Trump's Tax Plan

[g5000]

Trump Plan Cuts Taxes for Millions

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.

I hate it when specifics are not given. What deductions and "loopholes" would be eliminated? This is the most important thing to know about any tax plan in order to determine the total effect on taxpayers and revenues.

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.

Eliminating the carried interest tax break will probably only bring in an extra two billion dollars a year.

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

A one-time gain.

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.

On the individual side, Mr. Trump would consolidate the current seven rates to four, of 0%, 10%, 20% and 25%. Those changes alone would exempt all married couples making $50,000 or less from the income tax, as well as singles making $25,000 or less.

The 10% bracket would apply to incomes from $50,000 to $100,000 for a married couple; the current 10% bracket has a ceiling of $18,450. The new 25% top bracket would apply to married couples’ incomes in excess of $300,000, which currently are subject to rates as high as 39.6%. Mr. Trump also would cut the top capital gains rate to 20%, from the current 23.8%. And he would eliminate the alternative minimum tax.

Discuss.

 

[g5000]

Trump's tax plan also eliminates the estate tax.

 

[Vandalshandle]

I assume that Trump plans on getting the Mexicans to pay our income tax.

 

[Eaglewings]

He talked about this during 60 minutes last night. Not sure how he will tax free trade, if he able to it may bring businesses back to the US.

 

[PaintMyHouse]

"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."

Free-loading socialism if ever I saw it. Just more "progressive" taxes from a "progressive". Just who in the hell do these scum-suckers think they are? Fucking communists...

 

[Auld Phart]

any candidates plans will change approximately 3 times between now and the Convention.

and be thrown out the window 5 minutes after they remove their hand from the Bible

 

[g5000]

Not sure how he will tax free trade

He was talking about old school protectionism. Tariffs on countries he doesn't like.

It would result in retaliatory tariffs on American exports.

 

[occupied]

By the time any tax reform package makes it through congress it would be a regressive giveaway for the wealthy and shift the burden further down the scale. That's how the plutocracy wants it and that's how it would end up.

 

[Vandalshandle]

If Trump were elected, which ain't going to happen, he would be completely ignored by congress, and would not be able to get change for a quarter from them, much less a tax revision bill..

 

[CrusaderFrank]

It's a great, forward thinking Plan.

 

[Jackson]

I think the increments should be 10%, 15%, 20%, 25%, 30%. Everyone should be a taxpayer. And the rich should pay higher than 25% there should be no deductions or itemizing. One page. Put your adjusted gross income, apply the tax paid , the percentage where you are at and subtract accordingly.

 

[longknife]

If Trump were elected, which ain't going to happen, he would be completely ignored by congress, and would not be able to get change for a quarter from them, much less a tax revision bill..

I don't think so. If Trump makes it to the convention, it will be with a whole lot of delegates who will control the future of local, state, and federal seats. He could well be responsible for ousting a lot of RINOS from both the House and Senate.

But, remember, no matter what HIS plan is, it still has to be introduced, debated in the House first. Then, if a similar bill is introduced in the Senate, it will go through a long process before anything is done with it.

If ANY of his proposals go anywhere all depends upon what the 2016 Congress is going to look like.

Heck! He could lose and go nowhere but still have his programs show up in Congress.

Who knows?

 

[g5000]

I think the increments should be 10%, 15%, 20%, 30%. Everyone should be a taxpayer. And the rich should pay higher than 25% there should be no deductions or itemizing. One page. Put your adjusted gross income, apply the tax paid , the percentage where you are at and subtract accordingly.

I have been campaigning for zero tax expenditures for years. I have talked to quite a few people in D.C. and there is an anti-tax expenditure trend which is starting to gain momentum.

Every single Republican candidate has in their tax plans the reduction of tax expenditures. While it isn't the total elimination of tax expenditures, it is a move in the right direction.

But the problem of not totally banning tax expenditures is that five minutes after the ink is dry on a tax reform law, paid off Congressmen will start putting all those eliminated ones back in.

If tax expenditures were totally banned, then special interests would have no incentive to bribe Congressmen to put them back in.

Instant campaign finance reform.

 

[SwimExpert]

Not sure how he will tax free trade

He was talking about old school protectionism. Tariffs on countries he doesn't like.

It would result in retaliatory tariffs on American exports.

Because the US has such high exports? Or because other countries don't tax American exports already?

 

[SwimExpert]

It's a great, forward thinking Plan.

It's a very liberal plan. The scheme is designed to shift the tax burden even more toward the wealthy. You suddenly approve of this?

 

[g5000]

Not sure how he will tax free trade

He was talking about old school protectionism. Tariffs on countries he doesn't like.

It would result in retaliatory tariffs on American exports.

Because the US has such high exports? Or because other countries don't tax American exports already?

If we raise tariffs on Chinese goods, the Chinese will retaliate by raising tariffs on American goods imported into their country.

The next thing you know, the CEO of General Motors will kick Donald Trump in the balls.

 

[NYcarbineer]

He's going to add more people to that group the RW'ers profess to loathe, those who pay zero in federal income taxes.
But the RW'ers are going to support him anyway, apparently.

 

[Avorysuds]

He will never be president as he has no interest in being President so I don't care about his half though on tax "reform."

 

[SwimExpert]

If we raise tariffs on Chinese goods, the Chinese will retaliate by raising tariffs on American goods imported into their country.

The top US export to China is electronic equipment, which is used to manufacture items that will be re-imported to the US for sale. If China were to slap tariffs on those, they would hurt themselves more than us, because it would risk their employment market. If the tariffs are too much for American manufacturers and they redirect their efforts to other countries, Chinese unemployment would skyrocket.

The #2 export from the US to China is crops. If they were to put tariffs on food, the people would end up getting rather upset before long when their grocery bills start going up. Behind those two you have chemicals; transportation equipment; and scrap, which is processes to provide raw materials for their own domestic manufacturing.

In short, China's American imports are necessities, whereas the US's imports of Chinese goods are by and large luxury items. Any attempt by China to tax American imports will be more likely to hurt their own economy than it will ours. Due to our substantial trade deficit, any adverse effects of Chinese tariffs would be overshadowed by the positive effects of American tariffs. In a worst case scenario, any harm experienced by American based companies due to Chinese tariffs could be partially offset by a tax subsidy for the total of Chinese tariffs paid for by the American tariffs with plenty to spare. The net result would still be greater tax revenues while still discouraging American production and products over Chinese production and products.

 

[CrusaderFrank]

It's a great, forward thinking Plan.

It's a very liberal plan. The scheme is designed to shift the tax burden even more toward the wealthy. You suddenly approve of this?

Fuck no! I agree with parts of it, like getting a tax reducation