Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

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
Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-73 last
To: Steelfish

The Teamsters Union seems to think this plan will create jobs
Looking forward to their upcoming meeting with Trump


61 posted on 09/30/2015 2:44:52 AM PDT by silverleaf (Age takes a toll: Please have exact change)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Steelfish
LOL! If one buys into the meme that the money belongs to the government, this idiocy might fly.

How do you feel about it? Does this "new tidbit on how toxic Trump will be" give you pause about him?p>Now for a short public service announcement:

GO CRUZ!! Keep it up Trump!!

Donate to Cruz

Donate to FR

62 posted on 09/30/2015 4:07:28 AM PDT by trebb (Where in the the hell has my country gone?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: HarleyLady27

They were pointing out on the John Bachelor show last night that the organization doing the scoring didn’t account for the up to two trillion of repatriation of dollars overseas or the deductions that Trump was taking away.

So, their estimate is quite a bit more than reality.

Also, they don’t take into account the cuts in spending that Trump is eyeing.

Basically a hatchet-job report.


63 posted on 09/30/2015 4:35:44 AM PDT by 9YearLurker
[ Post Reply | Private Reply | To 2 | View Replies]

To: Steelfish

Experts in what? Static analysis? Tax people less and people will use the extra dollars they get to keep as fuel in their barbecues or maybe run them through the shredder. They certainly won’t spend or invest them. Right?


64 posted on 09/30/2015 4:42:04 AM PDT by arthurus (It's true.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: minnesota_bound

The one valid argument against a 9% flat income tax is that it would increase government revenues and thus government spending in a rapidly rising curve.


65 posted on 09/30/2015 4:43:50 AM PDT by arthurus (It's true.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Steelfish

Why are we worried about taking money from this supportive, bloated government? Reagan told us to “starve the beast.” There is no reason to give the government more than God expected with the 10% tithe.

Yes, we would have to reduce the government’s size and abolish the busy body agencies such as Education, Energy, Commerce, NASA and severely reduce the EPA and Agriculture (less than 2% of our population lives on farms). A flat tax would abolish the IRS, one of the many corrupt places to cut spending. This would be a great improvement for life in America.


66 posted on 09/30/2015 5:05:51 AM PDT by txrefugee
[ Post Reply | Private Reply | To 1 | View Replies]

To: txrefugee

Apple changed my word “oppressive” government, to “supportive” government. I guess Tim Cook is really happy with the SCOTUS ruling on homosexual “marriage.”


67 posted on 09/30/2015 5:07:46 AM PDT by txrefugee
[ Post Reply | Private Reply | To 66 | View Replies]

To: HarleyLady27

“More lies from the media and talking heads”

Where are the stories about the cost of Bernie and Hillary’s new spending programs?


68 posted on 09/30/2015 5:28:53 AM PDT by joshua c (Please dont feed the liberals)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Steelfish

here we go


69 posted on 09/30/2015 5:30:46 AM PDT by CPT Clay (Hillary: Julius and Ethal Rosenberg were electrocuted for selling classified info.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Walkingfeather

You hit the nail on the head


70 posted on 09/30/2015 5:32:16 AM PDT by CPT Clay (Hillary: Julius and Ethal Rosenberg were electrocuted for selling classified info.)
[ Post Reply | Private Reply | To 40 | View Replies]

To: Steelfish

Wwhawhahwats the downside, here?


71 posted on 09/30/2015 6:03:46 AM PDT by urbanpovertylawcenter (the law and poverty collide in an urban setting and sparks fly)
[ Post Reply | Private Reply | To 1 | View Replies]

To: MrShoop

Better and more accurate headline.


72 posted on 09/30/2015 8:46:58 AM PDT by minnesota_bound
[ Post Reply | Private Reply | To 45 | View Replies]

To: Steelfish

Seems to me the US is costing taxpayers trillions.


73 posted on 09/30/2015 9:18:56 PM PDT by tinyowl (penguin in transition and C. Edmond Wright thinks I am an idiot and a Trump sycophant)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-6061-73 last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson