Posted on 09/28/2015 10:27:15 AM PDT by vbmoneyspender
The plan calls for eliminating federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. If you fall under the no tax bracket you'll get to send a one-page letter to the IRS that says "I Win," Trump said. But the plan would also benefit businesses and the rich.
Oh man that is funny!
I hope his plan includes doing away with the UN-earned Income Tax Credit.
We need to just do away with the “middle class”. It is a relic of an idea anyway and went away with the idea of the American Dream. Either you are Rich or you are Poor. Let’s argue about where to draw that line.
(sarc)
Right ... For those who “work hard but don’t earn a lot of money.” /sarc.
The greatest scam our government has instituted ever.
BTTT...
ABSOLUTELY needs to do away with the unearned income tax credit. The sheeple rightly see this as a gift from their deomonrat zoo keepers.
I’d like to see that detail.
What I’d really like to see is the whole tax code SH_T canned and something replace it. Something without something for everybody and much the same for anybody.
Given how much of my income goes to taxes, negotiating for a CUT to $49,999/yr salary might just make sense. Someone making $100,000/yr sees some 30% go to taxes, leaving $70,000/yr...which isn’t all that far from $50,000, if the company will see to it some extra tax-deferred retirement savings, interesting spouse-included business trips, increased PTO, and the like are arranged.
George W. Bush had a lot to do with the EITC. The idea of sending someone $8,000+ per year for not working is beyond brilliant.
Why not include EVERYONE in the tax code, even if it’s just 2%, 1%, whatever. Not sure I agree with the “I Win” concept. Everyone should pay at least a dollar. That having been said, Go Donald!
Everyone is supposed to pillory the rich. Why? I'm a retired university prof so I am not rich by any measure. But I do not understand the anti-rich sentiment that Obozo is trying to nurture in this country. Even worse, we seem to idolize the poor. Why? Most of them are poor due to poor decision making. This economy is driven by those with sufficient income to risk it. We need them. Indeed, we need them more than they need us. How many of you were hired by a poor person?
Actually methinks we DO need to argue about where to draw that line. There’s much banter about “the poor” and “income disparity” and “rich 1%” et al, but none are quantitatively evaluated and the real-world implementation of those divisions are quite different from sociopolitical banter about them. “The poverty line” is some 20x world median income; if you’re making twenty times middle income on the planet, you’re not “poor”. “Income disparity” is closely correlated with “productivity disparity”; if your work keeps a thousand people employed with living wages, heck yeah your income is and should be much higher than someone who can’t earn their own survival wage. Yes there’s a “rich 1%” - that will exist by definition!
(Pardon the tangent. Seemed a good launch point for a rant.)
The argument for no income taxes (not that I agree with it) is that the poor pay taxes in other ways that eat up chunks of their meager incomes, such as disproportionate amount of "sin" taxes on alcohol and tobacco, the bad math tax (a.k.a. lotto), gas tax, sales taxes, etc.
Everyone pays taxes, from inflated prices for goods to cover the company’s taxes to taxes on the sale of those goods, to taxes on the gasoline to drive there, to the taxes to just own a car, to the taxes for the water you brushed your teeth with and the fuel used to warm the water you rinse it with.
Everyone is taxed.
I’ll go with the dollar, making at least the token effort to demonstrate contribution to what is a system everyone needs (military defense, basic infrastructure, police/judicial system, contract enforcement).
That said, I hold that it SHOULD be possible for someone to pay nothing in taxes (and, mind you, get nothing “back” either). Own your land outright, grow your own food, build housing with own trees, etc - no-income self-sufficiency should not be taxed. (I despise property taxes; ain’t yours if it can be taken for not paying protection money.)
Maybe an added tract should be added for those who received more than they paid: allowing the theory of welfare helping those in need, they’re expected to literally “give back” (documented to boot) when they can make enough.
Much better would be a universal earned income flat tax of no more than 10% in a Constitutional Amendment that includes that 10% rate cap that has no deductions, no exemptions, no credits, no modifications at all but takes that % from the first dollar earned.
If that were to be combined with a total elimination of business taxes (federal) and capital gains taxes and huge deregulation of business we would soon have a problem of the government having way too much money to spend and a terrible shortage of labor.
The rest of the world would be wailing about loss of businesses and industry to the USA.
“I win”
Just dang, this petty, childishness does nothing but ingrain the state of mind to accept being poor as a good thing to be celebrated. I can’t imagine a worse thing to do to people.
However, I am certain that Trump hasn’t thought that deeply about it. Instead, he is spouting his standard populist nonsensical childishness.
“Everyone pays taxes, from inflated prices for goods to cover the company’s taxes to taxes on the sale of those goods, to taxes on the gasoline to drive there, to the taxes to just own a car, to the taxes for the water you brushed your teeth with and the fuel used to warm the water you rinse it with.
Everyone is taxed”
It paying taxes on things that I’ve already paid taxes on that drives me nuts. Perfect example is property taxes. It’s nothing less than legalized extortion with the threat being stealing one’s residence.
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