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 ...
But the fair tax isn’t going to happen.
Trump’s plan at best will happen with modifications, but given that, it may well happen.
Politics is the art of the remotely possible.
We aren’t going to get a flat tax or so called fair tax anytime soon.. This is a good “first step” to paraphrase the leftists.
Except electable—at least in 2016.
I like lots about this plan, and don't disagree with your enthusiasm. I would, however, like to point out that ‘the doctor class’ is not what you think it is, and grouping physicians with professional athletes is like comparing the Rockerfellers to the local small business owner. The vast majority of physicians don't make millions, or even close.
The last time I looked, the median US household income is around 46K and Trump’s plan makes them pay zip. They get to keep it all now.
A winner.
He says families making lower incomes would pay no taxes that’s fine, no problem with that. What I’d like to know is will they get a big check from the government, even though they’ve paid no taxes (by using EIC, etc..)
Giving folks money on tax day, when they paid no taxes, just seems wrong on so many levels.
Just what we need. More people with no skin in the game voting themselves more and more "free stuff" and voting higher and higher taxes onto the "rich" (anyone who makes more money than they do) to pay for it all.
He wants to tax overseas profits at 10 percent, an incentive to do business in the USA.
“Couples up to 50 grand pay ZERO in Fed taxes.”
Haven’t read the plan, but does this mean that if you make $51,000 per year you pay a percentage of the whole $51,000, or just the $1,000 above the limit? This is important, as what’s the motivation for working harder to make another $10,000/yr when all it does it get you taxed when you wouldn’t have been if you had not put in the effort.
Any tax will require some IRS administrative element for equal enforcement. But a flat tax should require a much smaller IRS footprint than the current monster.
How did he increase taxes on millionaires?
Excuse me, but zero in taxes for some citizens (who thus have no skin in the game for keeping taxes and spending low), while placing graduated higher taxes on other citizens--that is the essence of liberalism and the main selling point of the Democrats for decades.
I just did the calculations, since we decided to go Galt and quit supporting the fascist beast.
Between 2 personal exemptions and the standard deduction, we can have an Adjusted Gross Income of about $20,000 and have very little taxable income. Trump’s plan increases that to $50k for 2 people..
And don't call me dishonest.
Who is expecting perfection from Trump? Not many and he’s a flawed candidate...BUT—— can Trump bring improvement to the nation and with proven competence? He will be far better than the recent drecks we’ve had. He’s gonna have to kick the butts in DC elite-land along with our help. They are no good selfish obstacles in the way.
You pay tax on the 1,000 only.
It makes sense that you would only pay taxes on the 1,000 and not the rest. My guess that’s what it is.
Yes, Trump is efficient, effective and communicates well.
Look for the position paper’s on Cruz’s site for a contrast. There are none.
“3.No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world.”
It also will encourage people to become entrepreneurs, the thing that made this country great.
My husband and I have been looking into starting 2 small businesses, and the amount of red tape required by Big Brother almost makes us want to forget it!
I don’t see any tax increase for me in it, probably a little less if the deductions stay in.
Trump gave us a plan for better or worse, now his enemies will tear it apart.
The other candidates including Jeb should step up and offer their plans so we can have an honest debate.
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