The “wealthy” will pay 25% max (20% on long term capital gains and dividends). The current top income tax rate is 39.6%. The wealthy will not pay more and those paying little (less than middle class) will no longer be able to get away with that via deductions, great!
What rate should the millionaires and billionaires pay? Do you want the wealthiest to pay less (rate wise) than the middle class? If your answer is just Fair Tax or Flat Tax, neither is going to happen in this election. So let’s get real here.
I will take lower income taxes for everyone and no one being able to deduction themselves below what middle class have to pay because of loopholes. I think the lower income workers should pay some income tax too but Trump’s plan exempts them.
You are talking about marginal tax rates, and I am talking about effective tax rates. If you lower the marginal rate, but eliminate deductions, you end up with a higher effective tax rate (the amount they actually pay). That is a tax increase.
What rate should the millionaires and billionaires pay? Do you want the wealthiest to pay less (rate wise) than the middle class? If your answer is just Fair Tax or Flat Tax, neither is going to happen in this election. So let’s get real here.
If we want to get real here, the chances of Trump's proposal getting passed is not much better than the Fair Tax or a flat tax.
I will take lower income taxes for everyone and no one being able to deduction themselves below what middle class have to pay because of loopholes. I think the lower income workers should pay some income tax too but Trump’s plan exempts them.
Your statement is self-contradictory. You say you want lower taxes for everyone, then say you don't want high-income people to take deduction to lower their income taxes below what a middle income taxpayer pays. But if that higher income person is already paying less, then you obviously want his taxes to go up - right? So you really don't want lower taxes for EVERYONE. And if everyone actually paid less in taxes, the plan would not be revenue neutral, which would explode the deficit and the debt.
Bait and switch.
Yes he is lowering the tax rate, but he is also illiminating some deductions.
The net result will be higher taxes paid by the rich, and more people who pay nothing. Which is what liberals always want.
No thanks Trump!