1 - Are you in favor of that?
2 - If Bernie proposed that same idea, would you be in favor of it?
I support the part of Trump’s plan about getting hedge fund managers and day-traders to actually pay income tax if it is true that they do not.
I would however, lower the exemption bar on the Trump plan so that a few more people are taxed. If there is an income tax then most people should pay, even if they don’t pay much. Add a 4th rate of 3% for low income jobs
Actually I am a bit uncomfortable with Trump’s proposal of the one off tax. I would find another way to do it but assuming that it was a one off and that it did actually go towards paying down the national debt I would pay it (My wife and I might be wealthy enough to qualify). Possibly, make the “tax” voluntary. Simply ask everyone who makes over say $1.5 million a year to contribute an extra 2% for debt reduction, indeed, why not ask everyone to do that?
That said I am less uncomfortable with the one off tax proposed by Trump than the VAT tax in all but name that is in Cruz’s tax plan. A VAT is a hideous tax that should be avoided at all cost. The business tax (VAT) as proposed in Cruz’s plan is horrific because it looks 16% but functions like a 35% to 50% tax. It is also completely hidden and I don’t like hidden taxes.
I do like the simplicity of the Cruz plan. It is like the Hong Kong Tax system. We actually paid more in HK taxes than we would have in the US even though the rates were lower. I didn’t mind because the tax code was clear, understandable and I could see that it was fairly enforced. Even a person with a million dollar income only fills out a 1/2 page tax form. It takes about 15 minutes.
Neither plan is perfect, though both are probably better than what exist now. I prefer Trump’s plan overall because the lack of a VAT.
Perhaps I did not say it well but the issue for me is that I believe it is disingenuous to state that Trump generally supports higher taxes which appeared to be the essence of a poster (Maybe not you) had written above me. Trump’s published tax plan disproves that accusation.