAndFind
Donald Trump’s tax plan, released Monday, does not live up to the populist language he has offered on taxes all summer.
When talking about taxes in this campaign, Donald Trump has often sounded like a different kind of Republican. He says he will take on “the hedge fund guys” and their carried interest loophole. He thinks it’s “outrageous” how little tax some multimillionaires pay. But his plan calls for major tax cuts not just for the middle class but also for the richest Americans — even the dreaded hedge fund managers. And despite his campaign’s assurances that the plan is “fiscally responsible,” it would grow budget deficits by trillions of dollars over a decade.
You could call Mr. Trump’s plan a higher-energy version of the tax plan Jeb Bush announced earlier this month: similar in structure, but with lower rates and wider tax brackets, meaning individual taxpayers would pay even less than under Mr. Bush, and the government would lose even more tax revenue.
Currently, the top income tax rate for regular income is 39.6 percent. Mr. Trump would cut that rate to 25 percent, the lowest level since 1931. He’d cut maximum rates on capital gains and dividends to 20 percent from 23.8 percent. He’d cut the corporate tax rate to 15 percent, and also offer a special tax rate of 15 percent to business owners — less than half what they may pay under today’s rules. He’d abolish the estate tax entirely.
Mr. Trump says he’d pay for those tax rate reductions by “reducing or eliminating most deductions and loopholes available to the very rich.” But in truth, rich people already pay tax on most of their income, so there’s less revenue available from cutting rich people’s tax breaks than Mr. Trump and many voters believe.
(Excerpt) Read more at nytimes.com ...
OK TO ALL YOU HEDGE FUND MANAGERS OUT THERE....
The usual fee structure for a hedge fund is called “2-and-20”: a flat management fee (often 2 percent) on all assets, plus a performance fee (often 20 percent) on profits above a set threshold. Currently, the management fee is taxed at ordinary rates up to 39.6 percent, while the performance fee enjoys a preferential rate of 23.8 percent.
Under Mr. Trump’s plan, all this income would be taxed at a maximum of 25 percent. The performance fee would be subject to a small tax increase, but that effect would be dwarfed by the large tax cut on ordinary management fees.
I like the idea of tax cuts and flat taxes across the board - yes even for the so-called “rich” (which is always everyone else)
OH NO!! We’re all gonna DIE!!!
I had to look at the name of the source to determine the veracity of the points in this piece.
The Slimes is worse than poo.
NYTimes always tells the truth..../s
Those overpaid Marxists at the NYT don’t have to pay less taxes if they don’t want to.
Pray America wakes
I’m not offended by hedge managers even though they have become a favorite boogie man and scapegoat for the MSM these days.
In fact I think there should be no tax on capital gains at all, or dividends, or estates for that matter.
The more you tax something, the less you get from it. The more you tax capital, the less capital there is. The less capital there is, the less investment there is. The less investment there is, the less job creation there is. And, btw, all taxes on corporations are eventually passed on to the consumer in the end. The more you try to punish the rich and powerful, the more you end up hurting the little guy in the end.
The performance fees are why managers start hedge funds. The management fees cover expenses of operation.
I am not a hedge fund manager, I don’t know any hedge fund managers, but I do know a whole lot of people who make between 60K and 160K who would benefit greatly from this type of tax structure.
Let’s be honest, the revenue of the Federal government has never determined its’ spending. They will always spend more regardless of revenue unless a leader takes over and forces them not too. That means massive cuts in departments including whole departmental elimination.
I want to know Trump’s stand on prickly heat. If he isn’t with me and doesn’t have a detailed plan on how to combat prickly heat I’m not voting for him.
No problem with cuts for people carrying the tax load. How bout the parasites in the demrat party paying a share and getting a job? Now that is a novel idea.
I’d like to see Mr. Trump add a “thug tax” to his plan. People like LeBron James, Orpha, Kobe Bryant, Snoopy Dog Doggy and the like ought to be taxed at 90%. They produce absolutely nothing of value for the Republic but haul in big bucks of tainted money. They should pay yuuuugely for the privilege of being part of America.
I know I’d never be elected president on this platform, but tax rates have to be made much less progressive. The problem we have is that way too many people pay no tax so there is no cost to them in voting themselves benefits. So we have the top 1% or 10% paying most taxes for benefits voted in by people who don’t pay them. Everyone needs to pay some tax.
Let’s be honest, NY Times is deeply concerned, this would significantly cut into their ad revenue come every tax season (not to mention yearly ads from accountants) - they make a tremendous amount of income off of tax preparation services making their ads each year.
If you could actually do it all yourself, in minutes, and it is transparent as to what you’re paying in taxes, you might not need all those fancy services.
Of course, the Times also believes the rich should be anyone making more than minimum wage, and that all their income belongs to the state to support all the socialist programs the Times supports.
I don’t have a problem with tax cuts at all - even for the wealthy.
Those who come by wealth legally and ethically have a much, much greater right than does the government to dispose of it as they see fit.
Nationally our governments at all levels (but especially the feds) take too much money from the economy to finance their out of control growth and socialist utopias.
That, along with Nanny State over regulation is why the economy is a shambles.
Consider the source at the Slimes:
Josh Barro (@jbarro) | Twitter
https://twitter.com/jbarro
1 hour ago
“Jeb is the “serious” candidate because he promises 4% growth instead of 6% and cuts the top rate to 28% not 25%.”
Josh Barro
Joshua A. “Josh” Barro is an American opinion journalist currently contributing to The New York Times ‘ “The Upshot” venture, which focuses on politics and public policy. He identifies as neoliberal and Republican. Wikipedia
Born: 1984
Education: Harvard University
Residence: New York City, NY
Parents: Robert Barro, Rachel McCleary
Let’s see .... Under Trump’s tax plan, we’d basically have enough money to buy that new truck we’ve had our eyes on , but for years could never afford simply because we’re always trying to climb out of credit card debt, or make up for whatever money we lost in the housing crash, or pay off the huge loans we’ve had to take out to put kids through school, etc.
So, we’d be able to buy that truck .... Seems to me that would create a load of jobs for people who currently have none.
Why is this bad?
If business picks up, perhaps people like us would see a rise in wages and opportunities as well.
Life would not be perfect, but it would be a hell of a lot less stagnated than it is now.
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