Posted on 05/11/2016 7:00:11 PM PDT by Hojczyk
Economist and CNBC host Kudlow tells Politico the changes he and Moore are recommending are just "tweaking" Trump's original plan, but the Tax Foundation now estimates those revisions would expand the deficit by $3.8 trillion.
"The full effect of all the things we talked about would have a very important reduction in the deficit," Kudlow tells Politico. "The economic growth would be increased, as would jobs and wages."
Trump's initial plan included eliminating federal income taxes for individuals making less than $25,000 and for married couples earning below $50,000, slashing the highest income tax rate from 39.6 percent to 25 percent and cutting the business tax rate from 35 percent to 15 percent.
Some of those numbers could now shift, Kudlow tells Politico, adding, however: "Mr. Trump has not signed off on any of this."
Economist and CNBC host Kudlow tells Politico the changes he and Moore are recommending are just "tweaking" Trump's original plan, but the Tax Foundation now estimates those revisions would expand the deficit by $3.8 trillion.
"The full effect of all the things we talked about would have a very important reduction in the deficit," Kudlow tells Politico. "The economic growth would be increased, as would jobs and wages."
Trump's initial plan included eliminating federal income taxes for individuals making less than $25,000 and for married couples earning below $50,000, slashing the highest income tax rate from 39.6 percent to 25 percent and cutting the business tax rate from 35 percent to 15 percent.
Some of those numbers could now shift, Kudlow tells Politico, adding, however: "Mr. Trump has not signed off on any of this."
(Excerpt) Read more at newsmax.com ...
Meanwhile, Clinton turns to Lisa Kudrow and Michael Moore.
>>every citizen should pay taxes.
Not income tax. NO one should have to pay any income tax.
We the People were most prosperous when there was no income tax. There was no income tax from our nation’s beginning and for many years, until the commies instituted the PROGRESSIVE income tax, stripping much wealth from American citizens.
So are we! Bad news. Mathematically, we are not “middle” anymore.
By a few dollars. State, Federal and Local 56%.
This Country needs an Enema!
I agree WW was a piece o crap.
Larry Kudlow has a radio show on WABC radio on Sunday morning. I have listened to his show for year’s and have never picked up that Larry was against Trump. He started out questioning the other guests about Trump early on but now he seems to supportive.
Larry Kudlow is a good person for Trump to pull in to the fold. He lives in Connecticut and was going to run for Governor a few times through the year’s.
The 25% top rate should be sacrosanct. That was Coolidge’s top rate.
Though the REAL tax reform we need is repeal of the 16th Amendment.
Every citizen does pay a lot of taxes. Exorbitant taxes. Even the poor.
NO citizen should have to confront, naked and unarmed, the Federal Government.
That situation is what the 16th Amendment created.
“year’s”
Don’t look now, but your apostrophe is hanging out...
National sales tax sounds about right.
Good idea....Excellent professional choices.
I’d prefer Dave Ramsey’s ideology... get out of debt, stay out of debt.
Yes government is different, but not $19 trillion worth!!!
(waiting in a line... ask someone to write down 18 trillion... take it from there if you want)
“...cutting the business tax rate from 35 percent to 15 percent. “
‘bout time.
America should be the best place in the world to do business.
Like it used to be.>>>> the so called business tax that we pay should be zero. income tax repealed.
Trump’s tax plan has brackets for Long Term Capital Gains. Instead of it being 15% for all income levels, it is 0% for Income up to $100K (Married), then 15% up to $300K and then 20% above $300K. Essentially, Trump’s plan allows investing tax free for people with income below $100K and raises the tax rate from 15% to 20% for those with incomes above $300K.
This addresses one of the complaints of wage earners — that the very wealthy pay a lower tax rate than they do because all their income comes from LTCG or other special classes of income.
It makes sense for people who are investing money they have already paid ordinary income tax rates on to pay a lower rate on their LTCG, but the wealthy whose only source of income is LTCG only ever pay the lower LTCG rate.
Does it really make sense for a wage earner to pay 25% on his marginal wages, invest it and then pay another 15% on his LTCG while a wealthy person pays only 15% on his income ?
LTCG are really a screwy way to tax someone when you are talking about the very wealthy whose only income is what they draw off their securities portfolios. Remember that LTCG are only taxed when realized — if you don’t sell securities, they can grow forever and never be taxed. If your portfolio goes up by a $1M but you only need to sell $200K in shares to live on, then you only pay 15% tax on $200K not $1M. Your effective tax rate can be just 3% — which is pretty tough to explain to that wage earner paying 20% or more overall on his wages. It feeds the meme that “the system is rigged” against the little guy.
I think Trump should ignore Kudlow and Moore on this LTCG tax rate “tweak”. They may think it benefits the economy to lower the LTCG rate for the very wealthy but it won’t make lower income people happy to see the wealthy paying a lower rate on their income than workers do on their wages.
Agreed - but..... do his predictions of expanding the deficit include spending as usual or a saner fiscal responsibility?
Glad to see that trump is turning to "specialists" as any good Exec would. Also glad that he had the plan that taxed the people the least of all the other plans as his "Alpha Test". Be pro-The People, means initial errs on the side of the People and tweaking only as necessary to insure stability.
So I guess one would have to balance the "skin in the game" advantage (whatever that is) against that processing cost.
A 10% import tariff brings in $270 Billion and promotes domestic manufacturing. All good. 20% even better.
Cocaine Larry Kudlow, the man whose moral compass is set by the S&P futures. Not a good pick for Trump.
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