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 not on welfare = “the rich.”
You keep your mortgage interest deduction.
You keep your business deductions for repairs and supplies... those are cost of doing business.
IRA, can’t say, doubt that is gone, hope you actually do a SEIP instead.
health insurance, can’t say, doubt that is gone
charitable deductions... he said that stays.
Property tax, can’t say
Depreciation... I’d give it up in a heartbeat.
I come out much better any way I slice it even with ZERO deductions.... yes, I have a business.
Need more details but simpler is better.
By my figures you pay 29,000 now and with ZERO deductions on 250K you pay 35,000... I’ll wager you the difference that when the details are known you’ll pay close to 29,000 or LESS.
show me where Trump says he wont eliminate the mortgage interest deduction?
I saw no details on what deductions Trump would eliminate.
Does Trump have a detailed plan on how to deal with jock itch? If not, I am not going to vote for him /S
then you just billed 250 before expenses of your business... much different subject.
Compare 88 to 140
140,000 no deductions 13,000 Tax under Trump’s plan
88,000 taxable now 13,712 at current rates
Agree 1,000 percent. So far NO ONE — not even Trump, addresses this. We have so many who just essentially, never go to work in this country ....never contribute, other than to contribute more non-productive progeny for the rest of us to support ..... I’m so fricking tired is seeing it — so fricking tired of seeing their lazy, slovenly behinds in front of me with their EBT cards ..... Just sick to death of it.
I’m waiting ..... Waiting for someone, anyone, to demand that these people get back to work.
Then again, perhaps bringing back manufacturing jobs is the only answer to this. I’d like to see the jobs come back, and the welfare support stop for all but the most disabled among us.
the tables on that site posted by that user are very misleading. But people fall for it.
Liberal drivel.
HE SAID IT TODAY... OUT LOUD.
Watch the replay of the press release.
Prickly heat is a side issue compared to athlete’s foot.
Not a single position paper on this dread affliction.
Wrong. Your mortgage interest deduction stays.
Renters, of which a large number of people now are, cannot take advantage of that deduction.
Why should we have a deduction for only people who buy a house?
Get rid of any such stupid favoritism and reduce rates regardless of specialty purchases. Should boat buyers get a special deduction because they buy boats? After all, we were colonized by people on boats and the Boston Tea Party threw tea off of a boat into the harbor. Boat building is an important set of skills to have for our country. Boats are what made America strong, blah, blah, blah.
People have the darnedest excuses as for why their pet purchase should be treated special.
Screw it and make it fair for all.
He would also have significant revenues from the tariffs he has proposed, or if fair trade agreements are reached, then from income taxes from the new jobs created.
Flat 10% do away with the IRS
Flat tax will kill any chance for low & mid-income earners for upward mobility....which means less dollars available for consumers.
Even with a flat tax, you will still need IRS to collect taxes and confiscate your bank account if you do not pay the flat tax due.
Only thing flat tax will do is push H&R Block and others out of business.
Obamacare pays lots of dollars to health insurers to subsidize 85% on Obamacare. And those dollars come from tax payers who pay taxes and those of us who buy health insurance outside of Obamacare. Under Obamacare, health insurers are protected from competition from out of state. So there are big potential savings to tax payers and private insurance buyers via increased competition.
Also, Obamacare requires all of us to buy a health insurance with all the bells and whistles stipulated by Obamacare. That is another reason our premiums went up. Under Trumpcare, you will be allowed to choose the features you want and need. That will reduce premiums. for example, young people who may want only catastrophic health insurance.
Trumpcare hopefully will also include tort reform for actual damages versus whatever the jury thinks is appropriate.
If we believe in self reliance, then we should be required to carry health insurance in some form. Otherwise we are descending into Libertarian-ism.
No you won’t need the IRS the money will be taken out of your check by your employer. Or the State or the Gov. !0% no deductions.. Period.. Businesses will pay no tax only the CEO’s Or Presidents of Companies!!
OK, and who does the employer send the money to? And who makes sure your employer did send in the RIGHT AMOUNT of money? And who will confiscate bank accounts of the law breaking employer?
Note there are lots and lots of small employers who get in financial jam, and can not send in the quarterly tax withheld from employees every year.
No deductions? Home owners with mortgages will be out on the streets with their assault guns, protesting. The entire housing industry will get in trouble if people can not deduct mortgage interest.
Trumps tax plan is a much better solution.
Only way it is possible to get rid of IRS is if they substitute income tax with sales tax only. But even there, some government body has to collect taxes from retailers. And somebody has to make sure the retailers are not cheating.
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