Posted on 09/29/2015 9:13:13 PM PDT by Steelfish
Trump's Tax Cuts Could Cost U.S. Trillions of Dollars, Experts Say
By MICHAEL FINNEGAN AND JAMES F. PELTZ
Trump, who has faced pressure to offer a detailed campaign agenda, vowed to simplify the tax system, with four individual income tax brackets: 25%, 20%, 10% and 0%. The highest of the seven current brackets is 39.6%.
Trump would also lower the 35% corporate rate to 15%. But businesses would lose tax breaks on earnings overseas and various unidentified “loopholes that cater to special interests.”
Millions of individuals who earn less than $25,000 a year, or couples who make less than $50,000, would no longer pay income tax, Trump said. They would instead send a one-page form to the Internal Revenue Service stating, in characteristic Trump fashion: “I win.” (snip)
Tax experts said it would cost the government trillions of dollars in lost revenue. How many trillions is unknown, they said, because of Trump’s lack of detail on which tax breaks he would wipe out.
“He’s very specific about the nature of the tax cuts, but very vague about the nature of the tax increases,” said Howard Gleckman, senior fellow at the nonpartisan Urban-Brookings Tax Policy Center. “Politicians of both parties have been playing that game forever, and he’s just doing it too.”
Trump’s tax cuts appear to be substantially larger than those recently proposed by his Republican rivals Jeb Bush and Marco Rubio, experts said. (snip)
It’s clear the cuts would benefit the wealthiest Americans more than anyone else, Gleckman said. Trump’s plan would eliminate the federal inheritance tax, a cut that could produce a windfall for his own children. The tax applies to estates of $5 million or more for individuals, and $10 million or more for couples.
(Excerpt) Read more at latimes.com ...
Preventing Robberies Costs Thieves Billions Per Year.
If one limits the amount of tax , one limits the amount of government.
I thought smaller government is what we were going for.
Seems like the only way to cut government is to cut their income.
Unlike the current system which has cost the U.S. trillions of dollars.
The GOP is as addicted to spending as the Democrats.
It does not cost to let earners keep their earnings. It costs to spend on programs.
Exactly. It is like saying it will cost me $1,000,000 if i do not rob that bank.
“Government is the nearest thing to eternal life we’ll see on this earth.”
Yes, the LA Time is down to 5 illegals on bicycles delivering news to old folk sanitariums.
The United States Tax Code is the basic reason for corruption in government and this corruption pays well while in office and pay even better when those corrupt congressmen become K Street lobbyists. A flat rate tax will eliminate this corruption. Congress will fight this will every thing they have as most in Congress are corrupt.
If the gov’t takes in less revenue, it can always cut. Haha right.
“it would cost the government trillions of dollars in lost revenue....? The PEOPLE would now have there OWN money and not socialists.”
Exactly. This isn’t a bad thing.
So, before the wordsmiths got thru with this headline, it read, "Trump's Tax Cuts Could Require U.S. Government to Cut Back Spending, Eliminating Many Agencies"
Sounds good to me!
It isn’t perfect. It it’s a good start. But it needs to be matched with the budget cuts needed to keep the deficit within shouting distance. That will require entitlement reform.
“cost the government”
Liberal writer indoctrinated in government largesse.
Are these the same experts that have us trillions in debt? Yeah, let’s do what they say.
Let’s look at this from the rat perspective.
The US treasury takes X from the taxpayer
Taxpayers get to keep Y
For the treasury to give away more money they have to take more from the taxpayer.
For the taxpayer to keep more of their money, the treasury has to get less.
It’s pretty simple. Question to Democrats should always be,
“do you want to take more of the taxpayers money to give to others?” It’s black and white.
I think what they mean is “save” taxpayers trillions. Shrinking the government by trillions would be a good start.
But saves the taxpayers trillions of dollars while spurring the economy. Americans would much rather have a paycheck than an unemployment check.
I GET SO PISSED WHEN PEOPLE SAY... THESE TAX CUTS WILL COST THE US TRILLIONS... LIKE WE ARE TAKING MONEY AWAY FROM THE GOVERNMENT... LIKE THEY ALREADY POSSESS IT... ARROGANCE
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.