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 Trumps lack of detail on which tax breaks he would wipe out.
Hes 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 hes just doing it too.
Trumps tax cuts appear to be substantially larger than those recently proposed by his Republican rivals Jeb Bush and Marco Rubio, experts said. (snip)
Its clear the cuts would benefit the wealthiest Americans more than anyone else, Gleckman said. Trumps 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 ...
Did the authors write this hit-piece together in bed?
Leftist economists who believe all money belongs to the government.
They can pound sand. They have been wrong at every turn
GOPe having a Bush league orgasm of negativity.
Wow, that would be tragic.
NOT!!!
Yes, the LA Time is down to 5 illegals on bicycles delivering news to old folk sanitariums.
20 years ago they would send their delivery people out to throw papers in your driveway then try to bill you for it.
We can thank Andrew Carnegie for the estate tax. He pushed for it and talked it up every chance he got. He had a few dollars, and also some heirs, I believe including a son. I figure he was an old zillionaire with a grudge against his son.
....and having the people who actually earned the money get it instead of the gooberment would be bad because.....
Liberals are up in arms IT MAY ADD TO THE NATIONAL DEBT! Hasnt that been their prime objective for 7 years?
Why didn’t these “experts” complain when their boy, Barry, was spending trillions of dollars?
s/b "Current Tax Structure Will Cost Taxpayers Trillions of Dollars"
Getting rid of the illegals will save even more.
So that means trillions (!!!) back in the hands of the people who worked for the money?! AWESOME!!!
“”Experts say”
Expert=used car salesman 50 miles from home!!!
How does a tax plan cost the government anything? I was’t aware the fedgov paid tax. Like Reagan’s tax reforms in the 1980s the chances are this plan will increase revenue to the treasury. The problem is always that the gubmint spends more than it takes in. Getting rid of illegals will help cut many billions in costs. Government will have to be sized to operate within the budget. The problem with our government is not the amount of money taken in, it is always how much goes out.
You can’t “lose” money that isn’t yours, but that you anticipate stealing.
Lol
Cost who what? Apparently, the American people, those who actually earn and create the wealth that the federal government wastes are not part of the “US”, not us but US. I have never felt more estranged from the government before as I do now. The hell with them.
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