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 ...
It addresses a flaw in the Republican brand: that conservatives cater to the rich and powerful, that Republicans care more for K Street than Main Street.
Eliminating taxes on most Americans is a political and economic winner.
Its something GOP candidates can run on. We want to make life easier for people who make this country work and pay their bills.
We want them to keep their take home pay and have a better quality of life for themselves and their kids.
And you don’t need huge and expensive government programs to show compassion to people who don’t make much money.
What’s not to love? Conservatives get a bad reputation as Uncle Scrooge who says you can’t have more.
Trump wants to change that by saying why should working and middle class income people have to pay a government that spends more than it takes in?
We’re bereft of common sense in this country.
A national retail sales tax would be better - but I’d take this. I think.
Besides being behind a paywall [used google on the title to get to the full article] WSJ didn’t break it down. One has to read the full article for bits and pieces of the plan. It reads like a poorly written, out of order sports article.
Hey WSJ, how about just a breakdown of incomes and rates? Why would they make it this hard to get the important details?
But nothing for low income folks? Does he get rid of EITC with that? Because if he doesn't they will continue to get more back then they put in. But for many to have no skin in the game, I don't get it...
Agree. Everyone needs skin in the game.
“But increases them for Millionaires.”
And, the millionaires will move their money to another country. Millionaires always have options.
You dont think small businesses should have deductions for expenses ? Why even start a business then.
Can't imagine a conspicuous consumer would be in favor.
Definitely. Anyone who doesn’t chip in via taxes should not have a vote. They have no right to provide input as to how government money should be spent.
Yes, yes, yes!!
In a perfect world, we wouldn’t have an income tax and the IRS.
But we can simplify the tax system and take most people off the income tax rolls.
We can reduce perverse disincentives on business.
And we can scrunch the hated death tax.
Its well thought out. It puts us closer to where we want to go.
Married couples making 45000 pay federal income taxes. 2,500 a year or so.
.
Sounds like the British “plan.”
Eternal serfdom through taxing everything above average at 100%
Trump should have been born in Europe.
.
Agreed 100%, if a democrat proposed this, everyone on this board would rip it apart. It would change Romney's 47% takers to 60% or more.
Trump's plan is lousy. So long as we have a progressive income tax at all, need to cut rates across the board, except possibly at the bottom end, where instituting a nominal tax rate (1% anyone?) should be considered to get people back on the tax rolls, but not to zero for anyone.
um...
so basically, the rich pay more and most pay nothing?
sounds like the same tax plan liberals have been pushing for decades.
This is basically just the opposite of what needs to be done. Everyone should have to pay something in taxes. Otherwise they have no skin in the game and no interest in controlling out of control government spending, since the money isn’t coming out of their pocket.
That’s the perfect expression for it.
And NO getting BACK money when you paid NO taxes!!!
like they’re planning on doing with mexicans, who could get as much as 5k even though they paid no taxes.
When I was on SSDI after head injury, accountant friend said I was entitled to 80 bucks because of some school ordinance nonsense.
I never asked about it. Never wanted it.
Working again. Overnight hours in office. Beats being sick and home!!
Looking at his campaign website, it is so clean and uncluttered. His position statements are very clear and concise and can be read and understood by anybody. No jargon or bureaucratic mumbo-jumbo in any of them. He will be releasing many more position statements as we go on.
Very impressed with what I've seen so far. This is a campaign that intend to win, and win big.
Also he will now attract millions of disaffected Democrats and labor!! This thing is over!!
With this huge reduction in rates, many of the current exemptions and deductions will become
unnecessary or redundant. Those within the 10% bracket will keep all or most of their current
deductions. Those within the 20% bracket will keep more than half of their current deductions.
Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage
interest deductions will remain unchanged for all taxpayers.
This plan, combined with a scrapping of the rotted squirrelly-ness of Obama care, just may encourage employers to do things the likes of which we haven’t seen in decades.
Things like, oh, I don’t know .... Hire more people, pay them more ... Crazy things like that.
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