if you do the math, and i did, his plan will net about $500b in tax revenue.
this is far short of the $3+ trillion in tax revenue the US raises annually now (and spends about $4.5 trillion)
Posted on 08/10/2015 7:13:51 AM PDT by Jack Hydrazine
The liberal media has been going absolutely berserk over Donald Trump’s remarks on immigration. However, they are ignoring his stances on other issues, some of which are very insightful.
In his book, “Time to Get Tough: Making America #1 Again,” published in 2011, Donald Trump laid out a plan to transform America’s tax code, and it is beautiful.
Trump’s code, which he calls the “1-5-10-15 income tax plan,” is a simplistic way to fix our nation’s broken taxation system, without putting the strain on any particular group of people.
Under Trump’s tax plan, those making up to…
$30,000 per year will pay 1 percent in federal income taxes $30,000 to $100,000 will pay 5 percent $100,000 to $1 million will pay 10 percent $1 million or above will pay 15 percent “It’s clear and fair,” wrote Trump on his tax plan. “Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.”
Trump also wrote, “Imagine your paycheck was 40 percent higher than it currently is. What could you do with 40 percent more wealth? How many jobs and opportunities for others could you create?”
“The longer you really think about it the madder you will get,” he wrote, “especially when you consider the waste, fraud, and abuse the federal government traffics in as it inflicts its self-defeating policies on hard-working Americans.”
Trump’s rhetoric on taxes continues to this day. On CBS’ “Face the Nation,” Trump stated that he tries to pay as little tax as possible.
“I fight like hell to pay as little as possible, for two reasons. Number one, I am a businessman, and that’s the way you are supposed to do it. And you put the money back in your company and employees and all of that.”
He also added, “But the other reason is that I hate the way our government spends our taxes. I hate the way they waste our money, trillions and trillions of dollars of waste and abuse. And I hate it.” (H/T WND)
Trump’s proposed tax plan is fair and shows real promise at fixing what has arguably become America’s biggest headache. It doesn’t tax the poor to the point of bankruptcy, and it doesn’t punish the rich for being successful.
What happened to the tax revenues the Feds received when Reagan overhauled the tax structure a bit?
This is not overhauling the tax structure "a bit". This is completely eliminating all business taxes, all capital gains taxes, all inheritance taxes, and slashing personal income tax drastically. Way beyond anything Reagan suggested.
And also what happened to the deficit during Reagan's years?
Revenues went up because taxes went down much to the chagrin of the Dems who insisted that tax revenues would drop.
The deficit ballooned because Reagan was unable to get spending under control because the Dems didn’t want it.
You significantly reduce taxes like Trump is suggesting and you’ll see an explosion of business increase and the amount of revenues increase into government coffers.
The secular humanist liberals thought of that too. That's why there is state-sanctioned doctor-assisted suicide, even for nominally healthy people.
As I pointed out, Reagan did not eliminate capital gains taxes, all business taxes, inheritance taxes, and the bulk of the personal income taxes. Had he done that then revenue would not have gone up. Without out that there is no way private industry can create enough jobs to make up the difference.
The deficit ballooned because Reagan was unable to get spending under control because the Dems didn’t want it.
He didn't really try very hard.
You significantly reduce taxes like Trump is suggesting and you’ll see an explosion of business increase and the amount of revenues increase into government coffers.
Nonsense. States like Louisiana and Kansas have taken similar steps in eliminating taxes recently and are having problems cutting spending fast enough to keep up with the losses in revenue. So if Trump does that on a national scale then what would he cut to keep the deficit from exploding?
Modified ‘Fair Tax’ (*NO* exemptions) - it’s the ONLY Constitutional method. I could care less if it’s ‘revenue neutral’ or not; Fedzilla gets and WASTES more than it knows what to do with, even if they are within the bonds of the Constitution. Bring back Freedom, Liberty and, most of all, CHOICE!
Just because you don’t make $X+, or are no longer in the work force, does NOT mean you don’t utilize govt services (prob. the reverse). Let’s go back to re-use, trade/barter. The LESS govt in our lives, the BETTER.
Anyone with a better idea that doesn’t break the 4th, 5th and 13th (like the current income tax or the vaunted ‘Flat Tax’), I’m all ears.
Trump’s plan is liberal, progressive taxation. A conservative tax is a flat tax, no two ways about it.
You reduce the size of government and its spending and you will see private industry and individuals be able afford government once again.
The problem is spending. We are spending WAY too much for government. We need to get government back to its core mission of what it does best and get rid of the rest.
Total taxes collected that are more than 20% of what the total money made in America/by Americans should be considered criminal.
Economists recognize that 19 to 20 percent is the sweet spot. Go back to the Torah and you’ll see that when Joseph became the viceroy of ancient Egypt he reduced taxes to 20 percent. This led to a seven year explosion in the economic vitality and taxes collected by the Egyptian government until the drought hit.
And by what authority does the Fed, let alone the State, get to OWN a Citizen for 10%?
No matter the %, an income tax is *still* a SLAVERY TAX, by degrees.
1st point of order - restore the Constitution.
2nd point of order - divy, by State (by population??) for their % of the LAWFUL govt obligation.
THEN, and only then, would I be for States to withhold their obligation (in escrow) for any 9th/10th hanky-panky
I would rather have a 10% federal tax on everyone and all corporations. Then another 10% max by the States.
If our elected and un-elected government officials can’t live within that means they either need to be in the private sector or in jail.
How about if we pay our all of our taxes indirectly to the District of Criminals via the state treasuries?
Yeah, but since Trump has already said he's going to keep Social Security and Medicare at their same levels, has said he will be increasing spending on the military and veterans, and can't do much about money spent paying on the debt, then what can he do to balance things? Bearing in mind we're still running deficits in the half-trillion dollar range with the current revenue stream; how will be be able to cut enough with that revenue stream is reduced?
Economists recognize that 19 to 20 percent is the sweet spot. Go back to the Torah and you’ll see that when Joseph became the viceroy of ancient Egypt he reduced taxes to 20 percent.
Joseph wasn't spending $600 billion on Defense and well over a trillion on Social Security. And Trump is talking a lot lower than 20%
When you can print funny $ out of thin air, what matters that taxes are collected (except to keep the amount of funny $ bills out of circulation).
Now, if we were talking about a Constitutional Republic being mandated to utilize silver and gold as the ONLY means...
Then we’re screwed.
Fixed it for you:
intended purpose of revenue generation for lawful/Constitutional obligations
No matter who gets elected. It's just a question of degree.
I’m all for ‘structured payments’: people -> biz/services -> State -> Fed.
Fed should ALWAYS be the LAST in line...not the 1st like today
Still, no matter the %, an income tax is *still* a SLAVERY TAX, by whatever degree you pay...completely anti-thesis to a Free people.
I agree we should get rid of the income tax and the 16th Amendment.
I tend to say that anything above 20% is a slavery tax no matter how you tax it - directly or indirectly.
if you do the math, and i did, his plan will net about $500b in tax revenue.
this is far short of the $3+ trillion in tax revenue the US raises annually now (and spends about $4.5 trillion)
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