Donald Trump unveils plan to slash taxes for the poor -- and the wealthy

Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.

"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."

The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.

One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.

"They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.

However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.

“It’s one area Obama has not screwed us with”

Breeding an army of tax locusts to eat out our substance enforcing the Affordable Care act puts tax reform right up there, imho with immigration reform.

And who better to do it that someone who pays a buttload of taxes, like Trump.
Trump is going to spend his first several months appointing workers and setting up apparatus to dismantle Obama’s governmental encroachments, infrastructure and executive orders.
If he wants a second term.

I don't see why we need to have any kind of progressive tax rates. Simple. Every person gets a, say, $8500 deduction, and $3000 per dependent. After that, everyone gets a flat rate of 10%. Any public welfare is added to your income amount for the purpose of determining taxes owed. (Private welfare is none of the gov's business.)

You are ineligible to vote if you didn't pay any taxes, or your amount of public welfare is greater than the taxes you paid in. It's a conflict of interest when you don't contribute anything (make money off the welfare [that needs major cuts]).

No research, just off the top of my head, musings, feel free to comment also:

- Corporations pay the same thing, only they are allowed to deduct employee salaries/benefits from income. No business deductions, as then people can just incorporate themselves, and deduct any meals, residence-related purchases, etc. I don't know much currently about how the different types of businesses work, or how all that goes down.
Just thinking, what if one person starts a business, then instead of paying themselves, just buys all meals/vehicles/house/anything through the business, deducts it all, and pays almost no taxes? I'm in the freelance area, so it's pretty applicable. I know there's laws about what you can/can't deduct, but it's a murky area and if enough people did it it would be impossible to enforce. Of course, audits would be much easier and quicker to complete!

- Capital gains count as income, capital losses count against income. Landed property (primary residence) excludable?

- Charitable donations, gifts, etc. Money given for nothing in return is non-taxable, use current law?

- Withholding amount is entirely optional - when you do your taxes, you enter the percent you want withheld next year, from 0 - 10%.

- Income earned outside of US borders is not taxable.

Of course, this is all completely temporary. In the long run, the Fedgov is 100% out of the tax business, and derives all money through the states. After the Fedgov passes their budget (and any other bill that spends any money), the total $$ is divided by 535, and then each state is responsible for contributing it's share of that money. States are free to figure out taxes however they see fit.

The ONLY way Fedzilla can directly make money is via tariffs on imported goods, related to that foreign gov's subsidies given for those, and their tariffs on our goods. (But that's another discussion/complicated formula)

Oh, also, 17th is repealed.

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