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Obama will audit Trump for sure now.

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%.

I haven't had a cut like this since Reagan.

It’s a pretty good bet it’s already been happening.

Tax policy is probably medium priority in importance. It’s one area Obama has not screwed us with, except for the conservative non-profits.

Ahead of tax policy I would rather see implementation plan specifics for illegal immigrants, specifics for dealing with ISIS, and economic stimulus specifics to name a few.

‘Course nobody will remember that Donald Trump said that his own taxes will go up substantially.

IOW, he himself will take a financial hit in the interest of making the country great again.

I bet that be ignored.

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.

Trump unveils plan to slash taxes for the poor? How can you slash 0%? Trumps tax plan looks good to me.