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.
That plan might just win.
Do the same with FICA et al and we’ve got a deal.
Eliminate the “refundable tax credits” as this plan must, and half the voters will have a fit.
Popcorn?
How would it benefit businesses and the rich? It looks like everyone benefits but that the whole remains pretty revenue neutral without all the loopholes and 72,000,000 pages of tax code that makes all of us criminals if they want to get us.
The only thing I see remotely questionable is the 20% rate to 300K but they need to do that to keep the mess revenue neutral.
It all looks balanced to me.
As you said: “Oh the horrors.” Have you ever gotten a job from a poor person? Neither have I.
Why should the government encourage people to feel good about earning so little money?
Did you consider tax due on all the income or did you use your previous deduction terms?
I did the calc on 100% of income, no adjusted gross income and I LIKE the result. Simpler, less fuss, no flim flam. I can live with keeping 75% of what I earn if I do well. Live with it all day long and twice on Sunday.
Working for 50 or 60 cent dollars as we do now is a non-starter for busting my butt and being at risk though.
The taxes in a tax bracket, even now, only apply to income within that bracket. The income in the bottom bracket is never taxed, whether you make below or above that amount. So doing what you describe does not help you at all. It only reduces your overall take-home income.
Yes, I'm also doing the calculation on 100% of income.
I’m constantly amazed how ignorant people are on their own taxes let alone the taxes of people much more successful than they are.
There is a reason successful people are more successful than these ignorant people are.
Wouldn’t it be wonderful? It gives me hope but I’m still afraid to be hopeful.
My conversation with a religious right winger didn’t leave me feeling good. He condemns Trump a “sinner”. Jesus Christ himself would not be good enough for them I think.
Imho, taxes should be so low that no one would want to become a politician, or work for the government. Everyone should have to pay taxes, or no one should.
EITC started under Reagan.
I think the “I win” bit was a joke. But Trump proposing the biggest tax cut in history to all tax payers is serious.
That swishing sound you hear? Swisssssssssh!
Is all your rational thinking flying right over the heads of the masses because it bursts their bubble and makes them responsible for themselves and their own failures.
They must have someone to blame for their failures and it is those damned rich people and edumacated people like yourself that hold them down don’t you know?
Pray for Trump to repent and sin no more. And include a prayer for me to do the same. I’ve sinned so much in my life I doubt even Jesus would love me.
For a single tax payer, this plan will save them $1,778 (assuming standard deduction)based on 2014 tax tables.
Me too but our admitting our sins here in public seems to make it all better for the religious right I guess. Just because Trump doesn’t spill his guts makes him horrible.
I’ll pray for all of us. Lord knows we need it.
Last I checked thought there is good news! Our honest sins have been paid for but willful sins are an abomination... I try mighty hard not to go to the willful stuff.
The first thing wrong was calling it the EITC...
There isn’t a damn thing EARNED about it!!!!
One thing Trump gets wrong is he says his plan will “eliminate the marriage penalty”. The GOP Congress did this in the 1990’s by raising the standard and personal deduction for married filing jointly to exactly twice that of a single filer.
It used to be less, thus the “penalty”.
Everyone sins. Every one of us.
Why me Lord: https://www.youtube.com/watch?v=veBR0aH54M0
Agreed.
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