Donald Trump tax plan----- thoughts?

[thebigabd]

One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.

Meanwhile, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.

Corporate tax rate would go from 35% to 15%

http://www.cnn.com/2015/09/28/politics/donald-trump-tax-plan/

http://www.washingtontimes.com/news/2015/sep/28/donald-trump-rolls-out-proposal-simplify-tax-code-/

http://www.washingtonpost.com/news/.../09/28/heres-whats-in-donald-trumps-tax-plan/

 

[SoonerBounce13]

I'm interested to see what Boca thinks about this. B/c he rails on cutting taxes and slobs on Trump.

 

[bocabull]

Early estimates say it would cost $10.8 trillion over 10 years. To put that in context federal revenues under current tax code are supposed to be $25.5 trillion. That's a 42% decline in revenues. Total foolishness. Not surprised because he's the master of taking something absurd (GOP tax cut hysteria, the fake immigration "crisis", the US losing it's place in the world, etc) and doubling down on it. The GOP base eats up this foolishness.

My main point about Trump is he has been accurate in pointing out the massive flaws in the terrible GOP field. He's weakening every candidate 1 by 1. Doing Hillary's dirty work in advance.

This election will be nothing but noise and a waste of money. Hillary has it wrapped. Will be interesting to see if Joe Biden enters only to have to embarrassingly drop out quickly. He's a great VP, a great guy, but has never been a very good candidate.

 

[thebigabd]

Early estimates say it would cost $10.8 trillion over 10 years. To put that in context federal revenues under current tax code are supposed to be $25.5 trillion. That's a 42% decline in revenues. Total foolishness. Not surprised because he's the master of taking something absurd (GOP tax cut hysteria, the fake immigration "crisis", the US losing it's place in the world, etc) and doubling down on it. The GOP base eats up this foolishness.

My main point about Trump is he has been accurate in pointing out the massive flaws in the terrible GOP field. He's weakening every candidate 1 by 1. Doing Hillary's dirty work in advance.

This election will be nothing but noise and a waste of money. Hillary has it wrapped. Will be interesting to see if Joe Biden enters only to have to embarrassingly drop out quickly. He's a great VP, a great guy, but has never been a very good candidate.

Did you see the poll NBC released? Joe Biden kicks the **** out of every GOP contender in a head-to-head national race. Kind of surprised me, because NBC released a similar poll that said 62% of the nation thinks the country is going in the wrong direction. So 62% of the nation thinks the country is going in the wrong direction, but the same people voted for Joe Biden to win against every GOP candidate, lol.

 

[DenverSooner]

I think it is a bad idea. We already have way too many people that are not on the tax rolls. I don't think we should consider taking more people off the tax rolls. I also don't think families making $25,000 a year are currently paying any income taxes. With the standard deduction, personal exemption and dependent exemption, there is very little left that would be subject to income tax. Then credits, including the earned income credit will/should eliminate all income taxes. Therefore, I think the comments about eliminating taxes for low income people may be more smoke and mirrors than reality.

I also don't like reducing the top rate to 25%. Why? Why not lower brackets for people but also add higher brackets. Why stop increasing tax rates at $250,000 or whatever the top number is.

 

[bocabull]

I think it is a bad idea. We already have way too many people that are not on the tax rolls. I don't think we should consider taking more people off the tax rolls. I also don't think families making $25,000 a year are currently paying any income taxes. With the standard deduction, personal exemption and dependent exemption, there is very little left that would be subject to income tax. Then credits, including the earned income credit will/should eliminate all income taxes. Therefore, I think the comments about eliminating taxes for low income people may be more smoke and mirrors than reality.

I also don't like reducing the top rate to 25%. Why? Why not lower brackets for people but also add higher brackets. Why stop increasing tax rates at $250,000 or whatever the top number is.

Exactly. To be honest our tax rates are at a pretty good place right now. The Clinton rates on the top brackets and the W rates on the bottom brackets. If anything we should raise capital gains rates a little more and use that money to spend on infrastructure. Spending and revenue levels are slightly better than the 50 year average. We are right where we're supposed to be.

Keep tax rates the same and increase spending at the rate of growth in the economy. Stop dicking around with the system.