Posted on 09/07/2015 11:41:15 AM PDT by MeshugeMikey
Donald Trump doesn’t sound like most Republican candidates—and not just because he uses unusually pointed language. It’s also due to his policies. One prominent example: He’s talked about raising taxes on some wealthy Americans and corporations.
The idea of raising taxes is anathema to most GOP politicians. Many sign a pledge promising not to increase them.
How can Mr. Trump lead the Republican presidential field while calling for higher taxes? A look at poll data suggests that a constituency exists for raising taxes on the wealthy—even within the Republican Party.
(Excerpt) Read more at blogs.wsj.com ...
Only 18% as compared to anyone else in their income level paying 39%.
Regarding federal taxes, their supporters first need to get themelves up to speed on the Supreme Court’s clarification of Congress’s limited power to lay taxes, and then get Trump and Carson up to speed on the Court’s clarification.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
In other words, with few constitutional exceptions, Congress is prohibited from laying taxes for anything that it cannot reasonably justify under its constitutional Article I, Section 8-limited powers.
So while Mr. Trump talks higher taxes, he actually has plenty of room by the Constitution to lower taxes by working with state lawmakers to put a stop to unconstitutional federal taxes.
Right. That’s what I thought.
Sounds very reasonable to me. I’m on board with it.
Any income tax should be the same rate on all income whether it’s from an investment or from labor. Anything else is the government picking winners and losers and trying to influence behavior through the tax code. That’s none of their business. Get rid of any and all varying rates dependent on where your income came from.
Not as catchy as the 9-9-9 plan.
A FAIR TAX but taxing rich people and tariffs... other taxes he proposes..
If you have a fair tax other taxes are not supposed to happen..
UNLESS your talking about “a FAIR TAX” that allows UNFAIR taxes also...
WHat a concept.. passing a FAIR TAX.. and UNFAIR TAXES as well..
Who would ..DO.. that except someone dyslexic or someone that knows most people “are fine” NOT reading the fine print.. Apathetic and LAZY..
DO whats normally done in Washington D.C.. pass legislation NAMED to be against “something” with riders to actually accomplish the reverse of what it is named.. Whoa..
In just this way the “FAIR TAX” could be used to pass extremely UNFAIR TAXES.. people will never know.. except for a few that do care..
Dante Chinni == Moron
> “How can Mr. Trump lead the Republican presidential field while calling for higher taxes? A look at poll data suggests that a constituency exists for raising taxes on the wealthy—even within the Republican Party.”
Donald Trump calls for raising tariffs, taxes and penalties on unfair foreign competition and on American companies that are shifting American jobs overseas. That’s a not only a good thing for America, that’s a terrific thing for American history.
Further, Donald Trump calls for lowering and simplifying tax brackets in a flat tax arrangement. Chinni is self-retarded to think otherwise.
If you understand the entire tax issue Trump offers it reduces overall taxes. Taking pieces of his plan is stupid.
And the fact that Trump is going after the hedge fund managers who get unfair tax advantages and pay less tax than the rest of us while making millions by basically gambling for a living, is fine by me.
Me too. I would prefer the FairTax in HR 25 and I think it has a good chance once the IRS staff is laid off, retired and reassigned. But I can see that Donald Trump wants to do right by America. My only demand is that he have Ted Cruz on the ticket with him.
Trump proposes four graduated tax rates.
1%,5%,10%,15%
If you think any working man gives a shite if a hedge fund manager gets his taxes raised you are more stupid that your endless Trump attacks would indicate. Hedge Funds are the Republican version of Carbon Credits.
That is called Progressive taxation
against mergers that move jobs overseas.
In my case it is called a tax cut.
He’s talking about taxing hedge funds types who make MILLIONS of dollars a year and pay less in taxes than the average American... could be percentage... Anyhow it’s NOT like the dems who talk about ‘taxing the rich’ and they really mean the middle class. In Trump’s world ‘rich’ means ‘rich beyond imagination’ for most of us... Rich like we’ve never met people with that much money... Basically Trumps taking RICH LIBERAL ELITES... then he’s still tilting somewhat toward a flat tax...
Well, plenty of time for Trump to sharpen his message in the months ahead. Nobody gets to vote until February when the primary season starts. Still almost half a year away.
The IRS Will Close This Tax Loophole — Unless Wall Street Gets Its Way
JULY 9, 2015
Hedge fund managers are fighting to keep a little-known tax cheat that saves them hundreds of millions, if not billions, of dollars.
nearly a decade, Democrats from President Obama on down have vowed to close the “carried interest” loophole, which allows investment managers to classify a substantial portion of their income as capital gains, benefiting from reduced tax treatment. But there’s another, even more audacious loophole hedge fund managers routinely use to further reduce their tax burden.
It involves a form of laundering—cycling money through shell companies pretending to sell a specialized form of insurance. Using this technique, the nation’s biggest hedge fund managers have shielded hundreds of millions, if not billions, of dollars.
http://prospect.org/article/irs-will-close-tax-loophole-unless-wall-street-gets-its-way
To understand the loophole, you must consider how hedge fund managers get paid. The industry standard is a “2 and 20” setup. For every investment in the hedge fund, managers get 2 percent off the top, and then get the “carry,” which is 20 percent of all profits gained once the fund achieves above a certain threshold. The 2 percent off the top gets taxed at rates equivalent to income; the 20 percent of profits gets taxed, under the carried interest rule, as capital gains. The top capital-gains tax rate is 23.8 percent, a little more than half the top marginal tax rate of 39.6 percent.
However, one massive tax break is apparently not enough. Hedge fund managers still had to deal with the other part—the 2 percent off the top. As hedge funds have increasingly failed to reach the hurdle that unlocks their percentage of the profits, the 2 percent management fee has become a greater share of income. So to lower the tax burden on those earnings, hedge funds decided to transform them into capital gains too.
http://prospect.org/article/irs-will-close-tax-loophole-unless-wall-street-gets-its-way
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