Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Donald Trump: Tax the rich more [and middle class less]
Gant Daily ^ | Aug 27 2015 | CNN

Posted on 08/27/2015 5:58:23 PM PDT by WilliamIII

Donald Trump is finally showing us more of his economic plan beyond the “Make America Great Again” slogan on his red hat.

America has now learned:

— He wants to tax the rich more and the middle class less.

— He wants to lower corporate taxes.

— He wants to cut government spending and stop raising the debt ceiling.

“The hedge fund people make a lot of money and they pay very little tax,” Trump said in an interview Wednesday with Bloomberg. “I want to lower taxes for the middle class.”

(Excerpt) Read more at gantdaily.com ...


TOPICS: Government
KEYWORDS: fakenews; lyingliars; retrospect; trumpwasntlikethat
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-62 next last
To: WilliamIII; hoosiermama; Grampa Dave; RoosterRedux; All

Not sure who Gant Daily is, or why you’ve excerpted - a blog maybe? But here’s the article he/they might’ve *borrowed* from, for this piece......

Donald Trump: Tax the rich more

Donald Trump is finally showing us more of his economic plan beyond the “Make America Great Again” slogan on his red hat.

America has now learned:

— He wants to tax the rich more and the middle class less.

— He wants to lower corporate taxes.

— He wants to cut government spending and stop raising the debt ceiling.

“The hedge fund people make a lot of money and they pay very little tax,” Trump said in an interview Wednesday with Bloomberg. “I want to lower taxes for the middle class.”

In short, Trump is willing to raise taxes on himself and those like him.

Many hedge fund managers and real estate investors are able to list their earnings as “carried interest” because of an IRS tax rule. They are able to cast their earnings as investment gains instead of income, which allows them to be taxed at a lower rate.

“You’ve seen my statements. I do very well. I don’t mind paying a little more in taxes. The middle class is getting clobbered in this country,” he said.

Related: Donald Trump trounces GOP field

Eliminate “inheritance” tax or worry about inequality

Trump has been all over the place on taxes over the years. He criticized President Obama for not wanting to keep the Bush tax cuts in place on the wealthiest Americans. He has also proposed eliminating the so-called “estate tax” on people that inherit money, gifts and property from their parents. Both moves would be a major gain for the rich.

Now Trump is starting to sound more populist.

“The middle class built this country, not the hedge fund guys,” he said Wednesday.

“One of the reasons he is winning votes is he’s talking about the macro issues that so frustrate many Americans and seem so blatantly unfair,” says Peter Morici, a professor of economics at University of Maryland’s Robert Smith school of business.

Lower corporate taxes and bring $2.5 trillion home

Trump also wants to even the playing field on taxes that businesses pay. He believes that lowering the corporate tax rate will stop American companies from trying to move their headquarters — and possibly jobs — overseas in an effort to dodge taxes in the U.S.

Many U.S. companies such as Apple (AAPL, Tech30) have huge cash reserves that they could spend on growing their businesses, but that money is mostly held overseas to avoid U.S. taxes. Trump estimates as much as $2.5 trillion could return to America if taxes were lower.

“This is money that could be spent in this country,” he said. “We have companies with thousands of jobs that re leaving this country.”

http://money.cnn.com/2015/08/27/news/economy/donald-trump-economy-tax-plan/index.html


Be sure and read this part, regarding the taxes on the rich...

.....hedge fund managers and real estate investors are able to list their earnings as “carried interest” because of an IRS tax rule. They are able to cast their earnings as investment gains instead of income, which allows them to be taxed at a lower rate.

“You’ve seen my statements. I do very well. I don’t mind paying a little more in taxes. The middle class is getting clobbered in this country,” he said.


41 posted on 08/27/2015 7:25:24 PM PDT by Jane Long ("And when thou saidst, Seek ye my face; my heart said unto thee, Thy face, LORD, will I seek")
[ Post Reply | Private Reply | To 1 | View Replies]

To: WilliamIII

He seems to not grasp the fact that many of the richest Americans are wealthy precisely BECAUSE of government. Especially on Wall Street.

How about simply exposing the rich and connected to the free-market instead?


42 posted on 08/27/2015 7:31:24 PM PDT by PGR88
[ Post Reply | Private Reply | To 1 | View Replies]

To: WilliamIII

He has said that he would have a ‘postcard’ tax form, and the taxes would START with anyone making $30,001.00, and ZERO taxes below that!


43 posted on 08/27/2015 7:32:02 PM PDT by Terry L Smith
[ Post Reply | Private Reply | To 1 | View Replies]

To: PGR88

He seems to not grasp the fact that many of the richest Americans are wealthy precisely BECAUSE of government. Especially on Wall Street.

********

Wall Street won’t like Trump’s proposal. At all.


How about simply exposing the rich and connected to the free-market instead?

*********

His plan exposes what the RE and Hedge fund types have been getting away with, by claiming capital gains, rather than income.

He also wants to lower corporate tax rates to incent companies to bring back headquarters/offices to the US.


44 posted on 08/27/2015 7:37:59 PM PDT by Jane Long ("And when thou saidst, Seek ye my face; my heart said unto thee, Thy face, LORD, will I seek")
[ Post Reply | Private Reply | To 42 | View Replies]

To: entropy12

This attitude moves us closer to socialism. As more people pay little or no tax it is harder and harder to elect any one who wants to cut government spending. You get a majority that have no skin in the game so why reduce spending. Just tax the rich more. Romney was right in his 47% comment.


45 posted on 08/27/2015 7:43:18 PM PDT by glabbe
[ Post Reply | Private Reply | To 8 | View Replies]

To: WilliamIII
“I want to lower taxes for the middle class.”

Middle class.....middle class, I have this vague memory of once being a part of something referred to as the middle class, but that was a whole lot of dollars, and a job ago!

46 posted on 08/27/2015 7:54:23 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WilliamIII

I’m for a flat tax. But there sure is a bunch of ultra-rich that agree they should pay more. So fine, give them a serious hair cut for a few years. Let’s see if they change their tune.


47 posted on 08/27/2015 7:58:44 PM PDT by moehoward
[ Post Reply | Private Reply | To 1 | View Replies]

To: impimp

Reagan had a top tax rate of 28%.

Trump wants a top tax rate of 15%.

See post # 10.


48 posted on 08/27/2015 8:01:01 PM PDT by july4thfreedomfoundation (Liberals are like the Taliban and ISIS....destroying cultural icons they don't like.)
[ Post Reply | Private Reply | To 29 | View Replies]

To: DoodleDawg
According to his tax plan he wants to tax the rich less and tax the middle class more.
I believe he wants to eliminate corporate income taxes, along with capital gains taxes and inheritance taxes.
He wants to increase spending on the military and veterans, and keep social security and Medicare the way they are. In fact I can't think of any spending he's actually suggested cutting.

Obviously, the plank of the Trump platform that hasn't been revealed yet is the one where he issues an executive order repealing the rules of mathematics.

49 posted on 08/27/2015 8:10:52 PM PDT by Eric Pode of Croydon (Will Trump make the trains run on time??)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Jane Long

My biggest issue is that of carried interest being taxed at long-term capital gains rate. Why should a fund manager that is compensated on the performance of others’ money be taxed at the lower rate... He has no skin in the game... Playing with house money and getting winnings taxed as if there is some greater economic value added from his gambling. I think capital gains tax should be low or eliminated, but what is essentially commission should be taxed as ordinary income.


50 posted on 08/27/2015 9:17:38 PM PDT by leakinInTheBlueSea
[ Post Reply | Private Reply | To 44 | View Replies]

To: WilliamIII

To the liberal, being “rich” is determined by how much you EARN. That way, if you’re John Kerry or the like, you’re not “rich” because your “earnings” aren’t that great, but your holdings are. That way liberal billionaires aren’t taxed, just two income wage earners LIKE MY FAMILY.

Trump won’t be taxed.

I’m tired of this scam, and I’m not voting for Trump.


51 posted on 08/27/2015 9:37:07 PM PDT by theoilpainter
[ Post Reply | Private Reply | To 1 | View Replies]

To: glabbe

You are obviously not paying attention. Trump has no one in ZERO tax bracket. I love to pay 6 figure tax bill, when I cash in lots profits in the market. When I lose in stock market, currently I end up paying nothing. I still have other income from pensions and rentals. But I pay zero! That is wrong. Any one with positive income should pay at least 1%.


52 posted on 08/27/2015 9:46:11 PM PDT by entropy12 (Trump is incorruptible. He is the only one who can run a campaign without rich donors.)
[ Post Reply | Private Reply | To 45 | View Replies]

To: perfect_rovian_storm

15% is fine if there are no loop holes and deductions.


53 posted on 08/27/2015 9:47:20 PM PDT by entropy12 (Trump is incorruptible. He is the only one who can run a campaign without rich donors.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: E. Pluribus Unum
Plank #2 of the Communist Manifesto calls for a heavy progressive or graduated income tax.

And what he has sketched out (nothing comprehensive offered) is a step back from the really progressive tax system we have - funny how a step in the right direction causes alarm bells to go off in some folks' heads.

54 posted on 08/28/2015 3:30:28 AM PDT by trebb (Where in the the hell has my country gone?)
[ Post Reply | Private Reply | To 3 | View Replies]

To: mtrott

It’s not a private agreement when it involves a politician. Anyone with two brain cells can see it was payment for services rendered as governor.


55 posted on 08/28/2015 4:37:17 AM PDT by freedomfiter2 (Lex rex)
[ Post Reply | Private Reply | To 39 | View Replies]

To: DB

“America is trying hard to be bankrupt and probably is.

NOT caused by tariffs or trade restrictions.


56 posted on 08/28/2015 5:16:59 AM PDT by odawg
[ Post Reply | Private Reply | To 19 | View Replies]

To: WilliamIII

Yeah, it’s worrisome if he’s going to end up advocating higher taxes on capital investment. (Capital gains.)


57 posted on 08/28/2015 5:18:01 AM PDT by 9YearLurker
[ Post Reply | Private Reply | To 1 | View Replies]

To: july4thfreedomfoundation

Trump wants a wealth tax.


58 posted on 08/28/2015 7:18:16 AM PDT by impimp
[ Post Reply | Private Reply | To 48 | View Replies]

To: impimp

“Trump wants a wealth tax.”

________________________________________________

Not anymore. Trump made that proposal in late November of 1999. It’s no longer his position.


59 posted on 08/28/2015 5:10:27 PM PDT by july4thfreedomfoundation (Liberals are like the Taliban and ISIS....destroying cultural icons they don't like.)
[ Post Reply | Private Reply | To 58 | View Replies]

Well, this thread sure turned out to be fake news. But it was just a repost of a CNN article after all.


60 posted on 10/19/2021 4:23:26 AM PDT by Olog-hai ("No Republican, no matter how liberal, is going to woo a Democratic vote." -- Ronald Reagan, 1960)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-62 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson