Judge Napolitano just said said on Fox Business…he filled in on some radio show and saw shocked 10-1 against Megyn Kelly
Donald Trump’s Plan for Your Taxes Might Be EXACTLY What He Needs to Win the White House
http://www.freerepublic.com/focus/f-news/3322838/posts
How do you replace a 500,000 word tax code with a soundbite?
Of course he doesn’t have a full plan. He will need to craft a plan that will get through congress. That is going to take a lot of negotiation. At least he has vision.
Have none of these people read his book?
Five point plan, all laid out.
It’s not rocket surgery...
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.
The best way to simplify the income tax is to abolish it and the IRS.
It’s basically a return to the original income tax of 1913, which in all honesty was perfectly fine. One page, very, very low rate on everyone, and very slight graduation topping at 6.5%.
As good a plan as any I’ve come up with (not that I’m a tax lawyer).
But something meaningful has got to be done. Especially since the tyrants have shown us they have no qualms about using the heavy hand of the IRS for political purposes.
Apparently a Republican controlled Congress can’t seem to put a criminal like Lerner in jail, much less reign in the IRS, so this is the next best thing.
* No Fair Tax, Flat Tax yes as an alternative to the current system and get rid of the current system when adoption is at a high percentage. It won't pass Congress any other way.
* One gnome a CPA says they are fine with a Flat Tax, they will shift their practice to helping small businesses with their accounting and making money.
It is all good, we just need a candidate ( Trump?, Cruz, Walker, Carlie? ) with the cohones to make it priority in the 1st 100 days...
Someone had a 3 rate ‘flat tax’ a few years ago (Forbes, maybe), and it was still called a flat tax.
His plan in 2011 was a 4 rate ‘flat tax’:
•Up to $30,000 of taxable income: 1%
•From $30,000 to $100,000: 5%
•From $100,000 to $1 million: 10%
•On $1 million or above: 15%
I like it far better than a straight flat tax, because 10% of a poor man’s budget is a potential deal breaker. In this plan, 15% of a millionaire’s income is not a burden at all.
That said, I would see the entire budget as spent as being funded by this tax, so SSN and Med be ended as separate line items and incorporated in the above tax plan. It might force 2%, 10%, 20%, 30%, but none of those are crippling, and especially if the payroll taxes are removed as separate items, given that they were approximately a 7% bite out of every paycheck.
I also think it’s wise to have EVERY American with skin in the game.
CORRECTION - SEE CAPS BELOW
Someone had a 3 rate ‘flat tax’ a few years ago (Forbes, maybe), and it was still called a flat tax.
TRUMP’S plan in 2011 was a 4 rate ‘flat tax’:
•Up to $30,000 of taxable income: 1%
•From $30,000 to $100,000: 5%
•From $100,000 to $1 million: 10%
•On $1 million or above: 15%
I like it far better than a straight flat tax, because 10% of a poor man’s budget is a potential deal breaker. In this plan, 15% of a millionaire’s income is not a burden at all.
That said, I would see the entire budget as spent as being funded by this tax, so SSN and Med be ended as separate line items and incorporated in the above tax plan. It might force 2%, 10%, 20%, 30%, but none of those are crippling, and especially if the payroll taxes are removed as separate items, given that they were approximately a 7% bite out of every paycheck.
I also think it’s wise to have EVERY American with skin in the game.
If a president Trump attacks the tax code, and the anti-business regulations that have been put in place since the GHWB administration, you are going to see American business grow like you haven’t seen since the Reagan years.
I would love to see a return to the 80s. I am in my late 50s, and the best time of my life was during the Reagan years.
I want to live it again!
Any tax system based on income, regardless of rates, is not enforcable in America as it presently exist. Voluntary compliance is declining every year and the underground economy is overtaking the official economy. A fast growing number of individual and businesses have discovered that the rewards for non compliance are greater than the penalities. Rates can not be set high enough to compensate for avoidance and can not be set low enough to gain universal compliance. Like it or not, we are in a new world and a tax system designed for a primarily wage based economy is no longer able to generate the necessary income.
The income tax does allow for a high degree of control by the political class and as long as government has unlimited ability to borrow, the desire for control will remain more important than the need for revenue.
No real Conservative should defend any form of the income tax. Consumption based taxes and tariffs are Conservative tax plans.
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.
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.
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.
Won’t give whole plan yet.... nor will he ever