“Also look at his plan, it raises the top rates. I don’t know who’s in those rates, maybe me, maybe not. But I do lose deductions. A simple flat tax would solve it but nope, he didn’t even try.”
Hmmm...
“The number of individual income tax brackets would shrink from seven to three — 10, 25 and 35 percent — easing the tax burden on most Americans...Individual tax rates currently have a ceiling of 39.6 percent and a floor of 10 percent...
...Mr. Trump wants to double the standard deduction for individuals, essentially eliminating taxes on around $24,000 of a couple’s earnings...
...But the president would leave in place popular breaks for mortgage interest, charitable contributions and retirement savings.”
So...
Raises top rates? False.
Lose deductions? Some, but the standard deduction doubles.
Flat tax? I like it, but the 50% who pay no taxes would scream bloody murder, as would the many people who pay no taxes but get large ($5,000-$9,000) “refunds” via EITC and Additional Child Tax Credits. Not going to happen.
I think there is also a 3.1% Obamacare Tax on top of the 39.6% for top earners. Not sure when it kicks in.
You are correct, I am guilty of making an assumption that since the rate I'mm currently in has gone and I'm closer the next one UP that I probably go UP. Perhaps I'm wrong, I wish he would tell us what the plan actually is. I liked Bush's plan which wasn't complex or required us all to wait to see if we did better. EVERYONE did better. Trump has never made that claim about this plan but who knows? As some have pointed out, nobody because the administration hasn't told us for some reason. I guess we have to pass it to know what's really in it.
In response to this article, we talks about the elimination of a protection against double taxation via a deduction for state and local tax, some here seem to think it's okay if some people - perhaps those richer than them as one here accused me of being - pay higher taxes. They call me full of excrement, call me unpatriotic and a spoiled brat for preferring a plan that isn't complex, a mystery, and potentially an increase. That surprises me. I'll be clear: I do not support tax increases. Period. They are bad for the economy as a whole because they decrease revenue and reduce discretionary spending; and they are bad for us all as individuals. If Freepers think that's wrongheaded than I'm pretty surprised because it used to be universally accepted here.
I'll go ahead and let the rest of you heap abuse on me now.