Trump Plan Cuts Taxes for Millions

wsj.com ^ | Sept. 28, 2015

[Helicondelta]

Republican presidential candidate Donald Trump plans to unveil an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.

Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.

Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too. For example, an analysis of Jeb Bush’s plan—taxing individuals’ incomes at no more than 28%—by the business-backed Tax Foundation found that the biggest percentage winners in after-tax income would be the top 1% of earners.

[eartick]

Is this guy efficient or what?

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You are going to need more than a 4 page pdf file to reform the tax code.

[editor-surveyor]

.
>> “It looks like Trump’s plan is meant to encourage people both to work and to be hired in an invigorated economy.” <<

.
Purely imaginary.

That pile of undies on stage is growing.

[RoosterRedux]

The are currently treated their ordinary income as long-term capital gains under the "carried interest rule."

This will be a minor change of 5% more.

[Parley Baer]

“The only thing I don’t like about it is that low income families pay no tax. Then take away their voting rights too. I think everybody who votes should be a stakeholder.”

I agree. At least it is a start.

[Magnum44]

Eliminating taxes up to the middle class will help to get the buy in needed to get the corporate reductions passed and into law.

Not sure I see the connection, but happy to listen to the argument.

Taxes are always a disincentive of some kind. Progressive income taxes are a disincentive to increased earnings. Less taxes is less disincentive. Flat tax makes all earners aware, by means of their pocketbooks, the cost of govt. I would be in favor of a flat tax, but that rate can be abused as well if spending is not curbed.

I would also favor a consumption tax replacement to the income tax, but again, that may be abused by large govt.

[editor-surveyor]

.
You confuse a simple record keeping and data check with the IRS.

Perhaps you really don’t know what they are?
.

[Myrddin]

I dont think ANYBODY should pay no taxes.

I agree. The bottom 50% are the biggest tax consumers via "entitlement" programs. If the entitlement leeches are paying no taxes, perhaps their entitlements should be reduced in proportion to the taxes that won't be collected.

[wardaddy]

That’s not true

[SamAdams76]

And I'm sure there are many more details behind that 4-page PDF. However, for a citizen-facing website, those four pages are perfect as they precisely outline what will be done.

99% of the people are not going to wade through hundreds of pages of detail but most of them can easily digest this very concise outline of the plan.

[dragnet2]

Middle America wages, their medical benefits, and retirement pensions have been declining for decades. While middle America has been looted by government the malicious MSM props them up. As if somehow a government that refuses to secure it's own GD borders while aiding and abetting millions of criminals is somehow a legitimate.

During all this time, the wealthy, those in government became wealthier and more and more corrupt while government only grew and became larger, more arrogant and controlling.

These bloated obese bastards needed to be gone many years ago.

Most Americans PO'd and know they're being conned. The jig is up Sam.

[dp0622]

I forgot about entitlements on TOP of no taxes. What kind of conservative package is that?

You want to have eight kids on a 30k salary, that’s your business. Dont bug me.

[Amntn]

Honest question. Will this plan benefit you and your husband?

[wardaddy]

The plan reduces top bracket from 39.5 to 25%

how does that translate to rich pay more than they already do?

[conservative98]

FoxNews.com is treating Trump unfairly. Both CNN and MSNBC .com haave the Trump tax plan as a main story. FoxNews.com has nothing.

[FreeReign]

Eliminating taxes on most Americans is a political and economic winner.

No. It's more people getting more free stuff.

Taxes are best when are low and flat across the board.

[conservative98]

Wait a minute. I just found a mention of Trump’s tax plan on FoxNews.com buried in small print. smh.

[Magnum44]

I think I know who the IRS is (been having to file for over 35 years), and I am not in support of the current organizations abuse of power. But even collecting the flat tax post card and doing the data check from over 100 million taxpayers will require a small footprint.

[wardaddy]

I’m a millionaire on a good year

I pay a buttload of taxes

You can’t just move money earned here offshore and negate taxes

That Infowars level awareness

Tax shelters today are not very effective

Reagan killed all that 30 years ago on the revision on limited partnerships

Aside from interest and depreciation there isn’t much you can do

Trust me on this

I’ve paid an effective tax rate of over 50% when selling assets when non recaptured depreciation comes into account

It’s brutal

What throws people off is that punitive business taxes can make personal income tax less

But you’re still paying tax thru the business

[RoosterRedux]

I think you are right. A strong economy is great for everyone.

[Trapped Behind Enemy Lines]

Bingo!