I thought Trump already has a fair tax plan of sorts already out there. I don’t know what the uber rich pay, but it didn’t seem out of line to me.
Something change?
I don’t think this is accurate.
I’ve heard him say he believes in tiered system, like we have, where higher rates exist for larger incomes.
But he has said everyone will have reduced taxes.
Trump’s plan in his book is massive tax cut.
What the Wall Street Journal is really concerned about is that Trump threatens their employers, The Cheap Labor Express.
http://www.newsiosity.com/articles/politics/trump-raise-taxes-rich-give-others-relief
Trump: True Progressive
Can’t wait for his Foreign Policy speech on the 15th from the Battleship USS Iowa, in California.
The WSJ still hasn’t figured out that the Middle Class taxpayers & evangelicals are tired of voting for Republicans and getting shafted by them when they win.
Of course non gope Republicans see need for higher taxes on obscenely weathy who got it on the backs of the middle class.
Keep Trumping middle class Americans. Rein him into true conservatism.
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.
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.
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
Trump is not a Constitutional Conservative.
Because many former conservatives are googly-eyed smitten by his ability to bark snappy insults at deserving targets and that's enough, in their eyes, to support him for president.
I'm still holding out for a conservative.
Even worse, Trump wants to wipe out the last of personal savings by focusing on huge taxes against the private assets of individuals and families. He’s a New York style commie, and he’s spoken softly in favor of every issue for the radical socialists of the left before loudly blowharding sound bites for populism—things he does not intend to do.
Steve Forbes and Art Laffer are working with Trump on his tax and economic white paper so I wouldn’t be too worried about it.