Posted on 09/28/2015 8:18:50 AM PDT by Helicondelta
Republican presidential candidate Donald Trump plans to unveil an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.
Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.
Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too. For example, an analysis of Jeb Bush’s plan—taxing individuals’ incomes at no more than 28%—by the business-backed Tax Foundation found that the biggest percentage winners in after-tax income would be the top 1% of earners.
(Excerpt) Read more at wsj.com ...
The highest bracket from 39.6% to 20% for the highest income is pretty good. Cut in half.
Trump did very well. Athletes and others who earn high incomes in the United states cannot easily move to another country to avoid taxes while they earn their incomes. They are easily identifiable and targetable by whoever wants to tax their assets.
Good for you!
And Trump has eliminated 3 of the tax brackets.
“The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.”
>>We aren’t going to get a flat tax or so called fair tax anytime soon..<<
I’ve repeated many times over the years...politicians will NEVER get rid of the current tax code nor the IRS. It is their power over Americans.
Hope it happens....but not holding my breath.
Thanks.
That’s why I donate to the vets. I have a few leftover symptoms that are annoying but livable, these guys are in bad shape.
And we spend money on welfare and SNAP and medicaid while they linger.
Listen, people stumble on hard times. and there should be a safety net. We dont have that. We have cradle to grave.
Google the title, and bypass the paywall.
I don’t buy that argument. The goal is to get closer to zero taxes for everyone. Trump has moved the needle closer to zero for everyone in his plan.
Just to let you know the “doctor class” pays a heck of a lot more than 25% DH and I are both doctors and we make a nice income, but no where near a million a year. Our marginal tax rate is close to 50% and we have absolutely no tax shelters. If your income is all earned wages, there are no shelters. period.
I paid over 6 figures in federal tax last year on an income that was less than you would think. Taxes are killing me
And before you throw stones at the income I make, I spent 11 years post HS, 7 years post college in training while all my friend were actually making money. I work 12-14 hour days, nights, holidays etc to make less than the plumber you call to fix your sink. So get over your glee that someone is going to “stick it to me” - they already do.
I was doing taxes before and after the 1986 Act brought about by Reagan, which dramatically changed the tax code. The change was basically lower the rate by eliminating tax deductions.
This Trump proposal is essentially an outline of the Reagan tax changes done in 1986 which appear to also lower the rates by eliminating tax deductions.
If it worked for Reagan it should work for Trump.
ANY move in the direction of cutting taxes and backing off Government control is welcome news. It's a genuine start.
Yes, I think we did. My objection is that the amount of the prebate is determined by politicians. I don’t remember the exact amount, but let’s say it’s $1000/mo. If you make more than that, you are taxed on everything above the prebate amount. If you only make $6000/yr, the gov’t gives you $6000 in prebate benefits. This is the same kind of buy-low-income-votes process that led to free cell phones and other stupid giveaways. I don’t want the politicians anywhere near the tax code. Everyone pays taxes, even if their income is only $100/year. I would much rather see the gov’t start a program of public work where someone who falls short on income can show up for work at 7AM cleaning toilets in the federal court house, or whatever other type of work the gov’t deems necessary to be done. The free lunch days on the taxpayers dollar, however, should be over. If you are truly infirmed, then other existing programs can handle that.
This is a basic populist “eat the rich” vote-buying plan (because, of course, everybody else is “the rich,” but never you yourself). Rewarding people for making less isn’t really the way to encourage anything.
Also, most people in that bracket already don’t pay much or anything and also get EIC.
I think they need to go to a flat tax. And get rid of the IRS.
Correction. To 25% almost cut in half for the highest tax bracket. :-)
...would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies' overseas earnings. Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.
Of these other would be frontrunners, only Trump has detailed positions on his website. Yet it is Trump who is being criticized for "not having details."
And exactly what is needed. You'll get zero sympathy from millions of Americans on that.
Middle America has been economically gang banged for decades, and used and a GD punching bag as their standard of living declined while the rich got richer.
That bull shit needs to end fast.
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