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0-$25,0000: 0% Income Tax/0% Capital Gains/Dividends Tax
$25,001-$50,000: 10% Income Tax/0% Capital Gains and Dividends Tax
$50,001-$150,000: 20% Income Tax/ 15% Capital Gains and Dividend Tax
$150,0001+ : 25% income tax/20% capital gains and dividend tax.
Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers.
Corporate Tax: 15%...if you're GE and paying 0%, your taxes go up to 15%. If you're a small corporation who can't afford lobbyists, your burden goes from maybe 30ish% down to 15%.
Because its a massive tax cut for the rich? Because it won't fund our government? Because when it came time to actually vote it in it would never get past people with common sense?
Even the Republicans would freak out about what it would do to our government. LOL. And presidents-despite what many people think here-arent dictators. As such its complete nonsense. It won't pass, and if it did it wouldn't work.
0-$25,0000: 0% Income Tax/0% Capital Gains/Dividends Tax
$25,001-$50,000: 10% Income Tax/0% Capital Gains and Dividends Tax
$50,001-$150,000: 20% Income Tax/ 15% Capital Gains and Dividend Tax
$150,0001+ : 25% income tax/20% capital gains and dividend tax.
Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers.
Corporate Tax: 15%...if you're GE and paying 0%, your taxes go up to 15%. If you're a small corporation who can't afford lobbyists, your burden goes from maybe 30ish% down to 15%.
I've always thought that corporate taxes should vary depending on the goods or services that corporations produce. There is no point to adding a stiff tax to corporations producing inelastic goods or services because they just dump those taxes on their consumers, which end up carrying the burden. Corporate taxes should be low on stuff like gasoline, but they should be high on stuff like cola IMO.
Overall, trump's Tax plan would create more efficiency in the market, but I don't see us getting rid of our debt unless he cuts government spending down no nothing. Anything is better than what we got now, so I would be willing to try the 80's out again, and give Trump a chance. Give him 4 years, and if he can't get anything done, we can fire him.
Also, I think this passes despite what another poster seems to think. We're desperate for change in Washington, which means our government is more willing to take chances right now.
Would I quibble over minor differences? Probably not. If you go back and look you can find where that is basically my tax plan from a few years ago with one difference.
I believe income should be taxed as income, period. He does make it fairer so that is good.
The bee in my bonnet is there though reminding me that the tax code is huge, cumbersome and full of give aways.
That's the big question here. Does that 25% get turned into 12% with tax breaks?
Sounds pretty good - do those tax brackets project to generate enough revenue to fund a sane budget?
I would need to look at an actual quantitative, independent study, but apparently the elimination of deductions and credits makes it revenue neutral.
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