Posted on 04/28/2017 8:45:40 AM PDT by detective
It certainly appears that Trump has more common sense and intelligence on taxes and the economy than many of those advising him, the career politicians from both parties, the bureaucrats, the media and most economists. I am a 64 year old CPA who has been doing taxes for approximately 40 years. This is the most intelligent tax policy I have seen since Ronald Reagan’s and my initial thoughts make me believe that it is better than Reagan’s. It is a simple and logical plan that would give everyone the incentive to earn more instead of spending so much time and money trying to beat the tax man. I believe the impetus it would give to economic growth is immeasurable.
(Excerpt) Read more at americanthinker.com ...
GREAT article!
The key point for me was that it’s the DEMOCRATS who are the real “trickle down” advocates, and not in a good way.
bttt
A few lines from the article:
The Democrats really don’t want a simple tax code. With a simplified tax code, politicians can’t bribe as many individuals and businesses with goodies. They can’t buy votes.
Democrats, including the media, believe the people work for the government instead of the government working for the people.
Democrats seem to believe the money is all theirs. They decry any cut in taxes as if it was the government’s money in the first place.
Waiting to see what the 9th Circuit judges think /s
“give everyone the incentive to earn more instead of spending so much time and money trying to beat the tax man.
Does this mean accountants are going to hate it? :-)”
One of our younger relative’s tax CPA apparently had some early warning on this. The CPA discussed what he apparently knew about Trump’s tax plan
His CPA told him that most of us would like this plan, except for liberals.
Also, the CPA said that he would not need a CPA to do his taxes. He could use standard deductions and do it on line.
The power to tax is the power to destroy.
In the case of government, politicians along with their business, CPA, tax prep industry, and an army of lobbyist cronies will fight tooth and nail to keep the power to wield the tax code like a bludgeon, solely to keep the serfs and competition in line.
I like the concept of a flat tax across the board, both for personal income, and corporate income. Two rates, no deductions, no exemptions, no filing tax returns, no having to pay every April 15th. Just straight payroll witholding for employees at a fixed rate, and straight quarterly payment on net profit for business and investment income.
Again, this would be a fixed percentage payment. You pay your percentage, and you never hear from the feds.
O.K. but this article is more of an editorial than an analysis of the details of the whole tax proposal. Low on information, high on opinion without supporting details.
Just my opinion, but tax policy to control behavior is unconstitutional. Taxes should be assessed solely to provide revenue for essential government services. Nothing else.
Medical deductibles don't kick in until you get above 4.5% of AGI. Mrs. henkster has had some health issues and we've never been close to the 4.5% floor. Now, if he takes away the deduction for health insurance premiums for the self-employed, we're screwed.
The more I make the lower my hourly compensation is. I’m a W-2 employee and we did better in 2017 than in 2016 but our take home calculated hourly went down because the income tax just keeps screwing us. Why work 60 hours a week if it the government gets the bigger raise? Government meet reality and logic .... oh never mind.
If this guy is right Trump will have hell passing this plan, mark my words.
Agreed. Only a “Flat” tax would be rational oral or logical. Any “progressive” tax rates are unsound and a disincentive for honesty or compliance.
Any punishment ( higher tax rate) in the tax laws only serve to embolden folks to cheat- to pay less.
Think of a soccer field with one goal smaller than the other- one team is better on the filed than the other, so their goal is smaller- while the opposing team has a wider goal. fair huh? Penalized for being better at what you do.
The idea that government should spend less or at most, up to the amount of revenues gained is foreign and indicative of a lack of moral, sound and sensible congress.
Persons and businesses who do that go under after a while....
That 15% will be wonderful for sole proprietors.
And for those with w-2...You have to see what the range is for the 3 brackets. I'm sure it will put more money in your pocket...and the double normal deduction.....will sure make it a lot easier for those trying to squeeze out deductions.
Look....Trump knows money. He even addressed Congress many years ago. VERY impressive!!
Your situation doesn’t matter..and your numbers are wrong..maybe you made a typo ..and it depends on whether you are over 65.
Use the real world.
Common to have middle class with a $40k AGI OR LOWER
Crappy insurance deductible of $10k. 80/20 split.
now price out the cost of a heart attack or pacemaker in a city.
Using 10% of even 100k AGI puts you over Trumps proposed deductible for singles.
Or just price out the daily cost of nursing home.
OR CANCER
I deducted nearly 100k in various medical costs for a senior citizen with alzheimers in a long term facility ..private pay double room..and that is in a middle class nursing home.
Ever looked at long term cancer costs in a city??????????
Just wait until you have to deal with huge medical bills in your family ..you may be wishing Congress vetoed Trump’s medical deductible plan
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