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Thread: Donald Trump unveils plan to slash taxes for the poor -- and the wealthy

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    Senior Member JohnDoe2's Avatar
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    Donald Trump unveils plan to slash taxes for the poor -- and the wealthy

    Donald Trump unveils plan to slash taxes for the poor -- and the wealthy

    By MJ Lee, CNN Politics and Finance Reporter
    Updated 11:13 AM ET, Mon September 28, 2015 | Video Source: CNN

    New York (CNN)Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.

    "It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."

    The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.


    One of the biggest beneficiaries appears to be families that draw the smallest paychecks, who Trump said would pay no income taxes under his plan. However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes couples making more than $300,000 -- who would pay an income tax rate of 25%, according to the Wall Street Journal. That's a drastic cut from the current top rate of close to 40%.


    The tax cuts for top earners could open Trump up to charges of hypocrisy. The real estate magnate has surged to the top of the polls by touting a populist tone, lamenting that wealthy people like himself should pay more.


    But the most pressing question that Trump must answer is how he would raise enough revenue to offset his plan's drastic tax cuts.


    The candidate says he would make up for the difference in a number of ways: killing certain deductions for the rich and creating incentives for U.S. companies to bring back cash currently held overseas, thereby boosting growth at home.


    Trump's tax plan broadly mirrors that of one of his main rivals: Jeb Bush.


    Bush's proposal released this month also reduces the number of income tax brackets -- to three from the current seven. The highest tax bracket under the former Florida governor's plan is 28%, and the lowest is 10%. Bush also proposed lowering the corporate tax rate, from 35% to 20% -- another popular idea among conservatives.


    Like Bush, one loophole Trump would target is the preferential treatment for carried interest, which is a share of profits paid to investment managers.


    Since launching his White House campaign in June, Trump has made sweeping attacks on hedge fund managers who are paid in carried interest.


    Trump, who claims that his personal assets are valued at more than $10 billion, frequently makes the distinction between investors who work in real estate and those on Wall Street. Hedge fund managers, he often says, fall in the category of special interests backing some of his well-connected and best-funded rivals.


    "I know them. They all are supporting Jeb Bush and Hillary Clinton," Trump told CNN at a campaign stop in Nashville, Tennessee, last month. "They make a lot of money and a lot of it is luck. They pick a stock and all of a sudden they make a lot of money. I want the hedge fund guys to pay more taxes."


    The tax rate of hedge fund managers is a favorite political target for the 2016 presidential candidates.


    "We will treat all noninvestment income the same, so unless you stake capital in an investment, you won't be able to claim the capital-gains tax rate on your market gains," Bush's tax proposal said.


    It's also popular rallying cry for the Democratic candidates.


    Former Secretary of Hillary Clinton has been hitting Wall Street tax breaks since the first days of her campaign, as she's faced pressure from progressive Democrats to embrace a more populist agenda.

    Antagonism towards Wall Street is a central message of Clinton's rivals like Vermont Sen. Bernie Sanders and former Maryland Gov. Martin O'Malley.

    http://www.cnn.com/2015/09/28/politi...lan/index.html

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    Senior Member Judy's Avatar
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    https://www.donaldjtrump.com/positions/tax-reform

    Trump should have made the FairTax his plan.

    FairTax Act of 2015: HR 25 in the US House of Representatives and S 155 in the US Senate.
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    Senior Member JohnDoe2's Avatar
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    9/27/15

    http://www.alipac.us/f12/donald-trum...ork%92-323779/

    Pelley asked Trump what he plans to do with the 11 or 12 million illegal immigrants that are in the country.
    Trump answered, “If they’ve done well, they’re going out and they’re coming back in legally.”
    Last edited by JohnDoe2; 09-28-2015 at 01:58 PM.
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    Senior Member JohnDoe2's Avatar
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    NO AMNESTY

    Don't reward the criminal actions of millions of illegal aliens by giving them citizenship.


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    Senior Member johnwk's Avatar
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    Quote Originally Posted by Judy View Post
    https://www.donaldjtrump.com/positions/tax-reform

    Trump should have made the FairTax his plan.

    FairTax Act of 2015: HR 25 in the US House of Representatives and S 155 in the US Senate.
    Why?

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    Senior Member johnwk's Avatar
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    Trump's tax plan does nothing to end the failed socialist experiment of laying and collecting a federal tax calculated from profits, gains, salaries and other lawfully earned "incomes". It does nothing to end all the miseries connected with this evil tax.

    Real tax reform is found in the following 32 words:

    The Sixteenth Amendment is hereby repealed and Congress is henceforth forbidden to lay ``any`` tax or burden calculated from profits, gains, interest, salaries, wages, tips, inheritances or any other lawfully realized money.

    Adopting the above words as part of a constitutional amendment would bring us back to our Constitution's ORIGINAL TAX PLAN as our founders intended it to operate!

    JWK

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    Senior Member Judy's Avatar
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    Quote Originally Posted by johnwk View Post
    Trump's tax plan does nothing to end the failed socialist experiment of laying and collecting a federal tax calculated from profits, gains, salaries and other lawfully earned "incomes". It does nothing to end all the miseries connected with this evil tax.

    Real tax reform is found in the following 32 words:

    The Sixteenth Amendment is hereby repealed and Congress is henceforth forbidden to lay ``any`` tax or burden calculated from profits, gains, interest, salaries, wages, tips, inheritances or any other lawfully realized money.

    Adopting the above words as part of a constitutional amendment would bring us back to our Constitution's ORIGINAL TAX PLAN as our founders intended it to operate!

    JWK
    The FairTax does this. The states collect the FairTax which is a tariff on new goods and services transactions and requires a repeal of the 16th Amendment by the States within 7 years of passage.
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    It does not appear at this time that anyone is addressing the elephant in the room? We cannot again and again ignore the national debt. Proposing to cut taxes or proposing revenue neutral tax plans will not retire debt. I would like to see a debt retirement proposal from someone, please!!

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    Senior Member JohnDoe2's Avatar
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    Quote Originally Posted by kevinssdad View Post
    It does not appear at this time that anyone is addressing the elephant in the room? We cannot again and again ignore the national debt. Proposing to cut taxes or proposing revenue neutral tax plans will not retire debt. I would like to see a debt retirement proposal from someone, please!!
    I can't find a current comment from Trump on the National Debt, only this old one.

    One-time 14.25% tax on wealth, to erase national debt

    Trump wants to soak the rich, including himself. He proposed a 14.25% tax yesterday on the net worth of wealthy Americans.

    • He said the one-time tax package would:
    • Raise $5.7 trillion to erase the nation’s debt and save $200 billion in annual interest payments
    • Use the savings to save Social Security and slash taxes for the middle class
    • Increase his personal tax bill by at least $725 million.


    Source: Boston Globe, p. A19 , Nov 10, 1999
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    Senior Member Judy's Avatar
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    Quote Originally Posted by kevinssdad View Post
    It does not appear at this time that anyone is addressing the elephant in the room? We cannot again and again ignore the national debt. Proposing to cut taxes or proposing revenue neutral tax plans will not retire debt. I would like to see a debt retirement proposal from someone, please!!
    It has to come from cutting spending. Trump's program of deporting illegal aliens as a "single unit", no child left behind will go a long ways to cutting Medicaid, Food Stamps, Free School Lunch, WIC and TANF spending. Replacing those workers with American Workers at market wages will go a long ways as well towards reducing Medicaid, Food Stamps, Free School Lunch, WIC and TANF spending. Trump's program to stop/reduce legal immigration will do likewise for the same reasons. Trump will also go through so many of our programs and figure out a way to reduce wasteful spending. He addressed that today in his press conference.

    Very early in a Trump presidency he will be going after our industry to bring our plants home from other countries as he tackles the free trade treason problem with the big full-time jobs, the big wages and benefits, huge plant and equipment investment, infrastructure and technology returning to the United States which provides $20 an hour plus full-time jobs instead of 23 hour jobs at $8 an hour which generates more tax revenue. He'll go through those Omnibus Budgets and tear them apart. He'll probably do the same thing with all these grants to these phony 501 C 3 tax frauds like National Council of La Raza and so much more.

    We really need the FairTax to attack the debt issue, and I'm really disappointed that he went with a tweek of the income tax instead of the FairTax but any time you turn to "tax experts" to help you with a tax plan, their first position will be to preserve their own livelihood, discredit the FairTax which largely puts them out of business, leaving you with some version of the failed income tax.

    So, as citizens, we'll just have to continue pushing the FairTax through Congress, elect FairTax candidates, and hope that when the FairTax bill passes Congress, then Trump as President will sign it.

    The "establishment" seems really happy with his plan that he presented today, Bill Kristol and David Gergen both had very positive things to say about Trump today, whereas before they've been very negative, especially Bill Kristol.

    Sam Clovis just said that he ran this plan through his economic model, and I didn't know this but Sam Clovis is a Professor of Economics and also Trump's National Co-Chairman, that this plan balances the budget with some prudence on spending which we already know Trump will be very serious about by his own nature, much sooner than Republicans in Congress had contemplated being able to do. So we'll probably see some debt reduction from this plan with a Trump at the spending wheel, cutting the nonsense out of the budget.

    Given all of that, the single greatest immediate source of budget reduction that is long-term and immediate is the removal of all illegal aliens within the first 18 to 24 months of a Trump first term, and a moratorium on all new immigration for a period of years.

    When the facts show that 72% of all immigrants and 87% of all illegal aliens are on welfare, I mean this IS the first area of budget cutting that needs to be done, because it's immediate, it's permanent, and benefits citizens by raising their incomes which removes them from the welfare rolls as well.

    Once our country sees those reductions in spending from stopping illegal immigration, deporting illegal aliens and stop/reducing legal immigration, along with the the rise in employment and good wages for citizens and legal immigrants already here, our country will never fall back into this immigration hell the past several Presidents have created, shoved down our throats and robbed our wallets and nation to pay for.

    I'm still very disappointed that Trump didn't use the FairTax Plan as his tax plan, because it would be so much better than any income based tax plan. But, anyway .... he decided to tweek the existing system again instead. A friend of mine who also supports the FairTax said maybe he decided the FairTax is too hard to talk about and explain during a campaign, and maybe it is. Maybe that's why he decided to tweek a system people are familiar with.
    Last edited by Judy; 09-28-2015 at 08:31 PM.
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