Posted on 09/29/2015 12:44:11 PM PDT by GIdget2004
GOP presidential front-runner Donald Trump's tax plan would cost just under $12 trillion over a decade, according to an analysis from a conservative-leaning group.
The Tax Foundation found that Trump's proposal would lose around $10.1 trillion when accounting for the potential economic growth that would be spurred by the tax changes.  The $12 trillion figure comes from more traditional scoring methods, akin to those employed by official federal scorekeepers. Trump himself has said that the plan — which slashes the top tax rates for both individuals and all kinds of businesses — won't add to the deficit.
But after the billionaire businessman released his plan, tax analysts were quick to question that claim and said that the top 1 percent of earners would be most likely to gain under Trump's proposals. Trump had said for weeks that his plan would go after Wall Street types who paid little to nothing in taxes.
The Tax Foundation found that the top 1 percent of earners would see their after-tax income rise between 21.6 percent and 27 percent under Trump's plan. The bottom 30 percent of taxpayers, on the other hand, would gain anywhere from 0.6 percent to 11.5 percent in after-tax income.
(Excerpt) Read more at thehill.com ...
WHO loses? Not clear to me from what they’re saying. So often reports are slanted to how things affect government. If government loses, GOOD! If we the people lose, BAD!
BTW, how I wish he would do a straight flat tax at around 10%-15% and ZERO CORPORATE TAX.
Technically, there’s no such thing as corporate tax because there’s technically there’s no such thing as a “corporation.” It is a bunch of people running a business - THEY are not going to pay that tax, WE are going to pay because the higher tax cost will be passed on with higher prices.
“Corporate tax” = hidden personal tax through forced higher prices.
Cause none of them, not a one, actually think it’s our money.
You can if you cut expenses.
I have seen this in industry a few times. Cut costs, up investment, and expand even with static or lower revenue.
Of course, I am not sure Trump would be allowed to do any of that.
$12T.....got to be total BS.....I do NOT believe that. Mostlikely make $12 or $15 Trilloin.
Yup. Build the wall. Secure the borders. Deport the illegals. Shutter the EPA. Shutter the depts of energy, labor, education, hhs, and every other stinking unconstitutional federal dept, agency, commission and program. Repeal obamacare. End the insane war on coal, gas & oil. Cut, baby, cut! Drill, baby, drill!
“And I’m sure that amount included a continuance/expansion of the bloated FedGov”
Bingo because nobody can envision actually shutting down unnecessary or rogue agencies or merging several agencies into one and saving money. Or if we put 11 million people back to work they won’t be on food stamps and unemployment anymore and most will be paying taxes.
Nobody envisions actually really for real cutting out the waste and fraud in government.
And nobody seems to remember what things are like when the economy is booming and everybody that wants a job has a job.
Steve Forbes and Art Laffer helped Trump put it together.
According to Wikipedia (yeah, I know) in 2014 Fedzilla spent $620 billion on defense.
Fedzilla also spent $13 billion on "Energy", $39 billion on "Natural Resources and Environment", $22 billion on "Agriculture", $33 billion on "Community and Regional Development", $100 billion on "Education, Training, Employment and Social Services", $450 billion on "Health", $542 billion on "Income Security". Then there's Medicare and Social Security ...
So yes, you can cut taxes, build a border wall, and improve the military. You just have to quit trying to run a socialist welfare state.
Then nothing more needs to be said.
I knew it along.
“Jobs, jobs, jobs.”
Well, of course it won't add to the deficit if you cut the spending.
Well no kidding. The whole point of tax cuts is to decrease the amount of our money going to the government.
Trump spent a good part of his presentation the other day talking about all the spending cuts he is going to make.
That’s my feeling it does not get any better than Forbes and laffer. My only criticism is that I think unless you are destitute you should pay some tax even a small amount so you have skin in the game. It makes you invested in the country.
Trump never identified what deductions would be eliminated so how did they score this?
Here is a calculator I wrote for the Trump Plan:
http://money.savvythis.com/donald-trump-tax-calculator.php
So lemme get this straight:
giving them the benefit of the doubt (which I don’t), the federal government would lose $1.2 Trillion per year - meaning that much going BACK to the taxpayers; this of course, not counting for the economic growth that would offset any loss of government revenue.
Let’s log this under ‘misleading headline’, or under the same category as ‘Trump gets boo-ed when mentioning Rubio’s name and Values Summit’.
And one more thing: This is the first I’ve heard the other candidates even had a tax plan.
I’ve seen all sorts of reviews of this plan. Two things have stood out to me:
The plan only “costs” the government if you assume all money belongs to the government and by letting people keep more money the government is losing money that rightly belong to it. The people using the term “cost” don’t say that people on welfare “cost” the government money in lost income (or even in the direct payments they get). A good tax will let me decide to participate in an activity or not and change the government’s revenue (e.g. by not driving and buying gas if the tax is too high) but my decision not to drive doesn’t cost the government money in the typical definition of cost. The feds will need to borrow more money if they can’t get spending in control - that’s not the same as costing them money that belongs to them but they let me keep.
Also, the same people who claim that increasing welfare or the minimum wage is good for the economy because it puts more money in the public’s hands are now saying putting more money in our hands by decreasing taxes will not help the economy. I haven’t seen anyone against this plan include new income taxes from people who move from welfare (no income) to a job (income and taxes for income > $25k) if the economy improves.
But based on his comments yesterday about the government "taking care of everybody" who can't afford private health insurance, what makes you think he wants to do that? Medicaid is one of the biggest socialist welfare programs (if not the single biggest).
Medicaid is one of the biggest socialist welfare programs (if not the single biggest).
I think biggest is correct. In addition to Fedzilla's portion, every state spends a large fraction of its budget on Medicaid. The whole thing needs to be abolished.
Hey Donald! Abolish Medicaid!!! Get government OUT of the business of medical care!
“A 15% business rate would likely repatriate some $2 TRILLION in money stashed in overseas havens”
I’m certain Trump thought of this. The whole Trump tax program will create millions of jobs. Moreover, it will likely create American manufacturing jobs on a large scale.Many other benefits too numerous to mention.
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