Posted on 09/29/2015 9:13:13 PM PDT by Steelfish
Trump's Tax Cuts Could Cost U.S. Trillions of Dollars, Experts Say
By MICHAEL FINNEGAN AND JAMES F. PELTZ
Trump, who has faced pressure to offer a detailed campaign agenda, vowed to simplify the tax system, with four individual income tax brackets: 25%, 20%, 10% and 0%. The highest of the seven current brackets is 39.6%.
Trump would also lower the 35% corporate rate to 15%. But businesses would lose tax breaks on earnings overseas and various unidentified “loopholes that cater to special interests.”
Millions of individuals who earn less than $25,000 a year, or couples who make less than $50,000, would no longer pay income tax, Trump said. They would instead send a one-page form to the Internal Revenue Service stating, in characteristic Trump fashion: “I win.” (snip)
Tax experts said it would cost the government trillions of dollars in lost revenue. How many trillions is unknown, they said, because of Trump’s lack of detail on which tax breaks he would wipe out.
“He’s very specific about the nature of the tax cuts, but very vague about the nature of the tax increases,” said Howard Gleckman, senior fellow at the nonpartisan Urban-Brookings Tax Policy Center. “Politicians of both parties have been playing that game forever, and he’s just doing it too.”
Trump’s tax cuts appear to be substantially larger than those recently proposed by his Republican rivals Jeb Bush and Marco Rubio, experts said. (snip)
It’s clear the cuts would benefit the wealthiest Americans more than anyone else, Gleckman said. Trump’s plan would eliminate the federal inheritance tax, a cut that could produce a windfall for his own children. The tax applies to estates of $5 million or more for individuals, and $10 million or more for couples.
(Excerpt) Read more at latimes.com ...
Then why did one of the greatest minds, Carl Icon, help Trump with this tax plan if it’s so bad...
More lies from the media and talking heads, and the GOPee right in lock step with them....
No doubt, the same experts who say unemployment is only 5%
The LATrine is still in business?
it would cost the government trillions of dollars in lost revenue....? The PEOPLE would now have there OWN money and not socialists.
I really don’t care how much it “costs” government.
“Experts say”
I bet they can’t name them.
The key is headline says it will cost the U.S. and the article says it will cost the government. It would be plainer is government was in the headline. So, again the key here is the government cannot do without YOUR money.
“Could Cost U.S.”
Presumably by “U.S.”, they mean the US government, not U.S. citizens. It won’t cost anything for either, and it’ll reduce costs for the latter.
Tax cuts are not a cost. Million dollar soccer fields for terrorists in Guantanamo are a cost.
these socalled experts never factor in the stimulation of economic growth that tax cuts generate
Fixed it.
Ah yes, the old liberal gambit dusted off from the Reagan era how much a tax cut will “cost” the US (they mean the federal government, of course). They’re utterly terrified the government would have to make do with even a dime less to waste.
Maybe under an Obama like flat and recessionized economy that goes on for most of a decade.
Cutting taxes is bad.... because it would starve the Leviathan.
And we can’t have it!
“Experts” - Definition of Expert: Someone who knows more and more about less and less - until he knows everything about nothing.
B-O-L-O-G-N-A!
The Coolidge tax cuts increased revenues. the Kennedy tax cuts increased revenues. The Reagan tax cuts increased revenues. the Bush tax cuts increased revenues.
Let's see. Old guy. Big estate tax cuts for his heirs. I can't see any reasons there.
Of course killing babies is fine but letting Americans keep more of their own money is unconscionable.
Well if that’s why they hate Trump, no wonder Americans adore the guy.
And eliminating the EPA and the Education Department will save Trillions of dollars.
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