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

[QUOTE=Kommodore;48783270]i'd pay 10% more in taxes if it meant not having donald trump in office[/QUOTE] I already pay ~24%, so I'm going to have to pass on that hypothetical.

[QUOTE=JohnFisher89;48783144]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.[/QUOTE]Honestly having grown up poor and most everyone I know is poor, this would likely happen. People who live hand to mouth have absolutely no concept of saving money, they'll blow whatever extra money they have on things they want (and need) rather than save. That's why all those whimsical theories about how to solve poverty by making stock options available to poor people are stupidly naive, the people they target have [I]no idea[/I] what any of that even means and are largely distrustful of it. This is also why the people who rack up the most overdraft fees come from low income backgrounds, their ability to manage money basically consists of, "I get paid next week and the bank won't cut me off so I'll be fine."

This sounds great but it feels to good to be true. It feels like he's hiding some sinister plan for the wealthy. From a financial standpoint the best thing we can do is cut our liabilities and increase our assets. I'm unsure if this is somehow going to do this for our government/economy.

[QUOTE=JumpinJackFlash;48783470]Honestly having grown up poor and most everyone I know is poor, this would likely happen. People who live hand to mouth have absolutely no concept of saving money, they'll blow whatever extra money they have on things they want (and need) rather than save. That's why all those whimsical theories about how to solve poverty by making stock options available to poor people are stupidly naive, the people they target have [I]no idea[/I] what any of that even means and are largely distrustful of it. This is also why the people who rack up the most overdraft fees come from low income backgrounds, their ability to manage money basically consists of, "I get paid next week and the bank won't cut me off so I'll be fine."[/QUOTE] Yup I grew up in a poorer family, in HS I was sleeping in my car because it was easier than sleeping on the floor and every 2 weeks it was "Oh we are going out tonight!" then by the end of the following week it was "we need to save till pay day because we spent a lot more than I thought last weekend". This is more about getting people to spend more and creating state/local tax revenue than it is actually cutting taxes, most of the people who fall in this tax bracket will NOT be saving that extra 40-75 bucks they will get each paycheck as well as saving the IRS some time and money from chasing down lower class people who will cause more money to chase after than it is to just not charge income tax to.

"I will say LITERALLY ANYTHING to get you to vote for me" - donald trump

[QUOTE=Judas;48783662]"I will say LITERALLY ANYTHING to get you to vote for me" - donald trump[/QUOTE] I don't get this line of reasoning. Just a couple weeks ago Trump was being attacked for not having a plan, now that he has a plan people are still attacking him without reading his plan? Frankly, if there was any candidate that had the best chance at implementing his/her plans it would be Trump because he owes no one. So unless you are just spouting garbage for the sake of trolling on an internet forum I suggest you explain why this plan isn't good... On a related note: I personally like this plan a lot, the amount of money the government takes from me is obscene. I also like how he is going to close loopholes and make obsolete corporate inversion. [url]https://www.donaldjtrump.com/images/uploads/trump-tax-reform.pdf[/url] [editline]28th September 2015[/editline] Uh I'm not in Russia...

As someone who lives in silicon valley I welcome a tax cut. 100,000 isn't much after taxes, sales taxes, and rent.

[QUOTE=toaster468;48783720]I don't get this line of reasoning. Just a couple weeks ago Trump was being attacked for not having a plan, now that he has a plan people are still attacking him without reading his plan? Frankly, if there was any candidate that had the best chance at implementing his/her plans it would be Trump because he owes no one. So unless you are just spouting garbage for the sake of trolling on an internet forum I suggest you explain why this plan isn't good... On a related note: I personally like this plan a lot, the amount of money the government takes from me is obscene. I also like how he is going to close loopholes and make obsolete corporate inversion. [url]https://www.donaldjtrump.com/images/uploads/trump-tax-reform.pdf[/url] [editline]28th September 2015[/editline] Uh I'm not in Russia...[/QUOTE] "he owes no one" is a ridiculous argument because it assumes that someone as greedy as trump doesnt want even more money on top of what he currently has

[QUOTE=Judas;48783662]"I will say LITERALLY ANYTHING to get you to vote for me" - donald trump[/QUOTE] How? He's pretty much had the same game plan going into the election race that he started with and has basically stated his goals are economic, immigration, and tax focused and he sticks to it in nearly every interview or debate. If you want to elaborate more on your post feel free to because I am curious. [QUOTE=Judas;48783812]"he owes no one" is a ridiculous argument because it assumes that someone as greedy as trump doesnt want even more money on top of what he currently has[/QUOTE] By "wanting more money that he already has" can be applied to literally anyone ever.

The analysis are in, so already 45% of Americans don't qualify for income tax, trumps plan bunps that up....5%, as for the tax cuts, nothing new for the middle class, but cuts abound for the rich including hedge funds, loopholes are filled but they don't add up to make a difference This is just a regurgitation of the other GOP plans that have been floating around. No raised revanue, a few token loopholes closed, and promising to help the poor when the current tax code already does as good a job, this is only slightly better than rand Paul's flat tax or Carson's biblical based tith system (how that applies to non judeo-christians...)

[QUOTE=Judas;48783812]"he owes no one" is a ridiculous argument because it assumes that someone as greedy as trump doesnt want even more money on top of what he currently has[/QUOTE] It's not an argument it's a fact. The presidential salary is peanuts compared to what he makes now, and if he gains more money by lowering taxes and improving the economy then that is fantastic for him and it will also have the added side effect of saving me lots of money too.

[QUOTE=Sableye;48783846]The analysis are in, so already 45% of Americans don't qualify for income tax, trumps plan bumps that up....5%,[/QUOTE] 55% do? That's fairly impressive [quote]as for the tax cuts, nothing new for the middle class,[/quote] Except an near 10-8% drop [quote]but cuts abound for the rich including hedge funds, loopholes are filled but they don't add up to make a difference[/quote] I'm not so sure about that unless you have a source, as for closing loopholes that is a HUGE step forward in the right direction at least. Obviously, 100% of things will not be fixed but compared to any other candidate trump has the most solid economical plan to remove oversea dependencies, and start to balancing tax gaps between classes [QUOTE=Chickens!;48782869]But how will they pay for the military?[/QUOTE] After watching his interview tonight it looks like he is more or less taking the "why go into something we aren't part of" approach his response to ISIS/Russia/Syria was harsh but one of the best responses I think anyone could do. Fixing and fortifying the things we have is more than enough until we get our economy back on track.

[QUOTE=Judas;48783812]"he owes no one" is a ridiculous argument because it assumes that someone as greedy as trump doesnt want even more money on top of what he currently has[/QUOTE] No, it's a ridiculous argument Donald Trump is the exact sort of slimebag one would be concerned about a candidate "owing" anyway.

[QUOTE=JohnFisher89;48783887]55% do? That's fairly impressive Except an near 10-8% drop I'm not so sure about that unless you have a source, as for closing loopholes that is a HUGE step forward in the right direction at least. Obviously, 100% of things will not be fixed but compared to any other candidate trump has the most solid economical plan to remove oversea dependencies, and start to balancing tax gaps between classes After watching his interview tonight it looks like he is more or less taking the "why go into something we aren't part of" approach his response to ISIS/Russia/Syria was harsh but one of the best responses I think anyone could do. Fixing and fortifying the things we have is more than enough until we get our economy back on track.[/QUOTE] [url]http://www.slate.com/blogs/moneybox/2015/09/28/donald_trump_s_tax_cut_plan_it_would_cost_at_least_10_8_trillion_give_lots.html[/url] not even close to meeting the current tax code, if any candidate wants to put out a serious tax reform policy, they have to first meet the current tax revenues before they should be allowed to talk on his "zero" tax policy [quote]But many of those families already pay no federal taxes. [B]Roughly 45% of American households will not owe any federal income taxes this year under the existing tax code[/B], according to Tax Policy Center estimates.[B] Trump said his plan will ensure a slightly larger share -- more than 50% of households[/B] -- pay no federal income tax.[/quote] on his revanue neutrality [quote]Roberton Williams, a senior fellow at the Tax Policy Center, said Trump's claim that his plan would be revenue neutral was "hard to swallow." on loopholes "On the corporate side the tax cut is very large. On the individual side it's very large," Williams said. [B]"There just aren't enough tax breaks out there to make this work."[/B][/quote] On the business and high income bracket tax hikes [quote]Still, the plan might not be too tough on Wall Street. Since Trump's proposal would slash the income tax rate across the board, taxing carried interest as regular income [B]under Trump's plan would mean investors still pay far less than what they would if the carried interest loophole were done away with under the current tax code[/B]. [/quote] [url]http://www.cnn.com/2015/09/28/politics/donald-trump-tax-plan/[/url] [editline]28th September 2015[/editline] his plan does nothing to balance out income inequality, his middle class tax cuts are nothing more than a reformulation of the bush era tax cuts, and his supposed boosts to the rate of the higher income brackets are not backed by any serious policy [editline]28th September 2015[/editline] bernie sander's .003% stock transaction tax for funding higher education actually works, already any stock transaction is taxed by the brokers and services handling it, yet somehow the replebicans say that that would kill businesses, yet the US is the [B]only country in the world[/B] that does not have such a tax on stock transactions, his other tax policies are also based in reality, where as trump's plan is a regurgitation of the standard GOP playbook of "cuts for all (but more for some!)"

I always wondered what the expectations of lowering the high end income taxes are when you're already one of the most tax friendly countries in the world. I guess you can always go lower, but if your goal if to stuff everything offshore and you don't care where, lowering taxes by halve doesn't really make the 0% tax you pay in dubai less attractive.

[QUOTE=Chickens!;48782869]But how will they pay for the military?[/QUOTE] Medieval feudal style. You pay for all your equipment then when the war's over the government confiscates it with no reparations.

[QUOTE=Cold;48785629]I always wondered what the expectations of lowering the corporate taxes are when you're already one of the most tax friendly countries in the world. I guess you can always go lower, but if your goal if to stuff everything offshore and you don't care where, lowering taxes by halve doesn't really make the 0% tax you pay in dubai less attractive.[/QUOTE] U.S. corporations are taxed on their worldwide income, and at up to the highest rates in the developed world. However the way the tax system works now is that they can indefinitely defer offshore income from taxation by the IRS (especially because it can be taxed at up to 35%), which also means that money isn't allowed to come onshore. So instead of being paid out to shareholders or to finance onshore investments, the money is re-invested offshore. Either the U.S. should follow the rest of the world and move to a territorial tax system (as opposed to the worldwide system), or cut the rates to the extent that there is little penalty for bringing that money back onshore. They should cut the rates anyways, because the system of dividend taxation doesn't completely remove the double taxation effect, and so corporate profits can effectively be taxed at up to 50.47% by the time the a shareholder receives a qualified dividend (35% corporate tax, then 23.8% dividend and net investment income tax on the remainder), despite the top marginal rate being 39.6%.

I hope trump wins, maybe it can set a president right across the western world.

The problem with income tax cuts across the board is that the richest people will get the most cuts while the poorest and middle class will barely notice anything. Norway's current government also promised tax cuts, but when they actually did it, they just cut it across the board and when the statistics came out there was a huge backlash because the richest were the ones getting the most out of it. In my opinion, the best way to do a tax cut is to increase tax deductions for the low income group and also add an amount/increase the amount of income you need to start paying taxes.

[QUOTE=Sableye;48783846]The analysis are in, so already 45% of Americans don't qualify for income tax, trumps plan bunps that up....5%, as for the tax cuts, nothing new for the middle class, but cuts abound for the rich including hedge funds, loopholes are filled but they don't add up to make a difference This is just a regurgitation of the other GOP plans that have been floating around. No raised revanue, a few token loopholes closed, and promising to help the poor when the current tax code already does as good a job, this is only slightly better than rand Paul's flat tax or Carson's biblical based tith system (how that applies to non judeo-christians...)[/QUOTE] I don't think you realize how big 5% is

[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'll probably end up like the tax-cuts Reagan was so touted for: Makes the cuts, finds out the budget is tanking, raises taxes again. [QUOTE=JohnFisher89;48783144]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.[/QUOTE] I predict prices will rise because companies will figure "Hey, they have more money to spend!", but that's just the pessimist in me.

[QUOTE=Zero-Point;48786490]It'll probably end up like the tax-cuts Reagan was so touted for: Makes the cuts, finds out the budget is tanking, raises taxes again. [/QUOTE] Except Regan knew the middle ground, when asked this directly about exactly that trump just said "no" and followed up by "I'll be really good you'll see"

Honestly, that's not a bad plan at all. But since it's Trump, I can't help but think there's something fishy. That all being said, funnily enough, I think Trump is probably the best the Republicans have right now. Everyone else is stuck up their own ass, while Trump seems to have gone through his ass, but out of his mouth. Not exactly a good thing, but at least he's not stuck in his ass like the others anymore. I do like how Trump is starting to pick up in popularity among US FPers though. Kind of amuses me that someone that we all used to bash is now getting some defenders. I can't wait until everything flips around come 2016, and you have people making fun of Bernie Sanders while praising Trump constantly.

[QUOTE=JohnFisher89;48782947]Yeah but I am not to thrilled at the 35% rate for couples making >150,001.[/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%. Someone didn't read did they? The 150,001 Is for people alone, it is doubled for couples.

[QUOTE=Rahu X;48786609]Honestly, that's not a bad plan at all. But since it's Trump, I can't help but think there's something fishy. That all being said, funnily enough, I think Trump is probably the best the Republicans have right now. Everyone else is stuck up their own ass, while Trump seems to have gone through his ass, but out of his mouth. Not exactly a good thing, but at least he's not stuck in his ass like the others anymore. I do like how Trump is starting to pick up in popularity among US FPers though. Kind of amuses me that someone that we all used to bash is now getting some defenders. I can't wait until everything flips around come 2016, and you have people making fun of Bernie Sanders while praising Trump constantly.[/QUOTE] I wouldn't hold your breath on that last part.

I may have to vote for this guy, his tax policy and firearms policy make a lot of sense, and seem to be well thought through.

[QUOTE=viper shtf;48787117]I may have to vote for this guy, his tax policy and firearms policy make a lot of sense, and seem to be well thought through.[/QUOTE] Please read anything on this page, his tax plan is garbage, its presentation is full of mathematical errors, logical errors, and false assertions

I'm not really sure lowering taxes is a good reason to vote for someone who wants to literally build a giant wall around the border to prevent immigrants.

If I was American; I'd vote Trump.

[QUOTE=isreal?;48788048]If I was American; I'd vote Trump.[/QUOTE] Yeah, me too, we can sit back and watch the chaos unfold.