Posted on 09/29/2015 7:33:13 AM PDT by the_boy_who_got_lost
I wrote a calculator to calculate what you would pay in income tax under Donald Trumps plan.
Fixed.
Oh - and it was a “married” input at $300K.
The Trump plan will leave the mortgage deduction as is. He said this morning that it would ruin the housing industry to fool with that deduction. Do not misinform the public if you don’t know the facts.
Single filing input? The $300K was a married input.
This plan with its sudden very large bracket increases is a plan that really sucks beyond description. I mean come ON!
If you make $24,999.99 then you pay no taxes, but if you make 25K then you pay $2,500.00
Anyone who thinks that is progress is just not looking at this thing intelligently. This plan would be a disaster.
For single, but now fixed. I guess no ‘head of household’ choice under his plan (which is my category-single father)?
As far as those 0% taxes, I agree with you. But this might be a smart actuarial move. Just guessing, but is it worth the hassle to collect those taxes on workers who make under $25,000 or couples under $50,000. Besides which, the federal income tax when first initiated was supposed to be a very minimal tax on only the most wealthy. Then there's the state taxes people will still be paying
But, yeah, it does seem everyone should have some skin in the game. I could live with Trump's plan, though, as an improvement over the current mess.
Wait, wait, wait here...
if someone makes 25,000.00 a year and is single and it comes up 610,000.00, don’t you think something is wrong here??????????????
boy-you-are-lost!!!
Try $25,000.00 as 25000. My assumption is that the extra two zeroes for cents gets rolled in a 2.5M.
Oh, thanks for the update. I thought it was a “no deduction” plan, in which case the impact on the housing industry would be obvious. No agenda here.
Thanks for the update. New plan... I was just thinking about the scanty info I had previously... that deductions would be minimized or eliminated. I agree that this one is so big that it either can’t be eliminated, or would have to be phased. Glad Donald sees it, too.
Also fixed.
I was just removing the decimal point...which made 25,000.00 > 2,500,000
wow, works for me!
Losing the mortgage interest deduction won’t change the real estate market. Folks calculating payments almost never factor in a tax deduction for mortgage interest. They figure monthly payments, period.
Trump hasn’t said what he’d do with the Earned Income Tax Credit, etc. That could have a bigger impact.
My work firewalls block it... but he said no tax for poor.
Woohooo, thats me!
Most of the married making 25K/year get the Earned Income Tax Credit, adding up to $6000 to their annual income.
BTW - I agree that Trump’s tax plan would only work IF there was massive spending reductions. Otherwise, we’ll just be borrowing more.
I am no tax expert but wouldn’t corporations bringing money back home boost our economy?
If there is a lower tax rate on businesses then there will be more businesses...more hiring will happen and hence more overall spending. Right?
So with the Donald’s plan (and I am not arguing for or against it) is there a net loss?
NOBODY’s tax plan will work without freezing or decreasing spending. No BS of lowering the rate of increase.
I read your post, went back and figured it out...if you don’t use a rounded number like 30,000.00 and instead put in 29,999.00 it works...is it suppose to be like this?
Is this how the IRS works?
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