Posted on 08/11/2015 6:05:11 AM PDT by Hojczyk
Republican presidential candidate Donald Trump stated that on taxes he supports, simplifying the tax code and wants to “reduce taxes” on Tuesday’s broadcast of the Fox News Channel’s “Fox & Friends.” Although, he later added on CNN’s “New Day” that “I know exactly what I want to do, I just don’t want to announce it yet.”
Asked about his tax plan, Trump said, “You have so many plans Steve, and you have the Fair Tax, and you have the flat tax, and you have the current system, but it’s too complicated. Frankly, what we should do is…start it off by simplifying our current system, put H&R Block out of business, knock them out, put them out of business. A simple return, people have to go out and pay a lot of money to get help, to fill out their tax returns. And I’m talking about a simple return. We have to simplify our code, we have to bring down taxes, but we have to simplify our code, Steve, it’s too complicated. You can’t do it. You have to go — in my case, I have lawyers all over the place. I have accounting firms all over the place, everybody. You have to simplify this tax code. And from that point on, you can maybe do something else. But before we do anything, simplify it. Make it nice and easy for people to understand, and reduce taxes.”
In an interview on CNN’s “New Day” shortly after, Trump was asked, “You know you’re have to do better than that, as you go forward here, in terms of putting out ideas that people can cling to. What do you think should be the top tax rate, for someone, let’s say, like you who’s a billionaire?”
(Excerpt) Read more at breitbart.com ...
Trump cannot get specific. If he does, then his allure is gone. For him to be effective in his goal, he must be everything to everyone.
Your logic and thoughtfulness make me sick, sick, sick!
Get emotional or get off FR!
BFLR
I thought he already had a proposal...
Here it is:
http://www.investopedia.com/articles/investing/080415/america-donald-trump-president.asp
TRUMP’s FIVE-POINT TAX PLAN
One carryover from Trump’s 2000 presidential platform is his five-point tax plan. The plan in 2015 is slightly modified to account for inflation and larger government debt, but otherwise, it is very similar.
Trump wants a repeal of the U.S. death tax, or what the IRS refers to as the estate tax. Trump cites a Congressional Budget Office (CBO) study that suggests that some 1.5 million new jobs aren’t created because of the tax on large wealth transfers to non-spouse heirs. As of 2015, the estate tax applies to estates larger than $5.43 million.
President Trump would also seek to reduce taxes on capital gains and dividends; “capitalism requires capital,” as Trump noted in a speech. He wants corporate taxes set at zero to encourage American companies to stay and hire domestically, creating jobs at home.
Along with his 20% tariff on imported goods, Trump also wants to impose an additional 20% tax on companies that hire foreign workers.
The fifth part of the five-point plan is a simplified tax code with the following brackets: 1% tax on the first $30,000 in income, 5% tax on all income between $30,000 and $100,000, 10% tax on all income between $100,000 and $1 million, and a 15% rate on all income above $1 million.
A consumption tax is so much better and keeps a very tight lease on government, especially during recessions. That said there are two problems:
1. You’ll still need some form of collection agency/auditor.
2. The ruling class benefits from the current code. The welfare class benefits from the current code. How do you get a change through Congress?
“ISIS plan: “they’ll be in so much trouble if I’m elected”.
Immigration plan: “build a wall. charge the mexicans”.
Iraq plan : “hit them, and then take their oil”.
Tax plan: “put H&R block out of business”.
“with specifics like this, I can certainly see why he is such an attractive candidate.
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Amazing detail in comparison to Zero’s campaigns!
With all due respect and empathy for accountants, it is ridiculous the amount of money spent each year preparing and filing taxes in the US. The tax code is ridiculously complex.
That was a BS answer. It is like saying we need to make the government more efficient. Great, but HOW?!
And when you tell low income voters that they will no longer receive a $2-6,000 “refund” on taxes they never paid to begin with (the EITC), how happy do you think they will be? I think EVERYONE should have skin in the game, but the 50% who currently have none probably won’t agree...
How do you handle rental property? Will you still allow depreciation? What about investment income? Retirements? When is income income? Do you tax capital gains? How? At what rate?
Just saying “Simplify” doesn’t cut it. That isn’t a plan. That is just mealy-mouth BS.
I thought he also wanted to balance the budget.
About 18% of fed budget is from non-household sources, so 2.8 trillion remains to be collected from income tax sources.
Over half that, 11%, comes from business taxes. Those go away under Trump's plan.
Trump will also increase tariffs, so we’re talking approx. 2 trillion to fund from household income taxes.
I'm not aware of any revenue projections from those so $800 billion is as good as anything. But remember that tariff is the equivilent of a tax on each imported item a consumer buys since it will almost certainly be passed along.
The following chart is close.
You still need to get upwards of $4 billion out of that; easily twice what individuals currently pay in income and payroll taxes. And with considerably reduced rates. I don't see how.
I didn't follow that. Can you explain?
Well said!
>>shocked 10-1 against Megyn Kelly
It shouldn’t be shocking.
Jefferson’s “educate the common people” intent is being fulfilled by the internet.
More folks are able to access information and apply logic, reason, and common sense...
The results won’t be to the liking of the Royal state-establishers. Boo hoo for them.
The budget for 2014 was $4.8 billion. Trump has not announced any cuts to spending, instead he's pledged to increase spending on defense and veterans, and keep Social Security and Medicare at the ratest they are. In 2014 the government collected $321 billion in corporate income taxes, all of which disappear under Trump. It collected $282 billion from other sources, some of which was inheritance taxes but which also includes tariffs and what not. That may go up under Trump's new tariff plan as we agreed. Payroll taxes, you said you thought that Trumps income tax would mean that can go away. So, take a $4.8 trillion budget, subtract $800 billion from revenue from tariffs and what not, remove income you used to get from corporate income taxes and payroll taxes, and that leaves about $4 trillion that needs to come from somewhere. All that's left is personal income tax, and I question whether Trumps rates can produce that amount.
>>with specifics like this, I can certainly see why he is such an attractive candidate.
He resonates.
How does the present context stand in contrast to the political climate of 1933 Germany?
Course, the most pertinent point: RESTORE the Republic to its Constitutional boundaries.
The rest is moot w/out acknowledging just WHAT is the actual ‘bill’ for Fedzilla. Hint: It’s a hell of a lot less than $4T/yr.
1) The existing structure is already in place: $$ -> biz/service -> State -> Fed.
2) Congress? Use the States; they have the power to stop ALL payments to D.C., based on the 9th/10th...let alone the 5th and 13th.
It’s showmanship. Astute showmanship at that. He has already detailed his plan elsewhere, and if you pay taxes, admittedly there is a lot to like.
He’s slowly playing it out to keep people (and the media) coming back for more.
Marketing. He has already laid plans out in detail in his book. Actually did it in 2011. But now he’s playing it out slowly. Ever so slowly.
It’s all about the news cycles.
“I am starting to think maybe Republicans do not really want to simplify taxes?”
Of course they don’t it’s like infanticide and any one of dozens of other issues: if they actually fixed a problem, it would be one less thing for them to capitalize on in the future. Plus it allows them to shake down businesses for “loopholes.”
The gop is just as much of a plantation as the rats.
Oh, yah. I see what you mean.
I think this is the one thing Huck has right.
Everyone keeps talking about all having skin in the game, but they still don’t under the flat tax.
Billions of dollars pass through the system by illegal means. When Mr. Drug Dealer goes out and buys clothes, and $200 sneakers, and all his bling let him help carry the load as well.
It still allows for the end of the IRS.
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