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Trump Plan Cuts Taxes for Millions
wsj.com ^ | Sept. 28, 2015

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 ...


TOPICS: Breaking News; News/Current Events; US: New York
KEYWORDS: 2016election; election2016; grovernorquist; newyork; taxcut; taxcuts; taxreform; trump; trumptaxplan
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To: Nextrush

The highest bracket from 39.6% to 20% for the highest income is pretty good. Cut in half.


81 posted on 09/28/2015 9:09:02 AM PDT by Red Steel (Ted Cruz: 'I'm a Big Fan of Donald Trump')
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To: Marcella
“But increases them for Millionaires.” And, the millionaires will move their money to another country. Millionaires always have options.

Trump did very well. Athletes and others who earn high incomes in the United states cannot easily move to another country to avoid taxes while they earn their incomes. They are easily identifiable and targetable by whoever wants to tax their assets.

82 posted on 09/28/2015 9:09:36 AM PDT by af_vet_1981 (The bus came by and I got on, That's when it all began.)
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To: dp0622

Good for you!


83 posted on 09/28/2015 9:10:09 AM PDT by CottonBall
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To: Red Steel

And Trump has eliminated 3 of the tax brackets.


84 posted on 09/28/2015 9:10:28 AM PDT by Red Steel (Ted Cruz: 'I'm a Big Fan of Donald Trump')
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To: SeekAndFind; TexasFreeper2009

“The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.”


85 posted on 09/28/2015 9:10:43 AM PDT by Helicondelta
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To: RKBA Democrat

>>We aren’t going to get a flat tax or so called fair tax anytime soon..<<

I’ve repeated many times over the years...politicians will NEVER get rid of the current tax code nor the IRS. It is their power over Americans.

Hope it happens....but not holding my breath.


86 posted on 09/28/2015 9:11:09 AM PDT by servantboy777
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To: CottonBall

Thanks.

That’s why I donate to the vets. I have a few leftover symptoms that are annoying but livable, these guys are in bad shape.

And we spend money on welfare and SNAP and medicaid while they linger.

Listen, people stumble on hard times. and there should be a safety net. We dont have that. We have cradle to grave.


87 posted on 09/28/2015 9:14:28 AM PDT by dp0622
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To: perfect_rovian_storm

Google the title, and bypass the paywall.


88 posted on 09/28/2015 9:14:43 AM PDT by Extremely Extreme Extremist (Bush [the 90s rock band] for POTUS 2016!!!)
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To: Charles Henrickson

I don’t buy that argument. The goal is to get closer to zero taxes for everyone. Trump has moved the needle closer to zero for everyone in his plan.


89 posted on 09/28/2015 9:15:45 AM PDT by Red Steel (Ted Cruz: 'I'm a Big Fan of Donald Trump')
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To: WENDLE

Just to let you know the “doctor class” pays a heck of a lot more than 25% DH and I are both doctors and we make a nice income, but no where near a million a year. Our marginal tax rate is close to 50% and we have absolutely no tax shelters. If your income is all earned wages, there are no shelters. period.

I paid over 6 figures in federal tax last year on an income that was less than you would think. Taxes are killing me

And before you throw stones at the income I make, I spent 11 years post HS, 7 years post college in training while all my friend were actually making money. I work 12-14 hour days, nights, holidays etc to make less than the plumber you call to fix your sink. So get over your glee that someone is going to “stick it to me” - they already do.


90 posted on 09/28/2015 9:15:50 AM PDT by Mom MD
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To: Helicondelta

I was doing taxes before and after the 1986 Act brought about by Reagan, which dramatically changed the tax code. The change was basically lower the rate by eliminating tax deductions.

This Trump proposal is essentially an outline of the Reagan tax changes done in 1986 which appear to also lower the rates by eliminating tax deductions.

If it worked for Reagan it should work for Trump.


91 posted on 09/28/2015 9:15:54 AM PDT by Raycpa
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To: Trapped Behind Enemy Lines
It’s an excellent plan, but the FAIR tax is even better.

ANY move in the direction of cutting taxes and backing off Government control is welcome news. It's a genuine start.

92 posted on 09/28/2015 9:16:11 AM PDT by VideoDoctor
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To: MrB

Yes, I think we did. My objection is that the amount of the prebate is determined by politicians. I don’t remember the exact amount, but let’s say it’s $1000/mo. If you make more than that, you are taxed on everything above the prebate amount. If you only make $6000/yr, the gov’t gives you $6000 in prebate benefits. This is the same kind of buy-low-income-votes process that led to free cell phones and other stupid giveaways. I don’t want the politicians anywhere near the tax code. Everyone pays taxes, even if their income is only $100/year. I would much rather see the gov’t start a program of public work where someone who falls short on income can show up for work at 7AM cleaning toilets in the federal court house, or whatever other type of work the gov’t deems necessary to be done. The free lunch days on the taxpayers dollar, however, should be over. If you are truly infirmed, then other existing programs can handle that.


93 posted on 09/28/2015 9:16:20 AM PDT by econjack (I'm not bossy...I just know what you should be doing.)
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To: SeekAndFind

This is a basic populist “eat the rich” vote-buying plan (because, of course, everybody else is “the rich,” but never you yourself). Rewarding people for making less isn’t really the way to encourage anything.

Also, most people in that bracket already don’t pay much or anything and also get EIC.

I think they need to go to a flat tax. And get rid of the IRS.


94 posted on 09/28/2015 9:16:27 AM PDT by livius
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To: taildragger
Here it is. Read the entire position paper to get the answers to your questions. No need to speculate.
95 posted on 09/28/2015 9:16:51 AM PDT by kabar
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To: Red Steel
The highest bracket from 39.6% to 20% for the highest income is pretty good. Cut in half.

Correction. To 25% almost cut in half for the highest tax bracket. :-)

96 posted on 09/28/2015 9:17:54 AM PDT by Red Steel (Ted Cruz: 'I'm a Big Fan of Donald Trump')
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ColdOne; ...
...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.

97 posted on 09/28/2015 9:18:01 AM PDT by SunkenCiv (What do we want? REGIME CHANGE! When do we want it? NOW)
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To: DannyTN
I just did. I was surprised that Ted Cruz did not have any policy positions posted. I also checked the website for Carly Fiorina and no policies posted there either. Then I went to Ben Carson's and he does have a section of positions but none of them more than a couple paragraphs of fluff.

Of these other would be frontrunners, only Trump has detailed positions on his website. Yet it is Trump who is being criticized for "not having details."

98 posted on 09/28/2015 9:18:18 AM PDT by SamAdams76 (A businessman gets things done with own money. A politician takes money and gets nothing done.)
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To: SeekAndFind
But increases them for Millionaires.

And exactly what is needed. You'll get zero sympathy from millions of Americans on that.

Middle America has been economically gang banged for decades, and used and a GD punching bag as their standard of living declined while the rich got richer.

That bull shit needs to end fast.

99 posted on 09/28/2015 9:18:23 AM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: TexasFreeper2009
You need to take a few econ courses. A decrease in marginal rates spurs economic growth.
100 posted on 09/28/2015 9:19:10 AM PDT by Chgogal (Obama "hung the SEALs out to dry, basically exposed them like a set of dog balls..." CMH)
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