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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: 2014
Comments: 22
Couples earning under $50,000 pay no income tax AMT eliminated 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. More:
Single people under $25,000 pay no income tax
Estate tax eliminated
Deductions/loopholes reduced/eliminated
Keeps mortgage interest deduction
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#1. To: Operation 40 (#0)
What's Hillary's tax plan? JEB!'s? Fiorina's? Carson's? Why is Trump the only one being pressed to release details of his agenda? So the press can take pot shots?
My 5-part tax plan involves reforming the income tax. The government confiscates way too much of your paycheck. The tax code is also a very complicated system that forces Americans to waste 6.1 billion hours a year trying to figure it out. What does that tell you? It tells me that it's time we restore simplicity & sanity to the income tax. Here's my income tax plan: •Up to $30,000, you pay 1% •From $30,000 to $100,000, you pay 5% •From $100,000 to $1 million, you pay 10% •On $1 million or above, you pay 15% It's clear and fair. Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code. Our country is hungry for real tax reform. That's why we should implement the 1-5-10-15 income tax plan. And we need to enact [the rest of] my 5-part tax policy: kill the death tax; lower the tax on capital gains & dividends; eliminate corporate taxes; and a 20% import tax. The above is what he said just a few weeks ago, looks like his tax plan has changed somewhat... Bad plan Donald: if there is no Estate Tax, then there must be an annual gross wealth tax, which he does not propose.
It sounds nice, but it won't fly or pass muster.
It can't be allowed to, unless we want an hereditary nobility.
It wouldn't be the first time the death tax was repealed. There is no reason why such tax must exist. https://en.wikipedia.org/wiki/Estate_tax_in_the_United_States 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."
We already have a hereditary nobility in the form of the Bushs and closely alligned other worthless chronic screw-ups.
Each multi-point plan is far superior to Trump's, especially in those areas least popular with the public. They will be released soon, after various focus groups are tested to determine what the people want to hear, and a multi-point plan is written by some hack to say what the people want to hear, and after more focus groups determine which phrasing best tells the people what they want to hear, and finally after the candidate memorizes the multi-point plan and polishes their delivery. When they can deliver their lines on que, the plan is ready. Think of it like Vince selling Shamwow on television. It does not really matter if Shawow works great. It only matters it people buy Shamwow.
Why? It's not working in Europe.
Especially when the owner has to sell the asset to pay the tax.
In our system, as currently structured, there is: we tax middle class wealth, which is overwhelmingly concentrated in homes and cars (neither of which pay income), and we tax them at a high rate, around 1.4% of the value of homes each year, but we do NOT tax accumulated wealth in securities and business. We tax increases in wealth to the middle class, which overwhelmingly comes in the form of wages, with three or four or five taxes: federal income, federal Social Security, Federal Medicare, State income and State OASDI. And of all of that, there is only a very partial deduction of the state taxes from the federal taxable income. Collectively, we HAMMER most working people wages with taxes that amount to 33% or more of their wealth increase, as soon as they get it. And then we hammer them with taxes when they spend it. And, as mentioned above, we hammer them on the full value of their biggest capital asset: their homes. Collectively, these taxes cause the middle class to live paycheck to paycheck their whole lives, and then be dependent on Social Security and Medicare, and eventually Medicaid, in their old age. By contrast, the wealthy are taxed at only 15% on their dividends - one tax, no Social Security or Medicare tax atop of it. And 20% on their capital gains - and they can TIME that tax - and if there is no inheritance tax, the capital gains tax is NEVER paid. It costs a certain amount to live and the rest is excess. Sure the rich are taxed on their houses and consumption, but MOST of their wealth increases go into more investment. Those expenditures are not taxed, and they grow untaxed. And assets with inflated values can be pledged as collateral for loans, the money gotten out WITHOUT TAXES, and reinvested, and then any costs of investment are TAX DEDUCTIBLE (against that piddling 15%). The estate tax finally imposes a tax on that machine for massive wealth increase of those who already have. The middle class cannot avail itself of those things, and pays massive taxes relative to what the rich pay, as a percentage of their wealth - and THAT is REALLY the key. The rich throw sand and sparkle and do everything possible to misdirect, bamboozle and draw the eyes away from the differentials, but those are the facts. Now, of course, if you're going to defend the current system, you're going to go and pick at my numbers..."It's 12.7% not 13%...it's $146, not $153") This is effective at distraction. Ultimately the only person you're screwing is yourself when you make excuses for a rigged and dishonest system. The rich will pat you on the head, than you for supporting their interests, not give you a dime, and keep you paying a higher percentage of your wealth as taxes than them. And you may even be fine with that, considering the quiet acceptance of an imbalanced system to be "conservative" because "it's always been that way". And that is why politically, conservatism has been dying on the vine and cannot get any traction. Because in 1976, about half the national wealth was in the top 35% of hands. But today, 85% is in the top 10%. That is what Reaganomics and tax codes that favor the rich have done: they've scraped the plates of many - with massive unemployment and suffering - into the mouths of fewer and fewer. You would do better for the world if you focused your considerable research talents and skills on perfecting the numbers to show just how badly screwed the middle class are, rather than doing what you've done and will do again, I am sure. The big wealthy think tanks have people on full-time staffs paid to refine numbers and obscure the truth. People down on the ground, who have to work, have to speak in greater generalities and make rule-of-thumb calculations, and rely on memory. The think tanks can them come in and crucify them on tiny details. And if we are foolish, we will take the exposure of tiny errors here and there, of things cobbled together by laymen to reveal the really monstrous crime and injustice that is going on, and side with the rich. You're not rich, and they are going to rob you and rape you and screw you all your life. You will not make friends with the alligator. No matter how prestigious you think your job is, you have no security - no one does without capital, and you will be driven along, and eventually you'll be scraped off and discarded. Because that's the merciless system we've created. Side with that system, with its inherent skewing towards those who already have too much, and you're using your own talents to deliver yourself bound to your foes. Don't write back to me about this. I'm not interested in debating it anymore. We need the Estate Tax because the rich hate it. They hate it because it is the only place where we have managed to claw back some of the taxes they have avoided - that we can't - and it's the one place where, to avoid it, they have to give up some of their power. We cannot do without the estate tax. If we abolish it, as this aging billionaire would have us do, then he'll pass his billions untaxed, and we will have created a hereditary nobility, and your son will serve other men in a far more subservient position then you have had to. And if you defend those at the top in their current injustice, you will have applied your mind to putting chains around your own grandchildren's necks. Done.
We also tax upper class wealth, in the form of homes and cars and second homes and third homes and boats and planes.
Whoa! We don't want them to do THAT!
We DO want them to do that, and we want people to work. What we do not want to do is to have a system that rewards passive investment more than active work. And we do have such a system now. You love it, but it is inequitable. Every dollar of wealth, however gained, should be taxed to every individual THE SAME. Our current tax code plays favorites - and the favorites are the rich and powerful. Trump's plan is better, except for the Estate Tax part. But what we need is a completely equitable tax structure, at one low rate, that hits the first through the last dollar of wealth, once each year. Not layers and layers of taxation that hit this and that, favor boats but disfavor yachts, etc.
Yes, we tax upper class wealth in 2nd and 3rd homes. But most upper class wealth lies in securities, and we don't tax the bulk of upper class wealth. For the middle class, most wealth is in the home, so we tax ALL of their wealth. Over time, this makes it harder for the middle class to rise than for the upper class to rise higher. And that's wrong.
Because he is known for shooting from the hip and is perceived as non-serious as a result. Trump has also had a wild variety of opinions at odds with both Dems (when he was a Dem) and as Republican (since 2009 when he became a Republican). However, I wouldn't be surprised if Trump's plan is well-received in the GOP by the grassroots. The party base is not as convinced that tax breaks and dodges for the tycoons really does trickle down to them and it seems to contribute to the rampant growth of federal debt. It will be interesting to see how rank-and-file GOP voters see this tax plan. I think Trump will have a real chance to sell this policy to the GOP base. And that is sheer heresy to the GOP policy wonks. Far worse than talking about Mexican rapists. C'mon, we all missed Nelson Rockefeller, didn't we? : )
We? You mean the county in which they reside. And the money stays in that county and is used to pay for all county services, among them being public education, police, fire, parks, roads, etc. Now you come along and demand that the federal government tax the assets of "the rich" ... just because. How long before "the rich" -- as they're doing in France -- decide to pick up and move to a more friendly country?
My guess is that some hedge fund guy screwed Trump and he vowed ... one day ... to get even. "It will be interesting to see how rank-and-file GOP voters see this tax plan." I liked his minimum 1% tax for everyone. Yeah, it's a token amount that collectively won't buy one Abrams tank, but I thought it was a good concept. Sorry to see it didn't make the final draft. As for the overall tax plan itself, Rush was saying that it remined him a lot of what Reagan proposed in the 80's.
They won't unless there's some incentive. And if you start taxing wealth, that wealth will move.
I'm not at all surprised a real estate tycoon would think the hedge fund tycoons are getting away with murder on taxes. Trump will probably get pretty passionate about this. He really hates those hedge fund guys. : )
Get rid of the income tax, tear the IRS down to the ground and burn the rubble. Tax the stock market and all other transactions on goods and moneys in the markets. No tax on anything made in America. Tax imports hard. Hit capital gains hard, for it is money made on no effort. The stock market is a casino, and why should people get supported for playing with their money? The working man pays 45% on every dollar earned. The rich man pays nothing for the money he earns on his interest, dividends etc. Oh sure, he pays when he realizes the profit, but like I said, the working man pays on every dime, every day all day. We cannot even deduct the cost of transportation, clothing, food or housing. It cracks me up when I hear Rush talk about how the rich pay more than their fair share. As a conservative Constitutionalist, shouldn't he be asking why ANYONE should be subject to a Progressive income tax?
We can do without the estate tax if we didn't have about 70,000 pages of loopholes in the tax code. Somebody pays the congresscritters for those loopholes, and it isn't the poor people. Everybody knows it does not take over 70,000 pages to write an honest or fair tax code.
#2. To: Operation 40 (#0)
4 brackets; 1-5-10-15%; kill death tax & corporate tax
#3. To: Operation 40 (#0)
#4. To: Operation 40 (#0)
Estate tax eliminated
#5. To: Fred Mertz (#4)
Estate tax eliminated It sounds nice, but it won't fly or pass muster.
#6. To: Vicomte13, Operation 40 (#3)
Bad plan Donald: if there is no Estate Tax, then there must be an annual gross wealth tax, which he does not propose.
History
#7. To: Vicomte13 (#5)
It can't be allowed to, unless we want an hereditary nobility.
#8. To: misterwhite (#1)
What's Hillary's tax plan? JEB!'s?
#9. To: Vicomte13 (#3)
"if there is no Estate Tax, then there must be an annual gross wealth tax"
#10. To: nolu chan (#6)
"There is no reason why such tax must exist."
#11. To: nolu chan (#6)
There is no reason why such tax must exist.
#12. To: Vicomte13 (#11)
"we tax middle class wealth, which is overwhelmingly concentrated in homes and cars"
#13. To: Vicomte13 (#11)
"but MOST of their wealth increases go into more investment."
#14. To: misterwhite (#13)
#15. To: misterwhite (#12)
#16. To: misterwhite, Vicomte13 (#1)
Why is Trump the only one being pressed to release details of his agenda? So the press can take pot shots?
#17. To: Vicomte13 (#15)
"For the middle class, most wealth is in the home, so we tax ALL of their" wealth.
#18. To: TooConservative (#16)
"tax breaks and dodges for the tycoons"
#19. To: Vicomte13 (#14)
"We DO want them to do that"
#20. To: misterwhite (#18)
My guess is that some hedge fund guy screwed Trump and he vowed ... one day ... to get even.
#21. To: Operation 40 (#0)
#22. To: Vicomte13 (#11)
We cannot do without the estate tax.
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