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So basically Trump wants to increase the moochers who don't pay any taxes.....it will be fun watching right wingers defend this one.
Those moochers will still have to pay STATE income taxes. Let the states that support them juggle their rates to keep solvent and leave the more fiscal states alone.
Trump is a great negotiator, right up until he goes broke. He has a great tax plan, right up until you analyze whether it could possibly work in the real world. His plan is counterproductive and foolish on its face.
Well then he will feel right at home in Washington DC...
Last time I checked the Federal Government was dead broke, still spending more than they take in, paying interest on trillions of debt, and is under serving its most needy citizens (vets, poor, disabled and elderly).
The politicians have had plenty of time to fix these issues and have failed. Period. Perhaps it is time to have an outsider give it a try...
Not enough details to see who is hurt and who benefits. It's all academic anyway as even if Trump were to be elected, his plan would go nowhere in Congress with opposition from special interests on both sides. That's not a knock on Trump. It is true of every candidate in the race. Congress is dysfunctional and it is not going to change any time soon.
You are correct. The only actual power that the Congress has is to give tax breaks to activity it likes and to increase taxes on activities it does not like. Legislators cannot resist being treated like royalty by lobbyists.
It's a plan which provides the most benefit for those who earn the most money. In other words, it allows those who benefit from the "unearned privilege" to continue to do so with less of a burden. It allows those who benefit from generation after generation of white privilege, cronyism, good old boys clubs, to continue to do so with less of a burden.
It's an atrocious plan.
If I earn the most money, I earn the most priviledge because I have the most skin in the game. I don't care to hear the opinion from those with nothing to lose.
Its another version of the flat tax plan the GOP likes to run with. It gives the top earners a massive tax cut while the middle and low end will pay more. The deductions that go away hurt the middle more then the top.
You will see larger taxes in the other areas that the Federal govt. can increase. Why, because you still need income to run a govt.
Those increases will effect the middle and bottom more then those at the top.
Here in NC, the GOP has flattened the income tax. No longer do you have any deductions you wind up paying a higher rate. Our sales taxes, property taxes, real estate taxes and all those nice govt fees (GOP for taxes) are all higher and still going up.
So you sit back and say no biggie because I will only pay on what I need. Well everything is being taxed (including labor rates charged by service providers such as auto,tire,HVAC), food, shoes,clothing. So when you break it down it looks like southern Europe (another GOP talking point). Harder to collect taxes and the top not paying their share. While the low to middle pays way more then ever before and it does not result in increased jobs or opportunity.
Point #2. - Vast majority of people in the USA did not pay that 90% rate. Furthermore, there was no medicare tax, and SS taxes were very small. There were also a large number of deductions that are no longer present as well. At that time, the USA had to take care to mostly balance the budget because the gold standard still existed in the world and the $1 was still payable in silver.
What you should compare to is the "median effective tax rate".
I remember when credit card and other consumer debt interest was deductible.
If no one is paying any taxes in, where is the money going to come from for Social Security? Sounds like Trump has figured out how to bankrupt the system. Don't pay anything in, you won't get anything out later in life.
Social security taxes are not the same as federal income taxes. They are separate line items on your paycheck.
Those moochers will still have to pay STATE income taxes. Let the states that support them juggle their rates to keep solvent and leave the more fiscal states alone.
Unless you live in say, NH. No state income tax here.
First of all, let us worry about that. Second, Grover Norquest was just on CNN heaping praise on this plan. That’s one confused organization for sure.
Two different groups. Grover Norquist is the founder and president of Americans For Tax Reform, a 501c specifically for tax reform. Club For Growth was a 501c created by Harlan Crow, Stephen Moore, Thomas "Dusty" Rhodes, and Richard Gilder designed to create public policies that encourage business. I'm guessing reducing the corporate tax rate by half isn't enough of a condition to do that...
I bet Norquist likes that corporate rate. Obama's been talking 28, Republicans 25%. I am an advocate of sharply reduced corporate taxes - to zero even given certain conditions. They are too often used as payback to donors, public policy tools (not that that is always bad) and to meddle in the free market. BUT, you gotta make it up somewhere and I fear under Trump's plan as well as the others like the flat tax schemes that the government will be reaching into my pocket for that. Trump plans to balance his marginal rate changes with taking away deductions from the middle class. Norquist's support makes me even more worried. We will have to wait for the fine print details that are probably not forthcoming any time soon.
Yep. The only part of Trump's tax plan that makes a bit of sense is reducing corporate tax rates. We have the highest corporate tax rates in the wealthy world. And the people who run those companies loves it because it allows them to have low personal taxes and they can then offshore the company to avoid the corporate tax. Cut it to 10%, or less and repatriate a lot of money sitting in offshore accounts and stop the flow of corporations from incorporating in Ireland and the Netherlands.
The idea of broadening the tax base is also nice, but he's full of it by saying the rich will pay more by reducing deductions. The very poor already pay little to no federal income taxes (thanks to the Bush tax cuts) and the very wealthy aren't relying on earned income and deductions for their wealth. The burden again falls to the middle class who will get screwed by a hairbrained tax plan like this.
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Legislators cannot resist being treated like royalty by lobbyists.
I don't care to hear the opinion from those with nothing to lose.
