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 ...
Everyone, every business, every investment return pays 15% no deductions, no adjustments. End of story. If it makes people feels better if you make under poverty line you pay 10%.
“Let’s be honest, the revenue of the Federal government has never determined its’ spending.”
The truest statement of the day.
The rates are almost irrelevant. What’s happening with the loopholes? That’s the real question.
Some people are addicted to “free stuff” Give ‘em more, and the Rats won’t be out-bidded. Hillary plans to cancel all student debts. Free ice cream is next.
If the Times doesn’t like it, I do.
That bears out this time too. The plan is revenue neutral for the first two years. It has to be by law. Why the slimes would allow the article to omit that detail is evidence of their dishonesty.
It’s a better plan than we have now.
I still want an nrst and no income taxes of any kind. But this is better than what we have.
New York Times.
“All the news that fits, we print.”
Can’t upset the (leftist) narrative.
Remember when King Obama talked about everyone having "skin in the game"?
What he meant was this:
The skin that the parasites, moochers and other Obama supporters would have in the game would be the hides of the producers.
after Obama and the socialists (in both parties) skin us alive they hand our pelts over to their voting blocs.
“his plan calls for major tax cuts not just for the middle class but also for the richest Americans”
Oh heavens, my, we can’t have THAT!
MUST....MAKE....RICH....PAY...NOT...HAVE...CUTS....ALSO....
My wife and I are retired and make less than $50000 a year ..we will save approx. $1500.00!!!
How about the 9-9-9 plan? Surely a guy would win in a landslide with that one. Or the fair tax? Or the flat tax? Why do all the candidates pushing these plans always languish in the middle or bottom of the pack? I’d love a 10% flat tax with no deductions, no excuses.
This site has an interactive map with all the states and DC which shows how much each Quintile (20% segment) plus the top 1% pay in state and local taxes. I looked at many of the states, and the top 1% pays the least, and mostly the lowest 20% pays the most. There are some exceptions like NY, MD, and DC where the middle 20% pays the most.
http://www.itep.org/whopays/
I did not find a combined federal, state and local distribution chart, but it was pointed out that on the federal tax you can deduct for state and local taxes which helps reduce the federal load.
Some years ago I read all 65 pages of Linder’s Fair Tax proposal. Probably a number of more conservative voters feel that the pre-bate portion is another form of welfare and don’t like that. On the other hand there appears to be no rein on exporting money without paying any tax at all, to spend it all in Europe or the Far East buying property, art, antiques, autos, and yachts. Thus, it is easier for the rich to avoid paying any of the flat tax since they avoid buying in the US. This of course, angers lower income moderates and liberals, and perhaps even lower income conservatives.
Rush said today he thinks Trump has Reagan advisors working for him because his tax plan sounds almost exactly like Reagan’s did in 1985.
That is looking at a share of income. And the “share” is primarily hitting lower income brackets for sales and excise taxes. So, if you make $10,000 a year and I make $1,000,000, and both have a phone that costs $60/yr in taxes, that results in about 1% for the $10,000, and 0.01% for the $1,000,000.
If you look strictly at income taxes, the person making $10,000 is paying $700 a year (0.7%). The person making $1,000,000 is paying $34000 (3.4%).
Don’t let their number skewing confuse you.
They also move to the Caymans.
no it’s not.
it’s a scam.
he is raising taxes on the rich and allowing more to pay nothing.
Typical liberal idea.
He is just smart enough to hide the increase by saying he is lowering the tax rates (he gives details), but will be eliminating deductions (gives no details)
Typical Trump.
In the end, the rich (or as Trump now refers to them) Hedge Funders will pay more.
No thanks Trump, I am not interested in electing a liberal.
“Total state and local taxes as a share of FAMILY INCOME.” I’m assuming that would include sales and real estate taxes which would skew the results. Most of the lower half pays no income tax at all. The upper quintile pays the lion’s share of all income taxes.
LOL
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