Posted on 09/15/2015 9:59:37 PM PDT by entropy12
Conservative Presidential candidate Donald Trump is a smart businessman. He works hard, and does whatever he can to pay the minimal amount of taxes to President Barack Obama.
Now, as Trump announced in his book “Time to Get Tough: Making America #1 Again,” we learn Donald Trump’s bold and specific plans to completely restructure America’s tax code. And after the changes are made, every American will end up paying lower taxes.
Called the “1-5-10-15” income tax plan–this will likely form the basis of his presidential campaign. Tax proposals consist of the following:
* Those making up to $30,000 will pay 1 percent.
* Income from $30,000 to $100,000 results in a flat 5 percent.
* $100,000 to $1 million income will be taxed at 10 percent.
* On $1 million or above will be taxed 15 percent.
(Excerpt) Read more at thepoliticalinsider.com ...
Lies. The TDSers on Free Republic told me Trump’s just like Bernie Sanders.
Wow. But, wait. He’s a lifelong Dem, and a phony Conservative. This wasn’t supposed to happen.
TDS’ers = CommieClowns.
Folks making below 30K almost all get money FROM taxes - check out the Earned Income Tax Credit. Someone making 25K may pay no taxes but get a 3K “refund”. Making them pay 1% would be a big tax increase.
But if everyone DID pay less, that leaves an even bigger deficit - unless spending is cut. Anyone want to bet on that?
“So it is obvious the Club for Growth (for China) is desperate and lying that Trump will raise taxes! Trump should sue CFG for China. The cheap labor express is desperate!
1 posted on 9/15/2015, 9:59:37 PM by entropy12”
Might shut up some of the Trump haters on FR who have doing the same as the CFG.
Heck. I like it!
That seems reasonably fair to me
Trump’s tax plan, the way I understand it, is a flat tax with very few deductions, the EIC probably goes away.
How.Do.You.Define.Income???
The complexity of the current code is largely due to the difficulty in defining income.
Any tax on income will become extremely complex over time.
Conservative talks shows like Glenn Beck, Red Eye Radio (Eric Harley and Gary McNamara), David Madeira are also all lying about Trump raising taxes.
Only if they have kids.
Shame on Glenn Beck and Red Eye Radio.
What you are overlooking is these tax rates are for a flat tax and most deductions go away. My college educated kids would be happy to pay a flat tax over not finding any jobs in the Obama economy, as would most people.
If Trump can bring back millions of manufacturing jobs back from China, Japan & Mexico, the prosperity will be YUUGE and we can actually afford lower FLAT TAX RATES.
Typical liberal method of operation. Trump WILL INCREASE TAXES on hedge fund operators and people like them. So Beck and others pick on a small item in the plan and blatantly lie about it.
There are tens of millions in this bracket. This would not only make it extremely fair, easy and uncomplicated for them to deal with taxes, but they would be getting some well needed relief from these complex con-job tax shams.
Currently you pay 10-15% on the first 30k you make.
It's because of deductions and credits that the low income get 'refunds' in excess of their tax bills.
Does Trump envision eliminating EIC and other 'refundable tax credits'? Eliminating deductions?
Does he mention FICA?
It appears straight forward but some implications:
1. Social security 13% up to 105K.
2. Medicare 2.9% or greater on all income.
3. No mortgage deduction.
4. If you have a business, you still track deductibles.
5. Local sales and property taxes remain.
What leaders need to do, more importantly, is scale back regulations like wheelchair ramps of a certain width, maternity leave meddling etc.
The Red Eye Radio guys have been anti-Trump from the day he announced.
he has indicated that he favors a one time 14.25% tax on individuals and trusts worth $10 nillion or more. In exchange for that, he proposes to end the 55% inheritance tax. this will result in an immediate $5.7 trillion dollars which will be used to “erase the nation’s debt” and save approx $200 billion per year in interest payments which will be used to shore up social security and pay for middle class tax cuts. This would cost him personally some $750 million. And people say he doesn’t offer specifics.
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