Posted on 09/02/2015 10:28:23 AM PDT by 11th Commandment
Republican presidential candidate Donald Trump said he “would take carried interest out” and that people who make money from hedge funds and limited real estate partnerships should pay more in taxes in an interview on Wednesday’s broadcast of Bloomberg TV’s “With All Due Respect.”
After Trump said he would “simplify” the tax code, he was asked, “in this respect, you want to tax carried interest in the same way as ordinary income is taxed?” He responded, “I would take carried interest out, and I would let people that are making hundreds of millions of dollars a year pay some tax, because right now they’re paying very little tax, and I think it’s outrageous. I want to lower taxes for the middle class. I want to lower taxes for people that are making a lot of money, that need incentives.”
(Excerpt) Read more at breitbart.com ...
I am still studying this issue, but I think this is one of those transpartisan issues and Trump is on to something. Rush also pointed out the hedge fund guys are big democrats and they got congress to write the tax code to for Tax Carried Interest.
Indeed, Trump’s Flat Tax is the way to go.
Note that Trump’s tax plan in his 2011 book has a top marginal rate of 15%. So the folks paying 39% on ordinary income would get a tax cut and the people paying 20% on capital gains would get a tax cut.
Trump is right again.
He may be right on this loophole but he is simultaneously attacking Bush’s financiers.
HOORAY Trump
Twofer, Bush supporters and Democratic Party Supporters.
“Trump is right again.”
He sure is. Those hedge fund managers have been making off like bandits and Grover Norquist (married to a Muzzie) and the monied elite GOPe have been playing the GOP middle class for suckers for years.
Pardon my ignorance, but just what is ‘Tax Carried Interest’?..........................
Trump has a flat tax, when did this happen, his last proposal I saw had several progressive tax brackets
I stand corrected. Trump is for a top tax rate of 15%, no more loopholes like Carried Interest. I had assumed that meant a 15% flat tax rate.
Up to $30,000, you pay 1%
From $30,000 to $100,000, you pay 5%
From $100,000 to $1 million, you pay 10%
On $1 million or above, you pay 15%
The GOP Establishment elite from Boehner and McConnell and Priebus, right down to their local button men need to pay, and pay dearly, for their betrayal of the American public after their 2012 victories - a betrayal which continues unabated.
VOTE TRUMP!
This was a major issue in 2012 because Romney wouldn't release his tax returns because he had a lot of carried interest income.
Which prompted Harry Reid to say that he knew someone who had seen Romney's return and Reid would reveal what was on Romney's return. Of course Reid had no knowledge of Romney's return and was making it up but he knew Romney couldn't/wouldn't contradict him.
Any way, I think you and many others here need to be supporting Elizabeth Warren or Bernie Sanders
Say you build homes, you are taxed at the ordinary income rate when selling houses even though they sure look like capital gains. Its the opposite for hedgies. They are always taxed at the cap gains rate - and only when they liquidate. No one wants higher taxes on anyone but this is a clear skate by the hedgies.
I am still reading to understand but it my estimation I don't see how it is not ordinary income.
this seems more a cut the loophole and lower taxes plan.
He could sell this if it means everybody would pay income tax. From the part-time retail clerk to major hedge fund managers. Right now too many people are exempt and thus have no skin in the game.
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