Posted on 09/28/2015 10:27:15 AM PDT by vbmoneyspender
The plan calls for eliminating federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. If you fall under the no tax bracket you'll get to send a one-page letter to the IRS that says "I Win," Trump said. But the plan would also benefit businesses and the rich.
I have looked all over for Bush’s plans, Carly’s plan, Paul’s plan, Rubio’s plan, gosh, I haven’t found one...can anyone help me find theirs ON ANYTHING????????????????
IMHO, everyone needs to pay taxes just to have ‘skin in the game’. The sooner citizens are aware that ALL decisions have consequences, the better off society will be. Subsequently, all government benefits should have a 1099 attached, not for taxation but also for awareness.
I was very curious about that...I don’t think he mentioned it. The latest EIC table goes up to $52k for married couples with 3 kids, so his zero tax isn’t really that earth shattering - he just removes the requirement to have lots of kids in order to get that rate.
What would be earth-shattering: A change in EIC.
For me, I just want a small step - a note accompanying the EIC payment, explaining that it is not a ‘refund’, that you actually paid zero tax, and somebody else is giving their hard earned money to you.
Oh...and 25 years in prison if you falsify EIC.
It’s where it’s going. A middle American work force dependent on government, making declining wages with decimated benefits and retirement pensions, all while most of the wealthy just become wealthier and government larger and more controlling.
That quickly needs to be reversed.
And how would Bill Gates have become rich without working people to buy his products...
We do not owe our souls to the rich...It's a two way street...
I can live with that.
Because rich vs poor keeps the masses distracted from what we really need to be looking at. Elected officials vs everyone else.
It is our elected officials who get:
-Paid healthcare for life for themselves and their families after one term in office.
-Exemption from Obamacare.
-Exemption from Social Security.
-Lifetime pension after one term in office.
-Exemption from SEC insider trading rules.
The Democrats and Republicans do not work on behalf of the voters, they only work on behalf of themselves. The whole rich vs poor, global warming, gay-rights, stuff is just political kabuki theater to keep us from seeing who is really taking advantage of “We the people”.
Buy something for a dollar and put it in a food drop.
This is the most epic tax plan in history. GO TRUMP! WE’RE GONNA WIN!
Getting people back to work is the big thing. It’s a snowball...and it’s all good.
i think he means any money OVER that threshold gets taxed at that percent
so you would not have a huge tax jump from 99,999 to 100,000
That’s a decent start.
[cranky enable=yes]
Ya know, every competent & capable adult is expected to achieve financial independence by about age 65, starting at nothing and having to earn their way.
Strange that the government - after some 250 years - STILL can’t fund its own way, despite owning the d@mn money printing presses and taxing the he11 out of everyone the whole time, is absurd.
[cranky enable=no]
I remember when WIN meant Whip Inflation Now.
I mean: putting in $50,000/yr more work to net $20,000/yr more income ain’t worth it. If you’re close enough to Trump’s $50,000/yr line, you may opt to back down to it.
If you make 100k, you pay the same taxes on the first 50k as the guy that makes 50k. Exactly zero.
You'll pay 10% on your rate up to 100k.
This means if you make 100k a year, you pay 10% of 50k.
So if you make 100k, you take home 95k.
SS will take another 7.5%. So you're down to 87.5k. Add in the other "ankle biter" taxes and you're down another couple thousand. Maybe 85k take home.
ABSOLUTELY, POSITIVELY. YOU ARE CORRECT.
I don't expect to see that though.
I actually think capital gains is the best example, as it is the same authority that taxed the income used to buy those instruments that taxes it again when you sell them.
National sales tax. It's the fairest. You can afford a Mercedes, you pay more tax than the guy buying the used Honda Civic. It also makes government invested in a roaring economy, because if the economy is roaring, the government gets more money. If not, well, sorry, government. Can be implemented by assigning another key on the cash register.
Oh, the horrors.
It’s 0% on the first 50,000, plus 10% on the amount between $50,001 to $100,000, plus 20% on the amount between $100,001 to $300,000, plus 25% of the amount over $300,001.
On $70,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001. Your tax would be $20,000 X 10% = $2,000.
On $90,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001, ie, $40,000 X 10% = $4,000 total tax.
On $99,000 taxable income the tax would be $0 on the first $50,000 and then 10% on the amount over $50,001, so tax would be $4,900 in this case.
On $150,000 taxable income the tax would be $0 on the first $50,000 and then 10% (or $5,000) on the amount over $50,001 up to $100,000, plus 20% of the amount over $100,001 (or $10,000 for a total tax of $15,000 in this case on $150,000 taxable income). The $50,000 over $100,000 netted $40,000.
Looks pretty reasonable to me.
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