Posted on 09/28/2015 3:51:07 PM PDT by RKBA Democrat
I've been reading the articles and analysis on Donald Trump's tax plan. I've read several articles, and everyone has an opinion as to whether it helps the poor, hurts the poor, if it taxes people enough, whether it's conservative enough....blah, blah, blah.
I couldn't care less what the theoretical impact is on some hypothetical person that exists in someone's imagination. What I care about are MY taxes. I have yet to see any posts or articles where someone takes out their tax return and figures it out. So I did that. I took out a piece of scrap paper and figured it out. It took all of 5 minutes, including the time to find the calculator.
The result: using conservative assumptions my Federal income taxes will go down by 42%.
I LIKE Donald Trump's tax plan! I like it a lot!
This doesn’t eliminate SS, Medicare or state and local taxes. It also doesn’t eliminate sales taxes, or school taxes either. Everyone pays federal taxes -just look at your phone bill or every time you put gasoline in your vechicle(s). There are many other bills that are paid which send money to the feds too. So, everyone who is a consumer pays taxes of some kind. People focus way too much on the federal income tax while neglecting all these others that come out of our pockets.
AGI is income before most deductions. Its real easy to project: take it off your tax form. For most people it doesn’t change significantly, and unless you’re self employed or have heavy investment income the nuances of what is and what isn’t included aren’t going to matter.
Its 20 percent of taxable income over 100 k if youre married.
Lets say your taxable income is 150 K. You pay zero on the first fifty thousand. You pay 10 percent on the next 50K up to 100K and 20% on the next 50 up to 150K. Or 15K total taxes.
Good question. Everything Ive seen indicates the rates are afer dedux or on taxable income.
I also worked as a waitress for many years made a ton of money!!!! VERY RELUCTANTLY went into management, the most income I EVER made in my life for hours worked was waitressing and LOVED every minute of it!!!!
I feel for you, kit cat. God bless your path.
Huh? The plan explicitly keeps home mortgage interest and charitable dedux. Id take the worst case scenario and assume no other dedux. Other than personal exemptions.
The rate cuts will more than make up for the loss of other dedux for the vast majority.
We are kindred spirits!!! {^) Cyberhug!!!!
DITTOS!!!!!
Not really sure. I have regular income from a job and irregular income from a business and investments... It's complicated by inventory, depreciation vs. development costs, overhead and lots of variables in the time, space, cash continuum year to year. It's not third grade math. If it benefits the nation I'm all for it but I strongly believe we need to check government spending and growth or taxation will never keep up.
I looked at this the simplest way I could. I took total income, no deductions, not even for mortgage and used Trump’s rate schedule. Under this system, I would still pay 25% less than I did last year.
Just imagine if we could apply the, "sales tax" to vote buying!
I was referring to the hypothetical situation where the boss of a high school student would ask him to work on his prom night. If the high schooler was desperate for cash to provide sustenance for his family, then of course he should do what it takes to keep the job that keeps his family fed. However, since he is in High School in America, this is almost certainly not the case. And, being that the prom is a right of passage that he will likely only get one or two chances to attend, and since the boss knows that himself, I still maintain that the Boss is a jerk for asking the teenager to skip his prom to work at a dead end job.
Well, yah...
I point is that even those under the $50 K should pay some fed tax...
Stats are that presently 47% (ring a bell?) pay NO fed taxes at all...
Everyone in this country should pay their fair share (sound familiar?) even those on the lower end of the scale....cheers!
I like it, are the other xandidates still counting their super pac monies?
KISS tax plan.
I will work because its simple, and the people will love it, and it will help to make America great again.
A lot of us don’t have any deductions. A consistent marginal tax rate is fair. (The one year we did have deductions we got slammed by the AMT so that sucked.)
AND they pay no attention, don’t care, watch Wendy Williams, etc. because they have no share in the game...they are on the sidelines while the rest of us are moving the ball...
The plan isn’t going to be detailed enough to get into those sorts of nuances: its a white paper, not a rewrite of the infernal revenue code.
I’d suggest taking your AGI as it is shown on your last tax return. Assume no change. Assume no personal dedux except mortgage interest and charity. Or jusr assume the standard deduction. Assume exemptions stay the same. Then run the math. Apply the rates per the plan. That should give you a fair estimate.
In my case its a 42% reduction. If I only got half that, I’d be delighted.
LOVE your plan!
You got this vet’s vote!
The problem is that there are so many people who *think* that they’re not paying taxes.
The embedded taxes in gas, utilities, phone bills, internet, purchases, the burden on the companies we frequent, and on and on - is huge.
But the 47% who get a big check at the end of the year are happy and don’t realize that they’re losing more than 25% of their income just by living and paying for these embedded things.
That’s why I did like Herman Cain’s 999 plan. No deductions. Everyone pays. Once the cumulative effect was felt, we’d all be paying less.
The Fair Tax (Trump’s plan) helps a lot, but it still leaves the monolith of the stupid IRS in place and leaves the system open for monkey games down the road.
Better than nothing. But I’m afraid that we’re going to end up in New Zealand’s situation. They get it all under control, actually manage to get a surplus, then the population gets greedy again and twenty years later your right back at square one.
I’m not complaining (really!).
Honestly, I think that this is the only way that we’re going to do better. Congress will never go for a total scrapping of our current system. (Which is why Rand Paul doesn’t have a shot - even though he’s right in this respect)
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.