Trump Plan Cuts Taxes for Millions

[Slyhunter]

Republican presidential candidate Donald Trump unveiled an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.

Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.

To pay for the proposed tax benefits, the Trump plan would eliminate or reduce deductions and loopholes to high-income taxpayers, and would curb some deductions and other breaks for middle-class taxpayers by capping the level of individual deductions, a politically dicey proposition. Mr. Trump also would end the “carried interest” tax break, which allows many investment-fund managers to pay lower taxes on much of their compensation.

A significant revenue gain would come from a one-time tax on overseas profits that could encourage U.S. multinational corporations to return an estimated $2.1 trillion in cash now sitting offshore, largely to avoid U.S. taxes. His proposal would impose a mandatory 10% tax on all of that money, even if the money stays overseas, but allow a few years for the tax to be paid. The Trump campaign estimates that many companies would choose to bring their money back home, boosting jobs and investment in the U.S.

Mr. Trump also would impose an immediate tax on overseas earnings of American corporations; currently, such tax payments can be deferred. All told, the campaign says the plan would be revenue neutral—neither raising nor lowering federal revenues—by the third year and then begin adding revenue.

With the tax plan’s release, Mr. Trump is moving to quell criticism that his campaign has been more style and less substance. This tax proposal follows his well-known immigration plan in the summer and one on gun rights last week.

Trump Plan Cuts Taxes for Millions
This story has been out all day how come I'm the first to post it?

 

[idb]

I wonder if that will raise enough to cover his detailed plans for Health Care?

Scott Pelley: What's your plan for Obamacare?

Donald Trump: Obamacare's going to be repealed and replaced.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 45, 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 part 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.

What We Learned About Trump's Proposed Obamacare Replacement On '60 Minutes'

 

[Slyhunter]

Obamacare should be repealed. We didn't need insurance that doctors would refuse to accept thus leaving millions without doctors to care for them. Insurance without a doctor is worthless.

1. abolish state walls; allow insurance companies to sell their products nationally so they can actually compete with one another.
2. Allow US citizens to purchase drugs from other countries. If they are willing to take the risk let them.
This is a start, hopefully he can add more to this list. I'm not a politician, I don't have to.

 

[DarkFury]

I think you are the first one to post it. Its a solid plan and could be the knock out punch needed to take out ALL others on both sides.
Its also a great example of what a leader does. Builds a great team and comes up with a great plan.

 

[Penelope]

Too vague to even discuss.

 

[JimH52]

I wonder if that will raise enough to cover his detailed plans for Health Care?

Scott Pelley: What's your plan for Obamacare?

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 45, 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 part 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.

What We Learned About Trump's Proposed Obamacare Replacement On '60 Minutes'

And his plan to deport all illegal immigrants.

 

[Slyhunter]

I wonder if that will raise enough to cover his detailed plans for Health Care?

Scott Pelley: What's your plan for Obamacare?

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 45, 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 part 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.

What We Learned About Trump's Proposed Obamacare Replacement On '60 Minutes'

And his plan to deport all illegal immigrants.

I don't care.
What we do with the illegals already in our country should not be discussed until the border has been sealed. Other than we should make it illegal to hire, heal, educate, or do business with them.

 

[JimH52]

Long on promises and short on
details. Did Donald say how he would pay for his immigration plan, 200 Billion Dollars a year?

Not there.....

 

[Slyhunter]

Long on promises and short on
details. Did Donald say how he would pay for his immigration plan, 200 Billion Dollars a year?

Not there.....

Actually the money we save not educating them, not medicating them, not paying their anchor babies welfare checks will cover the cost.

 

[mudwhistle]

Too vague to even discuss.

Yes....everything he produces is too vague....unless he sends it to each and every one of us in size 12 font and in Book Antigua.....copied in triplicate....and no less than 2000 pages.......




.....double-spaced of course.

 

[JimH52]

Too vague to even discuss.

Yes....everything he produces is too vague....unless he sends it to each and every one of us in size 12 font and in Book Antigua.....copied in triplicate....and no less than 2000 pages.......




.....double-spaced of course.

And lots of pictures for kaz......

 

[Slyhunter]

Too vague to even discuss.

Yes....everything he produces is too vague....unless he sends it to each and every one of us in size 12 font and in Book Antigua.....copied in triplicate....and no less than 2000 pages.......




.....double-spaced of course.

closest you're going to get.

http://www.amazon.com/dp/B006E4DZ4O/?tag=ff0d01-20

 

[Penelope]

Too vague to even discuss.

Yes....everything he produces is too vague....unless he sends it to each and every one of us in size 12 font and in Book Antigua.....copied in triplicate....and no less than 2000 pages.......




.....double-spaced of course.

I'd rather that. To cut taxes on the wealthy , apart from the corporate tax, is not what we need. I want to know what deductions a small business owner can deduct, what the standard and dependent deductions are. Also how is he going to make these businesses create jobs here or even bring their money back here. There is no certainty of that. Also the wealthy will create more tax havens , like always.

When Reagan got in the top bracket was 70% and he lowered it to 50 and then to what 38, and no new jobs were created, and the rich got richer and begun moving jobs down south and then overseas. the rich love their money and are going to do just what he said he did , everything he could to not pay taxes, he said he paid the best attorneys and lawyers to get out of paying taxes , that is how much he loved and they love America and care about the rest of us peons.

 

[Slyhunter]

I do everything in my power to pay as little in tax as possible. It's the American way.

 

[Vandalshandle]

I just love how Trump is going to cut taxes for everybody, including the rich. What a great way to reduce our deficit!

 

[Penelope]

I do everything in my power to pay as little in tax as possible. It's the American way.

I take every legit deduction we can, of course , that is what they are there for. I can't only legally lower our tax payments so much, I mean numbers do not lie.

 

[Vandalshandle]

Baby Bush did the same thing. Hell, he cut taxes dramatically, while starting two wars and adding part D to Medicare! Now, THAT'S what I call fiscal responsibility!

 

[Penelope]

Also the republicans since they have been in have lowered the funding for the Irs, so now less people are getting audited. Levy just wrote a report on that. Of course the rich would prefer them work short staffed so they can't audit some of them. Levy said this is going to loose a lot of money. They really need to start auditing these TV preachers and non profits more. Get rid of the rich, let them go and live somewhere else.

Baby Bush did the same thing. Hell, he cut taxes dramatically, while starting two wars and adding part D to Medicare! Now, THAT'S what I call fiscal responsibility!

Baby Bush did the same thing. Hell, he cut taxes dramatically, while starting two wars and adding part D to Medicare! Now, THAT'S what I call fiscal responsibility!

Daddy Bush did Nafta, and baby Bush did Cafta. that really helped with American jobs.

 

[mudwhistle]

Too vague to even discuss.

Yes....everything he produces is too vague....unless he sends it to each and every one of us in size 12 font and in Book Antigua.....copied in triplicate....and no less than 2000 pages.......




.....double-spaced of course.

I'd rather that. To cut taxes on the wealthy , apart from the corporate tax, is not what we need. I want to know what deductions a small business owner can deduct, what the standard and dependent deductions are. Also how is he going to make these businesses create jobs here or even bring their money back here. There is no certainty of that. Also the wealthy will create more tax havens , like always.

When Reagan got in the top bracket was 70% and he lowered it to 50 and then to what 38, and no new jobs were created, and the rich got richer and begun moving jobs down south and then overseas. the rich love their money and are going to do just what he said he did , everything he could to not pay taxes, he said he paid the best attorneys and lawyers to get out of paying taxes , that is how much he loved and they love America and care about the rest of us peons.

No new jobs were created under Reagan?

You really want to stick to that major-league fib?

 

[Campbell]

I wonder if that will raise enough to cover his detailed plans for Health Care?

Scott Pelley: What's your plan for Obamacare?

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 45, 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 part 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.

What We Learned About Trump's Proposed Obamacare Replacement On '60 Minutes'

And his plan to deport all illegal immigrants.

Trump is an ignorant, lucky son-of-a-bitch who inherited $150 million from his daddy.......who also set him up as the head of a company. SURPRISE, SURPRISE!!

When somebody handles every question with, "Oh...I'll Do Great With That" or "That's The Kind Of Problem I Face Every Day"....he's so full of shit that he stinks. Being rich doesn't make one smart.....never has and never will.