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No he hasn't, that was Rand Paul. Trump is looking at this plan.
Taxes actually will go up on many people honestly. If you look at the effective tax rates. 2016 Tax Tables and 2016 Federal Income Tax Rates
To break-even, you need to make more than $15K taxable income in the first bracket.
That is on taxable income, the standard deduction is actually considerably higher under Trumps plan making those that are in the lower income tax bracket owe less due to having less taxable income.
Oh, I think we the public understand. Plus, what I think is the billion dollars was just on paper, which is fraud. We may be naïve at times.......the majority of the "public," are hard working people, we understand completely what this character is up to. Plus, if we elect this man, he will bankrupt us morally and economically. Trump is a con and a salesman, among his other attributes. Trump is for Trump, not for America's best interests. Commander in Chief?????? Scary, very scary.
Not according to this thread, and many others on this site, it is almost comical the lies and misinformation from people found just reading the comments in this thread for anybody who actually knows about taxes.
Posting a youtube video full of lies does not change the fact that under Trumps fewer tax brackets plan lower income people will actually pay less in tax, it does not take a tax expert to figure it out, and I posted the numbers twice in this very thread.
Avoiding my comment I see. My comment was that the Trump campaign adviser or whatever her title was, was didn't respond to the questions about Trump's comments with addressing those issues in the tax proposal.
As for rates, you are right for especially the 15% bracket, if you make more than I think $15k, $20K. I haven't found break-evens in other brackets though, that said the rich get a yuge one. Just what we need, more supply side economics. Trickle-down hasn't worked since Reaganomics but yet we seem to never learn...
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Originally Posted by jwiley
It is not an accounting trick and he does not get to decide to stretch it out over 18 years, he gets to use it to offset future gains for up to 18 years. Every small business in the country and every real estate investor in the country has it available to them, and every accountant worth anything knows all about it. It is not some obscure trick.
Trump is afraid to release those returns because they likely show he is not as wealthy, didn't made as much money as he claimed in any specific year, and they also show some very suspicious deductions...
Personally I don't think he has been audited very well, if at all, because no audits have found what seem to be pretty easily found illegal activities in his charitable foudation's funding/donations and Trump trying to skate by w/an illegal use of monies to seek political gain for himself...there is no charity in those donations...that is being shady and trying to use the cover of a private foundation to cover up taking illegal monies to propel his early campaigning...
Please list the suspicious deductions that he took, and also what basis you have that the auditors from the IRS did not do well.
By the way posting that Trump is afraid to show his tax returns because he does not want to show he is not wealthy, and the fact that you think they missed activities in his foundation on a personal audit, has already shown you do not know what you are talking about. There is no way to show whether someone is wealthy by their tax returns. Wealth can only be found on a balance sheet, tax returns only show profit and loss for the year. Also trusts and foundations are considered separate entities, and would not be audited in a personal audit.
As for his foundation, I am sure he would release those records as soon as Hillary and Bill release theirs
How many of the "half" you say pay no income tax make NO money??? Or take advantage of lobbyist and big business designed tax code to benefit the really wealthy???
Like Trump who certainly made money in the year he declared those paper losses and had all of it written off... And the next year...and the next year...and the next year...and the next year...and who knows how long because "ta-ta" he has not release his full income tax returns for ANY year...
So are Hillary and Bill taking advantage of the system? What about the NYT? What about the millions of investors and small business owners who use the same loss carryover provisions?
Avoiding my comment I see. My comment was that the Trump campaign adviser or whatever her title was, was didn't respond to the questions about Trump's comments with addressing those issues in the tax proposal.
As for rates, you are right for especially the 15% bracket, if you make more than I think $15k, $20K. I haven't found break-evens in other brackets though, that said the rich get a yuge one. Just what we need, more supply side economics. Trickle-down hasn't worked since Reaganomics but yet we seem to never learn...
So an advisor did not have the answer to something that she may or may not be advising Trump on? Why would anybody think that every body involved in every campaign has to know all the details?
As for Trump not being a small business, who said he was? I said millions of people use the same loss carryover laws, private individuals, small businesses, real estate investors, and big business. Even stock holders have a very similar provision for carrying over losses but they get the added benefit of use $3000 a year even without a single stock transaction. The law is the same for each and every one of us that invest money into any kind of business of housing.
So an advisor did not have the answer to something that she may or may not be advising Trump on? Why would anybody think that every body involved in every campaign has to know all the details?
Yes but isn't part of Trump's stance "Trust me, I know how people really use the system, I know how to fix it." Not offering a way to truly fix it despite vastly negative views except for business leaders and "footlocker" to said leaders don't help that narrative. I saw through it months and years ago... WAKE UP PEOPLE!!!!
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As for Trump not being a small business, who said he was? I said millions of people use the same loss carryover laws, private individuals, small businesses, real estate investors, and big business. Even stock holders have a very similar provision for carrying over losses but they get the added benefit of use $3000 a year even without a single stock transaction. The law is the same for each and every one of us that invest money into any kind of business of housing.
But here's the thing, because of some accounting trick that he or his accountants discovered, he had losses on average of 45.6-47.5M each year for the last 20 years based on the 912-950m loss (depending on the source) as reported in the New York Times article. I highly doubt that even in his good years with NBC's "The Apprentice" he truly made higher than say 60m, meaning he had losses from one bad period that were able to help him even in years he made more than that. Us "little people" don't have that ability even with good CPAs (and not an H.R. Block) at our disposal. I'm fine with NOL, but not one that carries over well into two decades.
Thats not an accounting trick, you amortize your losses over 20 years, but amortized losses ONLY offset profits. So the only way he'd not pay taxes is if he hasnt profited $46 million per year for 20 years. I have $3,000 a year losses from a stock market loss year, which I will be offsetting for the rest of my life. ($3K is the legal limit). This doesnt mean I wont pay $3,000 in taxes, it just means I wont pay taxes on $3,000 of my "profits", saving me about $900 per year. The losses though, totaled, nearly $1 million, which I'd obviously rather still have.
The governments side of the transaction, they got tax gains on the $1 Million profit, because someone else realized it, which means they gained about $150,000 in tax revenues..
There is no dam loss to the government, and anyone who thinks there is, is a fool.
Um yes. Wasn't we a nation founded upon the ideal that we're all equal. I mean it's only in the preamble to the document that formed this nation back in 1776.
Equality of the law, does not mean equality of wealth and opportunities. if you want to whine about the tax code, then the problem is those who WRITE IT.
This should be an example as to why Clinton should NOT be elected. She's the same.. will write the same old crap...
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