Title: The Trump Tax Plan: Couples under $50,000 pay no income tax (ZERO) Source:
Donald Trump URL Source:https://www.youtube.com/watch?v=d7E4bq-woHU Published:Sep 28, 2015 Author:The Donald Post Date:2015-09-28 16:17:20 by Operation 40 Keywords:Trump, Tax, 1913 Views:2024 Comments:22
Couples earning under $50,000 pay no income tax Single people under $25,000 pay no income tax
Trump says his plan will bring added revenue by allowing corporations to bring money, held overseas, back to the United States by paying a one-time tax of 10 percent. He would also prevent companies from deferring taxes paid on income earned abroad.
Taxes which apply to estates or to inheritance in the United States trace back to the 18th century. According to the IRS, a temporary stamp tax in 1797 applied a tax of varying size depending on the size of the bequest, ranging from 25 cents for a bequest between $50–$100, to 1 dollar for each $500. The tax was repealed in 1802. In the 19th century, the Revenue Act of 1862 and the War Revenue Act of 1898 also imposed rates, but were each repealed shortly thereafter. The modern estate tax was enacted in 1916.
The modern estate tax was temporarily phased out and repealed by tax legislation in 2001. This legislation gradually dropped the rates until they were eliminated in 2010. However, the law did not make these changes permanent and the estate tax returned in 2011.
"But late in 2010, before that clause took effect, Congress passed superseding legislation that imposed a 35 percent tax in 2011 and 2012 on estate in excess of $5 million. Like the 2001 legislation, the 2010 legislation had a sunset clause so that in 2013 the estate tax would return to its 2001 level. But then on New Year's Day 2013, Congress made permanent an estate tax on estates in excess of $5 million at a rate of 40 percent."
