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 ...
The Teamsters Union seems to think this plan will create jobs
Looking forward to their upcoming meeting with Trump
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!!
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.
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?
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.
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.
Apple changed my word “oppressive” government, to “supportive” government. I guess Tim Cook is really happy with the SCOTUS ruling on homosexual “marriage.”
“More lies from the media and talking heads”
Where are the stories about the cost of Bernie and Hillary’s new spending programs?
here we go
You hit the nail on the head
Wwhawhahwats the downside, here?
Better and more accurate headline.
Seems to me the US is costing taxpayers trillions.
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.