Trump unveils tax plan that would lower taxes for millions

[F.I.S.T.]

Trump unveils tax plan that would lower taxes for millions
By JILL COLVIN-AP | September 28, 2015


NEW YORK (AP) — Republican presidential front-runner Donald Trump on Monday proposed eliminating income taxes for millions of Americans, and lower rates for the highest-income earners, as part of a plan he said would grow the U.S. economy at a pace not seen in years.
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Trump's plan for an overhaul of the U.S. tax code would eliminate federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. He said those individuals would receive "a new one page form to send the IRS saying, 'I win.'"

Trump's plan would also disproportionally benefit wealthy earners by lowering the highest income tax rate from 39.6 percent to 25 percent, and businesses by cutting their tax rate — from major corporations to mom-and-pop shops — to no more than 15 percent.

"There will be a major tax reduction," Trump said at a news conference at his Trump Tower skyscraper in Manhattan. "It'll simplify the tax code. It'll grow the American economy at a level that it hasn't seen for decades."

Trump said he wants to eliminate the so-called "carried interest loophole" that allows managers of hedge funds and private equity firms to pay a lower tax rate than most individuals, and would reduce or eliminating most deductions and loopholes for both individuals and corporations. "In other words, it's going to cost me a fortune," he said.

The billionaire real estate mogul said those changes would pay for the tax cuts, along with an increase in tax revenue generated by economic growth. Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent — a rate of growth that most economists say is unrealistic.
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Trump said his plan would also bring in new sources of revenue to the Treasury by allowing corporations to bring money held in overseas accounts back to the United States after paying a one-time tax of 10 percent. He would also prevent companies from deferring taxes paid on income earned abroad.

In sum, he says, the changes he wants to enact would not add to the annual federal budget deficit or the national debt.

"We have an amazing code," Trump said of his tax system. "It will be simple. It will be easy. It will be fair."

Trump said the plan had been crafted with the help of leading economists, but refused to say who they are during his news conference. He also said his plan didn't suit any particular political agenda, describing it as a "common sense approach."

The tax plan is the third major policy proposal from Trump, who has also outlined plans for immigration and guns. He has been criticized for failing to unveil specific policy proposals as he's risen in early preference polling.

 

[GRIM]

Definitely need our tax code redone. Taxes and spending in general.
I'd love to see actual auditing at every level to find system abuse.
Put more $$ into the working peoples hands so they can spend it, increasing revenues in a smart way.
Hell I'm on disability and I'll gladly take a little hit on what I get in order to get the abusers of the system.off it

 

[F.I.S.T.]

Definitely need our tax code redone. Taxes and spending in general.
I'd love to see actual auditing at every level to find system abuse.
Put more $$ into the working peoples hands so they can spend it, increasing revenues in a smart way.
Hell I'm on disability and I'll gladly take a little hit on what I get in order to get the abusers of the system.off it

GRIM
AMEN TO THAT. Ive read something one time where the tax laws are so long and confusing that many top financial experts cant decipher them.LOL

I truly believe that a solution would be to stop sending billions to others countries,including those we are at war with,and put that towards Americans tax debt.Cut our tax cost across the board and use the monies there.But that would of course mean less $$ going into politicians pockets so I dont see that happening any time soon.

 

[sityslicker1]

I might of missed it, but what about the middle class and taxes?

 

[sityslicker1]

So basically the poor get tax exempt, ok cool with that. But the rich taxes get reduce at and below what middle class works? What the fuck? Someone help me out here?

 

[GRIM]

So basically the poor get tax exempt, ok cool with that. But the rich taxes get reduce at and below what middle class works? What the fuck? Someone help me out here?

sityslicker1Ya I'm not so sure on the plan itself. Hard to decipher from an article.

 

[blasson]

I have not had a chance to read it yet but will after gym session. But from the debate trump specifically stated he was for taxing upper class harder since they hold the majority of the dollars available in the US and are the smallest percent of population. Wouldn't effect much percentage of the people but would circulate a lot more money to the middle/lower class. I'm hoping you either misinterpreted or they didn't word it correctly..

 

[sityslicker1]

Here this clear up some confusion on taxes. I got this from another board posted by swiper.

TRUMP PUSHES SINGLE PAYER HEALTHCARE, TAX INCREASE ON WEALTHY



by JOHN NOLTE28 Sep 2015

During his “60 Minutes” interview Sunday, Republican presidential front-runner appeared to come out in favor of a form of single payer health insurance for the uninsured (although he does says he’s going to “take care of everybody”) and openly called for raising taxes on the wealthy. [emphasis added]
Donald Trump: Obamacare’s going to be repealed and replaced. Obamacare is a disaster if you look at what’s going on with premiums where they’re up 40, 50, 55 percent.
Scott Pelley: How do you fix it?
Donald Trump: There’s many different ways, by the way. Everybody’s got to be covered. This is an un-Republican thing for me to say because a lot of times they say, “No, no, the lower 25 percent that can’t afford private. But–”
Scott Pelley: Universal health care.
Donald Trump: I am going to take care of everybody. I don’t care if it costs me votes or not. Everybody’s going to be taken care of much better than they’re taken care of now.
Scott Pelley: The uninsured person is going to be taken care of. How? How?
Donald Trump: They’re going to be taken care of. I would make a deal with existing hospitals to take care of people. And, you know what, if this is probably–
Scott Pelley: Make a deal? Who pays for it?
Donald Trump: –the government’s gonna pay for it. But we’re going to save so much money on the other side. But for the most it’s going to be a private plan and people are going to be able to go out and negotiate great plans with lots of different competition with lots of competitors with great companies and they can have their doctors, they can have plans, they can have everything.
Trump was equally forthcoming about his plans to raise taxes on the wealthy:
Scott Pelley: Revolution is easy, governing is hard and what I’d like to get to is how you intend to govern the country if you are elected president. What’s your tax plan?
Donald Trump: It’s a substantial reduction for the middle-income people. Because our middle class, Scott, is being absolutely decimated. It will be a corporate also reduction, I think it’ll be a great incentive for corporations.
Scott Pelley: Who are you going to raise taxes on?
Donald Trump: If you look at actually raise, some very wealthy are going to be raised. Some people that are getting unfair deductions are going to be raised. But overall it’s going to be a tremendous incentive to grow the economy and we’re going to take in the same or more money. And I think we’re going to have something that’s going to be spectacular.
Scott Pelley: But Republicans don’t raise taxes.
Donald Trump: Well, we’re not raising taxes.
Scott Pelley: What kind of Republican are you?
Donald Trump: I mean the only, well, I’m a pretty good Republican. But, I will tell you this, I do have some differences. I don’t want to have certain people on Wall Street getting away with paying no tax.
As I wrote two weeks ago, Trump is already running a general election campaign. Rather than pander to the GOP base, he is advertising loudly beforehand that on issues such as taxes, health care, and trade he is not your standard conservative.
Monday morning Trump unveiled some of the details of his tax plan. The seven current tax brackets will be cut to just four: zero percent, ten percent, twenty percent, and twenty-five percent. Business taxes across the board will be lowered to just 15%. The immoral Estate Tax will be fully repealed. The wealthy will lose many loopholes.
Single people who earn less than $25, 000 and married couples who earn less than $50,000 will pay no income tax. This is another proposal that defies in the face of a strongly held conservative belief that all income earners should pay some taxes, even if it is just 1%, in order to have skin in the game.
Overall, Trump is lowering taxes and has agreed to repeal ObamaCare.
http://www.breitbart.com/big-government/2015/09/28/trump-pushes-single-payer-healthcare-tax-increase-on-wealthy/