Posted on 09/28/2015 1:11:38 PM PDT by SeekAndFind
Donald Trumps 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 its 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 campaigns assurances that the plan is fiscally responsible, it would grow budget deficits by trillions of dollars over a decade.
You could call Mr. Trumps 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. Hed cut maximum rates on capital gains and dividends to 20 percent from 23.8 percent. Hed 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 todays rules. Hed abolish the estate tax entirely.
Mr. Trump says hed 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 theres less revenue available from cutting rich peoples tax breaks than Mr. Trump and many voters believe.
(Excerpt) Read more at nytimes.com ...
Here come the liberals and other idiot parrots...
“SQUAWK” TAX CUTS FOR THE RICH “SQUAWK” TAX CUTS FOR THE RICK “SQUAWK”
But Moron Hillary won’t improve the economy, and if it does, it would be in spite of her efforts.
Spoken like the new york slimes... pull out the wedge of strife, class envy, jealousy and division... create classes and pit them against one another... you’re sure to stir up a hornet’s nest.
Go to hell nyt.... straight to hell.
Cooties and Jock Itch are my two real hot button issues. I’m not in favor of either of these and if Trump does not come out strongly against these real issues.... well, I just can’t vote for him and I’ll stay home and hold my breath and stamp my feet!!!! Reall, I will. I’ll do it I tell you. I’ll do it.
And halitosis and driving on the right side of the road... well. There is just so much that is bad.
/s
Sh-t man.. I’ve got ties older than this sniveling little snot.
Is josh still living in Rachel and Robert’s basement?
Go back and eat your bran flakes josh.
What do they pay you? Whatever it is, it is too much. You must be the low bid opinion journalist.
For this plan I’d give up every deduction and “loophole” there is.
0.7% for the low earner
3.4% for the high earner
3.4% is more than the 0.7%
Much too complex for the sheeple and the moochers...
The New York Times would find something WRONG with a free lunch at a Sunday school picnic!
The problem with Trumps tax plan it is a progressive plan.. Need a flat tax across the board say 10% no deductions everybody pays... Everybody!
jobs jobs jobs Making America great again. Go Trump!!
Congrats, you got it!
I needed a good laugh, after reading all these posts about poor people must pay 18% flat tax. Thank you very much.
I’m pretty sure we are screwed. The mountain of ignorance we have to overcome with the sheeple is just too much to even think about some days.
I do try not to give up hope though.
mortgage interest deduction?
property tax deduction?
business deductions for repairs, supplies, depreciation?
IRA retirement contribution deductions?
Company paid healthcare not being counted as salary?
charitable deductions?
My wife and I make a combined $250,000 or so a year gross. After all our deductions were have an adjusted gross of $140,000.
Tell me how lowering my tax bracket a bit is going to make up for counting the whole $250,000 ? (and it could be more if things like company paid healthcare and other benefits were considered taxable income)
doh! its even worse than I thought!
I was only thinking about adjusted gross, but the deductions and exemptions are taken off of that and we are only taxed on $88,000 of the $250,000 we grossed.
American financial firms move to the Caymans, ETC — why?
“Too many companies from great American brands to innovative startups are leaving America, either directly or through corporate inversions. The Democrats want to outlaw inversions, but that will never work. Companies leaving is not the disease, it is the symptom.”
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