The article mentions two trouble spots in Trump’s tax plan:
1) His declaration that some 70 million households will not pay income tax under Trump’s plan. That’s close to two-thirds of the 110 million or so US households.
Every citizen should have a stake, even if minimal in the running of his country.
Already close to 4 of 10 Americans pay no income tax. Do we really want the top third in America bearing the whole burden?
2) Trump’s approach could build a political tidal wave of support in the future for raising income taxes higher and higher to finance more “free” services from government, because, after all, it’s only the rich who are going to pay the tab.
“Every citizen should have a stake, even if minimal in the running of his country.”
Agreed.
I am leery of the meme that we should be pursuing “growth”, because that literally means the growth of personal debt.
Bankers want “growth”.
Humans should want an increase in savings and wealth, which is the opposite of “growth”.
“Growth” can bite me.
The big problem with this approach is that once you "close" the "loopholes" (aka eliminate tax deductions) in exchange for lower tax rates, the deductions are gone forever, but the democrats are more than willing to raise those rates back up to where they were and higher at their first opportunity.
I don't like this:
"some 70 million households will not pay income tax under Trump-onomics."Everyone should pay taxes.
When my wife and I were in college and living on $200 per month (which I earned) we paid $5 per month in taxes, and, even under such hardship conditions, I considered that fair. It was.
In fact--naive though I was--I wrote a letter to the IRS (they had screwed things up) in which I said that the taxes I paid were some of the best money I spent.
Republicans created the current mess, Democrats exploited what the R’s created. Trump’s is probably the only workable plan that can FIRST get him elected. Once in office he can hopefully, slowly start to undo what the red & blue parties have done. Ref——http://theconservativetreehouse.com/2015/09/29/about-these-tax-plans-establishment-republicans-have-a-george-w-bush-tax-the-rich-problem/
My only criticism is that unless you are destitute you should pay some minimal amount tax so you have skin in the game. Even a few hundred bucks a year. Other than that its a great plan.
The Stuart Varney show was a love fest for this plan last night. Herman Cain gave it a 7 out of 10 this morning.