Investor's Business Daily: Two Cheers For Trump's Pro-Growth Tax Plan

IBD ^ | 09/29/2015

[jwalsh07]

Government assistance which is why removing 75 million from the tax rolls is such a huge incentive for more government.

[sitetest]

I'm not a Trumpbot. I won't vote for him. But this is a pretty good plan. I have some questions about it, but it's a good starting point.

It appears to do nothing about payroll taxes, which for many lower wage workers is there greatest tax liability.

Also, I haven't seen the specifics of how this is paid form so that's smoke and mirrors right now.

The article says capital gains is still taxed at a separate rate. I didn't see that, but I may have just overlooked it.

I'm not crazy at all about exempting half of households from federal income taxes. but that is easily remedied bty adding a bottom rate of 1% - 5%.

It still doesn't persuade me to vote for Trump, but kudos for a specific, good plan.

[SeekAndFind]

RE: It appears to do nothing about payroll taxes,

It won’t and it can’t.

Payroll taxes go to Medicare and Social Security, which are untouchable as of this time.

They haven’t spoken about those issues in the first two debates at all.

[sitetest]

I understand. I’m just clarifying. Social Security and Medicare will have to be addressed someday, but this is still a good start.

[Chgogal]

You and I know the difference between state income taxes, city taxes, property taxes, etc. I bet you low information voters who most likely fall into the fed income tax category we are talking about have no effing clue. They probably think they are paying for fed spending. And if they are paying FICA and Medicare taxes then they are since our Congress spend more than they take in and those confiscated FICA and Medicare taxes are spent for stuff they are not intended for. I guess we can debate where the Medicare tax revenues are going but considering the annual deficit it is a moot point.

[Zenjitsuman]

I agree that lower tax rate could be 5%.

However I heard Trump say he wants to get the economy fired up.

I feel that 5% tax on these people would be a hardship.

1. Since Obama became POTUS take home income shrunk $5,000
per household.

2. Cost of living is up. Taxes up.

3. Savings rate is very low, people don’t have a cash cushion

4. Consumers are carrying a lot of debt.

5. Homes are in many states still under water, and many lost their homes to foreclosures.

6. Medical insurance has skyrocked

7. Because of Obamacare, companies have cut working hours back to part time levels, to skirt the rules that the business pay for medical insurance for 30 hour or more employees.

Maybe once we get people working, in better financial shape we can Squeeze that 5% out of them, which I agree would be ideal.

For now I think Trump is right, closing loopholes, and cutting rates.

[Chgogal]

Agreed.