Trump reveals his tax plans: Slashed taxes across the board; those making less than $25,000 a year w - Polidicks

[quote]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. He unveiled a provision designed to help families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan. One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan. "They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.[/quote] [url]http://www.cnn.com/2015/09/28/politics/donald-trump-tax-plan/index.html[/url] Not having to lose $40 each paycheck is kind of enticing... :suicide:

But how will they pay for the military?

What about the 70-100K person? Good news to hear though, hope he makes it all the way

Yeah okay. I call bullshit. This guy is a joke to begin with. This is just laughable.

[QUOTE=agentfazexx;48782891]Yeah okay. I call bullshit.[/QUOTE] "Did I say less than $25,000? I meant more than $25,000. hah!"

Cool. I assume this is intended to give some relief to the middle class so we can get some more economic stimulation.

[QUOTE=agentfazexx;48782891]Yeah okay. I call bullshit. This guy is a joke to begin with. This is just laughable.[/QUOTE] Not really, this is only on individuals making <25K. I honestly wouldn't be suprised if the IRS were spending more money and time tracking down the people who make <25K committing tax fraud than the actual net gain/return on the time spent to do so

[QUOTE=JohnFisher89;48782890]What about the 70-100K person? Good news to hear though, hope he makes it all the way[/QUOTE] They will also get tax cuts. Tax cuts for everyone Poor, rich It don't matter

[QUOTE=Emperor Scorpious II;48782936]They will also get tax cuts. Tax cuts for everyone Poor, rich It don't matter[/QUOTE] Yeah but I am not to thrilled at the 35% rate for couples making >150,001.

This smells like a trap, the promise of low taxes seems like a candy cane dangled in front of a choir boy. The kind of enticing lure that would help him onto the throne so he can start doing some sinister shit.

Perfect way to reduce the deficit. Cut the income being generated. I wonder why Trump has bankrupted so many times before.

Funny plan, amazing how he manages to make tax income remain stable while slashing it for the poor, the middle class, and the rich.

im sure this totally worked when bush tried this

[QUOTE=ironman17;48782948]This smells like a trap, the promise of low taxes seems like a candy cane dangled in front of a choir boy. The kind of enticing lure that would help him onto the throne so he can start doing some sinister shit.[/QUOTE] Kind of like all presidents, right?

[QUOTE=Doctor Zedacon;48782951]Perfect way to reduce the deficit. Cut the income being generated. I wonder why Trump has bankrupted so many times before.[/QUOTE] Given he's a Republican, I have zero doubts he plans on slashing more government programs than he plans slashing taxes for the people.

[QUOTE=Emperor Scorpious II;48783030]Given he's a Republican, I have zero doubts he plans on slashing more government programs than he plans slashing taxes for the people.[/QUOTE] Screwing over the poor even more is exactly what this country needs. I'll take five.

[QUOTE=ironman17;48782948]This smells like a trap, the promise of low taxes seems like a candy cane dangled in front of a choir boy. The kind of enticing lure that would help him onto the throne so he can start doing some sinister shit.[/QUOTE] I'd be more willing to bet that it is to reduce the amount of time, effort, and money the IRS pours into cases of sub 25K income users a year make than it is to go after people abusing loopholes or flat up not paying taxes. Cut the net loss area, and let the taxes be taken out at the register which both would help the economy as people have more per paycheck, and tax at the register is nearly unavoidable. However, there is also the possibility that this action is intended to counterbalance a welfare cut since welfare is usually elegible only for the <30k people(at least in some of the states I have been in).

[quote]Meanwhile, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.[/quote] 25% is a ridiculous cut for that income bracket, an 8% cut is insane.

[QUOTE=Doctor Zedacon;48783073]Screwing over the poor even more is exactly what this country needs. I'll take five.[/QUOTE] Isn't our state one of the poorest in the nation?

[QUOTE=ironman17;48782948]This smells like a trap, the promise of low taxes seems like a candy cane dangled in front of a choir boy. The kind of enticing lure that would help him onto the throne so he can start doing some sinister shit.[/QUOTE] it's more a way of hiding the fact that the real goal is to cut taxes for the wealthy, little more note that currently 45% of american households don't make enough money to pay income tax, this "reform" would raise that to 50% but also massively reduce income from wealthy households

[QUOTE=Emperor Scorpious II;48783030]Given he's a Republican, I have zero doubts he plans on slashing more government programs than he plans slashing taxes for the people.[/QUOTE] "What are you entitled? You don't pay taxes, that's your entitlement!"

so he's going to reduce taxes, but also increase spending? something doesn't balance out here

[QUOTE=Untouch;48783137]so he's going to reduce taxes, but also increase spending? something doesn't balance out here[/QUOTE] He's betting on the fact that if he eliminates the income tax on the lower class then they will start buying more as they will have more in their paychecks. Additionally is local sales increase state/city taxes will generate more revenue along with more commerce.

Remember the old sahing... All politicians are the same shit

Every time I see Donald Trump in the news [URL="https://www.youtube.com/watch?v=bd9PYIb0H2o"]this[/URL] plays in my head.

also doesn't this kind of fuck over people who make say, $26,000?

[QUOTE=Untouch;48783183]also doesn't this kind of fuck over people who make say, $26,000?[/QUOTE] I imagine it'll work like tax brackets now, I.E. on $26k you'd only be taxed on the $1k over $25k

Cutting income tax for the poorest Americans means that some spending can be scaled back with no overall negative effect on the recipients, while attempting to maintain revenue neutrality. For instance, earned income credits and food stamps could be cut. There is of course also potential for stimulating the economy, given the poorest tend to spend the most of any increase in their paycheck.

[QUOTE=Untouch;48783183]also doesn't this kind of fuck over people who make say, $26,000?[/QUOTE] No more than any other tax system that "fucks over" those making just a few dollars more into the next bracket.

i'd pay 10% more in taxes if it meant not having donald trump in office