Donald Trump’s tax plan may carry a hefty price tag

[webfact]

Donald Trump’s Tax Plan May Carry a Hefty Price Tag
BY JACOB MASLOW

On paper, Donald Trump’s tax plan is very attractive. But ultimately, to deliver on his promises, Trump might have to add about $9 trillion in debt over 10 years. His tax proposal would reduce revenues by $900 billion per year. The accumulated debts will mostly be attributed to Trump’s plan to impose deep cuts to the income tax rate for most people in the United States.

So, what does Trump’s plan entail?

Donald Trump’s Tax Reform Plan

Donald Trump’s goals for tax reform are as follows:

Tax relief for the middle class
Grow the American economy
Simplify the tax code
And Donald Trump plans on doing this without adding to the debt or deficit. That’s a tall order to fill.

How will Trump achieve these goals?

Single people who earn less than $25,000 a year, or married couples that earned less than $50,000 per year jointly, will not owe any income tax. However, they will be required to submit a one-page form to the IRS that says “I win.”

Anyone who will pay income tax will fall into one of four brackets: 0%, 10%, 20%, or 25%. This new tax code will also eliminate the marriage penalty as well as the AMT (Alternative Minimum Tax).

No business of any size will ever pay more than 15% of their business income in taxes. The goal here is to eliminate corporate inversions by offering favorable tax rates in America.

Death taxes will be eliminated completely.

The top income tax rate would drop from 40% to just 25%. Households that fall under this category would earn $225,000 or more each year.

Full story: http://www.streetwisejournal.com/donald-trumps-tax-plan-may-carry-a-hefty-price-tag/11769/


-- StreetWiseJournal 2015-10-22

[ALLSEEINGEYE]

A populist policy that will never work unless he cuts an equal amount from the obscene military budget.

[Pinot]

A trillion here, a trillion there, look as long as the rich get a huge undeserved tax cut, who cares?

It's weird how the Republicans wan nothing more than to bankrupt the country. You don't find the electorate begging for tax cuts, just the Republicans trying to stop the poor from getting the rich peoples money.

Just another case of the Republicans proposing solutions for non existing problems.

Don't worry this never going to happen because Trump will never get close to being POTUS. And you can take that to the bank.

[Ulic]

Everyone knows not to look behind the curtain of The Donald's plans. Just hear him now, believe him later.

[howto]

What a hit piece against the Trump.

Or is it?

I do find it amusing that non-americans,

mostly from Europe, where taxes are onerious,

berate what is a excellent plan

which will increase domestic spending.

Ok, Lets be clear, 9 trill over 10 years B.S.

And no mention of the offset of increased revunes.

This is Federal Tax, not State tax.

This helps...

Minimum wage earners (there are a lot)

Middle class (I am one)

High income earners

Corporate.

What do you think these groups

will do with those extra funds?

Spend

Invest (lots of areas here)

Create Jobs

Refurb / expand the house or business

Create a business

Expand a business

I could go on, but why bother,

you guys don't understand

the basic fundamentals of an economy.

Oh yeah,

I've no issues giving

tax breaks to corps or the very wealthy.

Do you actually think they just sit on that money?

Edited October 23, 2015 by howto

[empireboy]

Some say, "we get the government we deserve", well, if Trump continues his bull-run and gets the top job, he could hardly do worse for the USA on many levels! let the people elect who they deserve!

[squarethecircle]

He sounds like Reagan, who simultaneously lowered overall tax rates while increasing tax revenues. Taxes on all but the most basic necessities of society (police, military, basic services, not the leeches in the Department of Education) lead to a net drain on society. Cutting that will stimulate it. One would expect a businessman to have a better idea on this than a pretentious left-wing community organizer or Hilla the Hun.