Discussion: Donald Trump Unveils His Tax Plan: 'It's Going To Cost Me A Fortune'

Discussion for article #241127

Trump estimated that his plan would lead the economy to grow at least 3 percent a year, and as much as 5 or 6 percent.

Donald and Jeb! “Four Percent” Bush together in Fantasysland. [1]

[1] Or perhaps the Bog of Eternal Stench.

Decades of garish living, horrible buildings and crass talk, years of yakking about ‘what’s wrong with this nation’ to wit just about everything, a PT Barnum big splashy opening, high polls numbers from the rubes too stupid to know what smart people even sound like, then its September and time to roll out the New Thing, so up comes this gigantic cake, out of the top pops the Donald holding his Plan, and … surprise … Herman Cain in white face.

If we understood obligation and debt and money beyond the tribal context in which our tiny little human brains evolved, this would not keep happening. But, noooooo.

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I was thinking Steve Forbes and his magic " Eliminate the IRS with a Postcard" act.
They used to say George HW Bush wanted to “make the world safe for inheritance”…

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If Donald included a 50% reduction in the military budget, ending our useless foreign wars, I might admit that it would be possible to run the government on that very much reduced income, but, of course he not only didn’t do that, he has pledged to greatly increase both the military budget and our involvement in useless foreign wars. Incidentally, families earning less than $50,000 per year already pay very little in income tax.

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He’s trying to pitch this as an increase on the wealthy. I think it will depend on the individual circumstances. Wealthy taxpayers that have a lot of tax preference items and deductions might possibly pay more. Others, who don’t take that many deductions will pay less because the top rate with be cut from 39% to 25%. Overall, it’s hard to see it as being revenue neutral, especially with large reductions for middle-income taxpayers who pay a very substantial portion of total revenues. I’d like to see how the experts score it.

One thing is certain, he is going to make Mitt Romney’s 47% into 60%.

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He unveiled a tax plan. Whether it adds up or not isn’t reported, but he is ahead of the other Republican candidates. On its face the plan reminds me of one of Reagan’s plans from back in the 1980s. Sadly these tax flattening plans don’t hold together very long because the tax lobbyists and tax lawyers will start clawing back loopholes the minute the bill passes.

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What if a married couple makes more than 50,000? Does the rate go up Donnie?

“But the plan would also benefit businesses and the rich. It would lower
the corporate tax rate from 35 percent to 15 percent and lower the
highest income tax rate from 39.6 percent to 25 percent.”

So your businesses make out like bandits eh Donnie? and you LOWER your rate by 36% but loss of loopholes makes up the difference?..we’re supposed to believe you?.. Ummm …not so much Donnie.

What about the long term tax rate on stocks Donnie. Right now if someone holds a stock of a year the tax rate on the profit is 15% if that stock is sold. Same for if a dividend is collected. A lot of rich folk collect a big bunch of money this way.

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Wasn’t lowering the top rate while eliminating most deductions and loopholes a component of the Bowles-Simpson fiscal plan ?

The same Trump team accountants calculating this scheme to be revenue neutral assure us it’s realistic to deport 11 million people in 730 days, as Trump has promised. That’s 628 people an hour, every hour of every day, for two years.

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“In other words, it’s going to cost me a fortune,”

This is how he tilts to the general election.

He morphs into Joe Kennedy Sr. who knows what the rich are getting away with says he knows how to stop it.

The simplified corporate rate would have merit if it were levied against unadjusted gross revenue, regardless of profit. It would eliminate the tax benefit to off shoring overnight, so repatriation holidays would just be moot. Needless to say, capital gains income would also have to be taxed this way: a fixed percentage of the sale price whether profit or loss.

It would be far smarter to simply double the standard deduction. It would have the effect of sparing lower income citizens of paying federal income tax, and middle income taxpayers of itemizing all those ridiculous deductions.