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 ...
Typical liberal media BS. Tax cuts for low and middle income earners is a bad thing because the wealthy also get a tax cut. Marxist class warfare jackasses preaching to their low information, fellow leftist readers.
quote “the wealthy also get a tax cut”
That’s just it, the wealthy wont be getting a tax cut! the wealthy will end up paying more taxes under Trumps plan. Yes, he will be lowering their tax rate, but this will be more than compensated for by the elimination of tax breaks.
Say goodbye to your home mortage deduction!
The fag that wrote this crap is crazier than Goebbels
Personal life and views
Barro describes himself as Republican, but has expressed opposition to many policies of the current Republican Party.[15]
He supports elitism, tweeting “Elites are usually elite for good reason, and tend to have better judgment than the average person. #confessyourunpopularopinion”.[16]
Barro lives in Queens, New York, is gay and has written in support of same-sex marriage.[17]
Barro is also an atheist.[18][19]
Barro’s father is macroeconomist Robert Barro.[5] He has a bachelor’s degree in psychology from Harvard.-Wiki
Hogwash. My taxrate is 33% and I am not the ‘lowest’. Flat tax/fair tax and tax rate cuts are needed. Don’t give me the lie that the rich don’t pay their ‘fair share’, that is BS.
This piece is written by an elitist faggot from Harvard with a degree in psychology.
Professional propagandist of the most dangerous sort.
We won’t forget this guy.
That means massive cuts in departments including whole departmental elimination.
I think in his speech Trump also mentioned negotiating spending down by various departments. I think Trump approaches it as a game or contest and i think he would enjoy it. Maybe even be successful at it.
Lower taxes on the top brackets favors job creation/hiring. In order to make America great again we have got to get people off the Gov tit. We have far to many feeding at the public trough. It is high time to tell people you want your EBT card for food etc. then you show up at X time and place and you’ll work to clean up the streets, sidewalks, parks etc. No show equals no card. No more sit on your fanny and get a section 8 home/apt, EBT card, cell phone, plus more. This crap has got to stop. No more free anything. You want something? Earn it.
“They also move to the Caymans.”
Of course they do. There is a huge amount of money from other countries that does not want to get caught up in the US tax net by investing here. By moving to the Caymans, foreigners can invest and deal with their own tax authority in their home country. US investors can invest there and be accountable to the IRS.
“Hogwash. My taxrate is 33% and I am not the ‘lowest’. Flat tax/fair tax and tax rate cuts are needed. Don’t give me the lie that the rich don’t pay their ‘fair share’, that is BS.”
Right on. Right on.
It depends on what you call wealthy. Those making over a million a year should like 25%. There is a max on deductions.
Well I don't think we should have to pay taxes on income. But that boat sailed a hundred years ago.
Which is why I want to see what Trump is going to cut out of the budget. So far he’s been promising people a lot of goodies and promising a lot of stuff won’t be cut, and we’ve heard precious little about what he would cut. EPA and Obamacare are all I can remember him saying that he’d cut, and he’s replacing Obamacare with something. And maybe some savings from welfare for deported illegals.
Mistake in my math. A person making $10,000 will pay $70 in income tax (not $700).
This is what needs to be done to all these smug talking heads, expose their credentials or lack thereof. If they get it from their experience reporting news, then they're no different than Trump's tv they so righteously criticize.
LoL.
Saw this Tweet that reports on PMSNBC Chuck Todd. Hahaaa.
“Chuck Todd looked like you ran over his dog when they showed the poll of 71% of the MSNBC viewers approving of Trump’s tax plan. @NolteNC”
Even Libs love tax cuts. LoL.
Yeah, the management fees would be taxed at a lower—as would the income of all high wage earners—but Trump would also take away lots of deductions and loopholes. Normalizing “carried interest” with regular income tax rates is an example of a related loophole that Trump is taking away.
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.
Yep. Note you’ll often see Trump bashers quoting conservative bastions like: the NYT, Huff Poo, Salon, Slate, etc.
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