Trump Wants No Tax For Americans Making Less Than $150,000 A Year

[Dont Taz Me Bro]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

Lutnick, in a CBS News interview on Tuesday, shared Trump’s tax objective. “I know what his (Trump's) goal is... no tax, for anybody who makes less than $150,000 a year. That's his goal. That's what I'm working for,” Lutnick said.

https://finance.yahoo.com/news/trump-wants-no-tax-americans-180041272.html

 

[excalibur]

No more income tax but a VAT.

A VAT probably needs a Constitutional Amendment, and that Amendment should contain a proviso of a maximum amount that Congress can impose, which should have been done in the 16th Amendment.

Said Amendment must also contain a Section repealing the 16th Amendment and prohibiting an income tax in the future.

 

[Dont Taz Me Bro]

No more income tax but a VAT.

A VAT probably needs a Constitutional Amendment, and that Amendment should contain a proviso of a maximum amount that Congress can impose, which should have been done in the 16th Amendment.

Said Amendment must also contain a Section repealing the 16th Amendment and prohibiting an income tax in the future.

The chances of that are exponentially worse than this proposal.

 

[pknopp]

Trump says a lot of things.

 

[BlackSand]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

.

Man ... I hope that happens ... It's going to be funny ...

.​

 

[ThunderKiss1965]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

A flat tax is what we should have, but the corporate tax is stupid and nothing more than a thinly veiled sales tax. Anyone who thinks businesses actually pay this and not add it to the cost of their goods and services is an idiot.

 

[Concerned American]

No more income tax but a VAT.

A VAT probably needs a Constitutional Amendment, and that Amendment should contain a proviso of a maximum amount that Congress can impose, which should have been done in the 16th Amendment.

Said Amendment must also contain a Section repealing the 16th Amendment and prohibiting an income tax in the future.

Seems the Clinton admin was proposing a VAT to finance a health care initiative back in the 90s.

 

[Missourian]

and a flat tax on corporate income with no deductions

Corporate and business tax is nothing but a consumer tax by another name. Companies build in taxes to prices just like they build in material and labor costs.

 

[Lisa558]

A flat tax is what we should have, but the corporate tax is stupid and nothing more than a thinly veiled sales tax. Anyone who thinks businesses actually pay this and not add it to the cost of their goods and services is an idiot.

They would be the same idiots who thinking doubling the minimum wage won’t be paid for by higher prices.

 

[MarcATL]

What happened to "everyone must pay their fair share" OP?

 

[Concerned American]

Corporate and business tax is nothing but a consumer tax by another name. Companies build in taxes to prices just like they build in material and labor costs.

I've got no problem with corporations having deductions for improvements to their businesses. It has the effect of having them put a portion of the profits back to improve the business instead of just pocketing all of the profit.

 

[Zincwarrior]

Trump says a lot of things.

Market down 500 points today.

 

[BlackSand]

Market down 500 points yoday.

.

I bet it goes down more ... If we start pretending that corporations go into business ...
Just so the Government can get their greedy little hands on more money off their efforts.

Good Luck Everybody ...

.​

 

[Crepitus]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

He doesn't want "no tax", he wants a consumption tax which will be regressive.

 

[DonGlock26]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

Welcome!!

 

[1srelluc]

Hell, it looks like Schumer is gonna shut the .gov down so there is no way anything gets passed that is not in a reconciliation Bill.

 

[ColonelAngus]

Catering to lower income workers is Dem territory.

They are gonna be pissed.

Dont promise their base free shit….THATS WHAT DEMS DO!

Dem free shit is better than Trump free shit.

 

[Toddsterpatriot]

I would rather see a flat tax on personal income and a flat tax on corporate income with no deductions, but this would certainly be better than the current code and I would support it, but don't hold your breath. It's unlikely to happen. If it's actually proposed, it will be interesting to see who stands against it and why.

and a flat tax on corporate income with no deductions

The federal corporate tax is already flat.
No corporate deductions? So, what is the number you'd charge this
flat tax on? Revenue?

 

[Toddsterpatriot]

I've got no problem with corporations having deductions for improvements to their businesses. It has the effect of having them put a portion of the profits back to improve the business instead of just pocketing all of the profit.

Who would pocket all the profits?
The shareholders?
The executives?

 

[Dont Taz Me Bro]

He doesn't want "no tax", he wants a consumption tax which will be regressive.

We have no income tax in Nevada and there are plenty of other states that don’t have it either. Nobody is starving in the streets because of a higher sales tax in lieu of it.