Posted on 09/28/2015 8:18:50 AM PDT by 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.
(Excerpt) Read more at wsj.com ...
What about millions of government employee bureaucrats many whom are unionized who shouldn't be voting based on the fact it's a *major* conflicts of interest.
Good luck with that. The only ones to advocate that are quickly run out of the race.
I would attrite jobs and after a year with no one filling it, I’d get rid of the slot.
Check your FreepMail.
When Regan took office the Iranian hostages were released.
I would love to see a similar thing happen when Trump takes office, but for the economy. Major companies, publicly announcing “NOW HIRING,” preferably by taking up home page of their website or other similar things like raises or moving jobs TO the US and not to China, right after he takes the oath. That would really annoy the left.
That would be good. But 75 million people paying no taxes. Wow.
Even at 5 percent, that would add another 100 billion towards our massive debt. Plus they also get snap, etc.
Oh well. If it’s good enough to get him to win, like i said, that’s good enough for me.
The fact is you can play with rates, and cutting a rate does not necessarily cut revenues. Revenues and rates are not directly tied. Lower rates can encourage more economic growth which result in more overall tax revenues.... Same as higher rates can stifle economic activity and actually drive down tax revenues.
If a wealthy person can engage in activity A and have to pay 39% or activity B and pay 15%, that means any activity that is at the 39% tax rate must return on investment much more than the activities that return and are taxed at 15% to be worth while. I make 1 Million dollars at 15% tax I keep 850k. I make 1 Million dollars at 39% tax rate I keep 610k... so I need my investment to make not 1 Million but about 1.4 Million to make the same actual return....
So what happens if/WHEN Cruz endorses Trump's tax plan?
lol...
What I get out of Trump’s plan is that there is to be a class of people who give nothing but receive much. I think the plan needs some fine tuning. I am sure Trump understands knows how to do such.
Pure Occupy Wall Street rhetoric. You're free to start your own business or learn a skill that's in demand to increase your earning power. Nobody's forcing you to stay in "Middle America."
Because everyone has that incentive and opportunity to get rich, we're an innovative country that has dramatically raised the standard of living and quality of life across all income levels.
Well said, but I was saying that a 25% rate is lower than a 39% rate on millionaire income tax.
This will raise Mitt’s “47 percent” to 50-55 percent.
Did you see any change in payroll taxes? I was hoping they’d roll it all together and quit pretending they get handled differently.
That sounds good, but as devil’s advocate, shouldn’t we be concerned about his big ego?
LOL! I’m more concerned about the big Id of Hillary, Barry, Bernie, Joe and the rest of the national socialists.
http://examples.yourdictionary.com/examples-of-id-ego-and-superego.html
Middle America has been economically gang banged for decades, and used as a GD punching bag as their standard of living declined, wages declined, benefits declined, and retirement pensions were decimated, all while the rich got richer and government became more controlling, more intrusive and larger.
Otherwise, at this rate you'll have a country of nothing but wealthy with a 3rd world work force of low wage peasants. And that's exactly where it's going now.
That will hopefully come to a halt and reverse course.
I thank you for your sacrifices and recognize the number of years you were out of the market not making a wage. And now that you are, you are putting up with crappy hours and miles of red tape.
I was in post grad training for 5 years beyond my BS. I don’t know if a person ever truly catches up to their peers who go straight to work. Both of my brothers went straight to work after their BS and I think they are doing better than me. In fact, I know they are and I am happy for their success.
A person really has to enjoy their profession.
MFO
I agree. I am a single older person (really old) and I am above the $20,000 but not $50,000 and if I have to pay 10%, that is a big tax hike for me, triple what I pay now. What does he do about Social Security money - now there is a chart to figure out how much of the SS is taxable as not all of it is (none of it should be since I paid into SS all my working life since age 19). Is the whole amount of SS to be taxed by his plan? I hope he isn't elected and that is not based on his tax plan - give me Cruz.
I don’t know if it makes any difference to you,
but you’re not taxed on how much you “make”,
but on how much you spend on taxable items.
The way it’s structured, they can’t say this group over here gets 1000 in prebate, and that one gets 6000,
everyone gets the same prebate.
“...consumption tax?”
I am for a consumption tax. No more fear of IRS going after certain people.
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