Posted on 09/15/2015 9:59:37 PM PDT by entropy12
Conservative Presidential candidate Donald Trump is a smart businessman. He works hard, and does whatever he can to pay the minimal amount of taxes to President Barack Obama.
Now, as Trump announced in his book “Time to Get Tough: Making America #1 Again,” we learn Donald Trump’s bold and specific plans to completely restructure America’s tax code. And after the changes are made, every American will end up paying lower taxes.
Called the “1-5-10-15” income tax plan–this will likely form the basis of his presidential campaign. Tax proposals consist of the following:
* Those making up to $30,000 will pay 1 percent.
* Income from $30,000 to $100,000 results in a flat 5 percent.
* $100,000 to $1 million income will be taxed at 10 percent.
* On $1 million or above will be taxed 15 percent.
(Excerpt) Read more at thepoliticalinsider.com ...
Offering more stock puts more money in the corps pocket.
Buying someone elses stock puts money in the seller’s pocket. Owning stock that pays dividends puts money in the owners pocket.
It could all go south, but there’s economic activity and other consumin going on.
People will invest more if capital gains tax is eliminated. If you buy a stock for $1000, and sell it for $2000 after 10 years, a lot of that gain is due to inflation. Your $2000 does not buy twice as much as $1000 did 10 years ago.
Again, as my example shows in previous posts, a flat tax with only one bracket will incentivize low income people to go on welfare instead of working. That is one reason we have so many millions of adults not even bothering to work.
I should have added in broker’s commissions - and you know he’s gonna consume that! :)
A side note: I’ve been here long enough and seen enough to smell a Zot storm coming. This is not directed at you, entropy12.
No tax is fair. The only fair thing to do is to eliminate the income tax completely. Anything else, including a pure flat tax, is just paying lip service.
I liked Glenn back when he was on radio. Wish he would have stuck with it. Haven’t tuned in to his show for years.
One fixed rate flat tax would be fair, if there was a one flat deduction for all incomes.
Example: 10% tax for all, with $10,000 deduction for basic necessities and $5000 for each additional family member.
So if a family of 4 earns $60,000, their tax would be $3500
which id 5.8%, not far from Trump’s 5% flat tax in that income level.
Perhaps, but I think it's more than that. Part of it is it's "the rich's money and they can afford it" mentality. Part of it is there's not the shame of going on the dole like there used to be.
I think it would be interesting to be in a grocery line where someone driving a new car is paying with stamps - and *everyone* else in the line is thinking "I'm paying for that?"
I think there would be a lot of very good consequences when we're all on the same plan.
When was this published?
It is a progressive tax plan, which I am against, but it is far far better than what we have now.
(From Trump website / position paper)
IMO, after said period, employers should be required to pay foreign workers 20% over the prevailing wage, but I haven't seen any candidate go for that. Yet. :-)
Maybe they should lay off the booze?
Red Eye joke for those who don’t get it.
I can go there - if the IRS filing was half a page.
It's different than Trump's progressiveism though.
For me it is a constitutionaly travesty that I have to keep track of my income and all it's subtleties and report it to the government. The insult, the cost, the possiblity of special lobbyists...
If there were another way to achieve your low income exception... Maybe *they* have to file to get it. :)
Published in 2011.
If he keeps this plan, he just might win the election.
Wish we could do that. But we need military, immigration service, customs, international commerce control, FBI, CIA, emergency management service, air and water quality control, etc etc. Without taxes, how to pay for that?
I agree....it will be very popular except for a few ideologues. Trump is expected to publish his plan in 3-4 weeks. My guess is it will be close to what he describes in his book.
It’s insane the costs to keep up with the tax rules.
This is yet another big win for Trump.
Big loss though for CPAs. Won’t need them if this becomes law!
Trumps plan will win him lot more votes because it lowers taxes for vast majority of middle class.
I said, without income taxes. Income taxes account for 57% of government revenues in 2015. Reduce the size of government by 57% and you’ve accomplished the goal. 60% of Federal spending is on SS, Medicare, disability, and unemployment. Only 16% is spent on the military. You could cut entitlements and completely eliminate income taxes.
It would also help to eliminate a bunch of useless letter agencies: Departments of Energy, Education, HHS, Labor, and Homeland Security, to name a few.
Obvious savings from wholesale elimination of the IRS as well...
Yes, and that has historically resulted in higher income tax revenue - i think the same would occur for higher consumption tax revenue.
But, as you know the debate becomes "who can afford it.." "rich paying their fair share.."
Instead of what does the gov need to spend our money on, what can be cut... i think a flat consumption tax would do wonders to improve the debate on government spending. People would no longer be deciding how to spend other people's money - and how to take more of it from them.
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