Posted on 08/28/2015 1:37:43 PM PDT by Hojczyk
Trump’s revenue prescription, which he labeled his 1-5-10-15 income-tax plan in the book four years ago, could form the basis for his campaign’s platform on the issue.
In the book, Trump wrote that his plan is so simple, it could eliminate the need for accountants and tax preparers, which he referenced in his comment Tuesday about putting H&R Block out of business.
He wrote in 2011: “Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?
“The longer you really think about it the madder you will get,” he wrote, “especially when you consider the waste, fraud, and abuse the federal government traffics in as it inflicts its self-defeating policies on hard-working Americans.”
Here’s Trump’s proposed income-tax plan:
Those making up to $30,000 will pay 1 percent. Income from $30,000 to $100,000 is assessed a flat 5 percent tax. $100,000 to $1 million income will be taxed at 10 percent. $1 million or above will be taxed 15 percent. “It’s clear and fair,” wrote Trump. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”
In the book, Trump offered a five-point economic plan “that encourages growth, savings, and investment.”
1) Abolish the estate or “death” tax
2) Lower tax rates on capital gains and dividends.
3) Lowering the U.S. corporate tax rate from 39 percent to zero to help create jobs.
4) Punish companies that outsource jobs overseas with a 20 percent tax hike
5) The 1-5-10-15 income tax plan for all Americans.
(Excerpt) Read more at wnd.com ...
Works for me.
This will propel Trump another 20 points
The Democrats will explode.
3) Lowering the U.S. corporate tax rate from 39 percent to zero to help create jobs.
Corporations due not pay taxes they pass them on to us..
That would be nice...
I do not see much wrong with that
We don’t care about H&R Block, it’s the IRS we want gone.
Cut federal programs 5% a year for 20 years and let the states keep them or get rid of them…welfare and healthcare..
Herman Cain’s 9-9-9 plan was catchier.
I like it.
On his FIRST day in office he should repeal the “Fat Cat” tax, which prevents all Americans —the poor ones also— from holding a bank account overseas.
Currently we are all LEPERS to the entire non-American baking world.
You’re an Ebola carrier to all of them.
Note that everyone pays taxes no more free loading..
Under this plan, I would guess many deductions would be eliminated. The home mortgage deduction (taxes paid, interest) for one.
“Abolish the estate or “death” tax”
Didn’t Obama bring this back. Now why should someone not be able to give their own belongings to his family after he has left this Earth?
From this week:
“”I would let people who are making hundreds of millions of dollars a year pay some tax,” Trump said during an interview with Bloomberg News on Wednesday. “Because right now, they’re paying very little tax. I think it’s outrageous.”
And Trump — who owns three New Jersey golf courses and once owned three Atlantic City casinos — knows that means he’d have to pay more, too.
“That’s right. I’m okay with it,” he told Bloomberg on Wednesday. “You’ve seen my statements. I do very well. I don’t mind paying a little more in taxes.””
However this is a great start, and we can work on the 16th and the IRS....
Once your mortgage note gets down low enough or paid off, this deduction becomes meaningless anyway and cutting your tax rate would probably save you more. All the hours saved instead of wasted filling out all the d@%m forms would be worth it to me.
What makes you think that Trump plans to cut any federal programs or spending, much less the significant cuts you’re talking about?
“I also want to Abolish the IRS and the 16th Amendment.
However this is a great start, and we can work on the 16th and the IRS.... “
I agree. It’s a great start. Until tax law becomes simple enough that a moron can understand it, there will remain a need for some entity for tax law enforcement. That said, what the IRS has become should only be read about in history books under lessons about places humanity should never go again.
This seems like a very Conservative plan to me. It lowers taxes on everyone, simplifies the code and everybody has ‘skin in the game’.
There was some provision of the old plan that made me think he’d have to double it to 2, 10, 20, 30.
Size of current budget is so much larger now....that was it.
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