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’s an excellent plan, but the FAIR tax is even better.
Agree. And, it’s a start.
No one else gets as close to this, as he is.
It’s time!
RE: Trump Plan Cuts Taxes for Millions
But increases them for Millionaires. That’s what the Democrats in Northeast always propose.
ABOLISH the IRS!
Gee, a gubmint talking head telling me he will”let” me keep more of my own money. How big of ‘em.
I could think of a better plan (see my profile for my reverse-progressive plan) but I know I'd never get traction with that. This is a plan that most people can sign on to.
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.
HOORAY Trump
I’ll take the good and defer the best until some day when it is viable.
I guess I can live without those for a overall tax cut and a simplified tax code.
Maybe they will have a fire sale of those 16,000 shotguns they brought for IRS agents....won't need them when the IRS is seriously downsized.
Note to Trump...prohibit Feinstein's spouse (Mr Bloom) from getting the exclusive contract to sell off unwanted IRS facilities .
Is this guy efficient or what?
The prevailing wind is to scrap the progressive tax code for a fair or consumption type structure.
ABOLISH THE IRS.
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
they are not paying taxes now and are getting an earned income credit, someone please enlighten me.
To hell with the WSJ and their stupid pay wall. Can’t we find an article that people can actually read to post on this subject as breaking news?
I wonder if this plan means that if you make less that $50 as a couple, there won’t be ANY federal withholding tax taken out of your paycheck? Or is it the same old withhold now and file to get it back later?
This one will put Americans to work....
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.
NO DEATH TAX!!
Repatriation of off shore trillions at a low tax rate of 10% !! Money for investment and jobs.
I am fired up. This guy is way ahead of any other candidate on details and they are great details for the middle class of all races.
I think the mortgage and property tax deductions definitely spur housing sales or they’d be even lower. These gen Xers can barely afford a house as it is.
I dont think ANYBODY should pay no taxes.
Fewer people paying taxes, but that only makes sense if the plan also eliminates credits and redistribution. Otherwise it just creates a larger class of takers and burdens more the producers. Is the plan tied to significant govt program cuts?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.