Posted on 08/08/2016 6:41:47 AM PDT by bobsunshine
Democratic and Republican nominees Hillary Clinton and Donald Trump agree that the U.S. tax code needs major changes, but their proposed changes have drastically different effects on Americans pocketbooks.
Clinton wants to increase taxes on individuals, specifically wealthy Americans, and businesses. She also proposes a significant change to the capital gains tax and wants to expand the estate tax, according to analysis by the Tax Foundation.
Trump wants to abolish the estate tax and wants an income tax reduction that encompasses most American families.
Lets get into the specifics of each tax plan and how they impact Americas bottom line.
Hillary Clinton
Clintons plan is carefully tailored to affect pretty much only households making over $250,000 in income. There are a couple tax changes that might incidentally affect people in the middle class or low income brackets, but in general it is a tax increase on households making over $250,000 and nothing else, Scott Greenberg, analyst with the Center for Federal Tax Policy at the Tax Foundation, told The Daily Caller News Foundation............
Donald Trump
The Trump plan affects everybody. Its very hard to imagine a single tax payer who wouldnt be paying less in taxes under the Trump plan. There are tax cuts for the rich, the middle class, and for the poor. Really across the board tax cuts, said Greenberg to TheDCNF.
(Excerpt) Read more at dailycaller.com ...
“It’s like arguing over which level on the Titanic you’ll occupy.”
I’d have preferred to occupy a life boat....
What’s the point of analyzing Hillary’s “Proposal”? This lady lies more than she tells the truth.
We really have no idea what she will do, or had bad she will be for America, if elected.
Yes, the politics of envy as opposed to examining what it is that has kept one from achieving success which more often in life is a succession of bad choices augmented by some kind of addiction.
Clintons plan is carefully tailored to affect pretty much only households making over $250,000 in income.”
If a government systematically targets a group of people for any reason it makes them eligible for refugee protection under international law.
They might apply to say Switzerland or Singapore for asylum from Democratic tax persecution.
I have proposed an scofflaw immigration amnesty in exchange for a package of Constitutional amendments on taxation, judicial power, benefit funding.
Here are some taxation limitations I propose:
1. a. for any person or entity (within any jurisdiction), 8% on total state (and local) income taxation
b. 8% total maximum on excise, occupancy, sales and use taxes of all types, except 100% maximums on telecom services and devices, motor fuel, sweeteners, food with over 12% fat and/or oil and/or over 2% added sugars by weight and alcoholic/containerized beverages and no maximums on tobacco or drugs, with existing federal excise taxation priority
c. no new government payment/purchase/provision mandate, federal tax or impost, excluding import duties
d. financial impositions on and related to privately owned real property (and its rental, repair, renovation and transfer) may only be made under state and local law and they shall be limited to:
A. annual real property tax on a residential building and its curtilage of up to:
1. $2 per square foot of any finished/cooled/heated/plumbed open plan area on the first floor or higher, plus
2. $150 if the open plan area includes a food preparation counter or cooking unit, plus
3. $300 per finished/cooled/heated/plumbed room not in a taxed open plan area
a. halved for half-baths, laundry rooms, attic/basement/over garage rooms not legal for bedroom use and
b. $0 on foyers, atriums, hallways, stairwells, closets, pantries, lanais, porches, and vehicular garages not legal for bedroom use
plus the following optional surcharge percentages
1. up to 15% to build/maintain public roads in the levying jurisdiction
2. up to 2% to provide free library service within 10 miles of the property
3. up to 2% to build/maintain public parks
4. up to 20%, if required by statewide law
less, in any tax year, 6% of the impact fees collected on the property in the prior twenty years
B. an annual tax of a percentage of up to 1.5% set by state law of market value on other real property
C. recording fees of up to $50/instrument, but no more than $100/transfer in total
D. impact fees of up to an absolute total of $6,000/housing unit and $2/square foot of enclosed non-residential space
E. total other construction related fees of up to $1 per square foot for a new building or on an existing building $30 plus $20 for each of the following trades involved: roofing, electrical, plumbing
Real estate tax caps alone might switch New York, New Jersey and Connecticut into our camp.
I know 95%+ of you are opposed to an immigration amnesty, but it is inevitable because most leading politicians of both parties want it - cheap labor for Republicans and surefire votes for Democrats.
I’ll trade the inevitable amnesty for permanent Constitutional tax/fee/fine&penalty caps.
“Trump has a YUGE !! tax cut plan”
Federal tax cuts are unrealistic - each year we are spending hundreds of billions more than we are taking in.
The past federal tax cuts were only possible because most women entered the workforce in the 1970’s and 1980’s.
Typically a free society is better for everyone’s bottom line. Unless you are on welfare-Trump is your guy.
Another possibility to swing the election our way is proposing a state tobacco tax cap under federal law, which Congress can do because it impacts commerce.
That would mainly crimp greedy blue state government greed and get us millions of smoker votes in places like California and the Northeast.
I’m much more concerned about the Second Amendment. And the Rats are no friend of the Second Amendment.
Typically a free society is better for everyones bottom line.
Trump is promising to reduce taxes. I hope he's telling the truth.
Trump ... for a fighting chance.
If Republicans were smart (which clearly they are NOT) they would end the Federal deductibility of state and local taxes.
Blue states would be flipping to red faster than you can say H&R Block.
What's the lie?
I got 150,000 from my grandfather’s will and had to pay taxes. Big scam...no taxes my butt. Huge lie that needs called out.
It just takes a little analysis, and comparison helps. Income taxes are one kind of tax. The amount owed is based upon the financial (tax) circumstances of the recipient. The financial circumstances of the payer is irrelevant. No doubt, income taxes are paid by the recipient.
A different form of income is capital gains. The amount of tax due is based solely upon the financial circumstances of the recipient. No doubt, cap gains is paid by the recipient.
An estate tax is not like either of those. It's not an income tax, but a wealth tax. 1) It's based upon an estate, which is not income, but accumulated income, and 2) It's based upon the financial circumstances of the deceased, not the heirs. The total size of the estate subject to estate tax, IOW. The financial circumstances of the heirs is irrelevant.
Therefore, it's a tax triggered by death, it's a wealth tax, and it's calculated solely upon the financial circumstances of the deceased. It's as clear as can be that the deceased pays the taxes, and calling it a death tax is accurate.
You may disagree about the advisability of an estate tax, but it's certainly paid by the deceased.
I am on Soc Sec Disability but what good will it do me if Hillary wIns and we become a 3rd world country?
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