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Trump's Tax Cuts Could Cost U.S. Trillions of Dollars, Experts Say
LA Times ^ | September 29, 2015 | MICHAEL FINNEGAN AND JAMES F. PELTZ

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 ...


TOPICS: Business/Economy; News/Current Events; Politics/Elections; US: New York
KEYWORDS: 2016election; california; demagogicparty; election2016; losangelestimes; memebuilding; newyork; partisanmediashill; partisanmediashills; taxplan; trump
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To: P-Marlowe
If indeed there will be less money coming in if taxes are cut, then perhaps the federal government will have to live within its means. Get rid of useless departments, agencies and bureaus, trim the workforce of people who just push paperclips around, eliminate fraud, waste and mismanagement. Turn government into a lean efficient machine.
41 posted on 09/29/2015 9:59:19 PM PDT by fatnotlazy
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Did the authors write this hit-piece together in bed?


42 posted on 09/29/2015 9:59:32 PM PDT by Gene Eric (Don't be a statist!)
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To: Steelfish

Leftist economists who believe all money belongs to the government.

They can pound sand. They have been wrong at every turn


43 posted on 09/29/2015 10:03:29 PM PDT by Nifster (I see puppy dogs in the clouds)
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To: Steelfish

GOPe having a Bush league orgasm of negativity.


44 posted on 09/29/2015 10:09:08 PM PDT by BigEdLB (Congress will have blood on their hands if anything happens because of the Iran appeasement)
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To: minnesota_bound
Trump's Tax Cuts Could Save U.S. Taxpayers Trillions of Dollars, Experts Say
45 posted on 09/29/2015 10:13:01 PM PDT by Wayne07
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To: Steelfish

Wow, that would be tragic.

NOT!!!


46 posted on 09/29/2015 10:14:00 PM PDT by ChinaGotTheGoodsOnClinton (Go Egypt on 0bama)
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To: dragnet2
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.

47 posted on 09/29/2015 10:16:29 PM PDT by itsahoot (55 years a republican-Now Independent. Will write in Sarah Palin, no matter who runs. RIH-GOP)
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To: Starstruck
Let's see. Old guy. Big estate tax cuts for his heirs. I can't see any reasons there.

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.

48 posted on 09/29/2015 10:18:15 PM PDT by SamuraiScot
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To: Steelfish

....and having the people who actually earned the money get it instead of the gooberment would be bad because.....


49 posted on 09/29/2015 10:27:53 PM PDT by Still Thinking (Freedom is NOT a loophole!Just read)
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To: HarleyLady27

Liberals are up in arms IT MAY ADD TO THE NATIONAL DEBT! Hasnt that been their prime objective for 7 years?


50 posted on 09/29/2015 10:29:22 PM PDT by When do we get liberated? (A socialist is a communist who realizes he must suckle the breast of Capitalism.)
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To: Steelfish

Why didn’t these “experts” complain when their boy, Barry, was spending trillions of dollars?


51 posted on 09/29/2015 10:30:45 PM PDT by FlingWingFlyer (Normal people don't vote Democrat.)
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s/b "Current Tax Structure Will Cost Taxpayers Trillions of Dollars"


52 posted on 09/29/2015 10:30:52 PM PDT by SunkenCiv (What do we want? REGIME CHANGE! When do we want it? NOW)
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To: P-Marlowe

Getting rid of the illegals will save even more.


53 posted on 09/29/2015 10:39:10 PM PDT by jospehm20
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To: Steelfish

So that means trillions (!!!) back in the hands of the people who worked for the money?! AWESOME!!!


54 posted on 09/29/2015 11:00:15 PM PDT by piytar (Good will be called evil and Evil will be called good.)
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To: Parley Baer

“”“Experts say””

Expert=used car salesman 50 miles from home!!!


55 posted on 09/29/2015 11:05:45 PM PDT by dalereed
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To: Steelfish
Trump's Tax Cuts Could Cost U.S. Trillions of Dollars, Experts Say

Those tax cuts could cost the US government and government beneficiaries trillions of dollars. They'd save US taxpayers trillions of dollars. Those trillions don't just grow on the magic tax tree.
56 posted on 09/29/2015 11:07:20 PM PDT by AnotherUnixGeek
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To: Steelfish

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.


57 posted on 09/29/2015 11:18:11 PM PDT by jospehm20
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To: Steelfish

You can’t “lose” money that isn’t yours, but that you anticipate stealing.


58 posted on 09/29/2015 11:46:48 PM PDT by Axenolith (Government blows, and that which governs least, blows least...)
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To: Steelfish

Lol


59 posted on 09/29/2015 11:54:20 PM PDT by wardaddy (i)
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To: fatnotlazy

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.


60 posted on 09/30/2015 12:20:14 AM PDT by Richard Axtell (The March to the Abyss is speeding up.)
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