When Trump talks about the current tax-and-spend system as an exercise in needless complexity and irresponsible folly, he has a large, receptive audience.
Trump’s delivery in his Monday press conference was perfectly in sync with the mood of his tax-reform document,
The Trump plan eliminates the income tax for over 73 million households. 42 million households that currently file complex forms to determine they don’t owe any income taxes will now file a one page form saving them time, stress, uncertainty and an average of $110 in preparation costs. Over 31 million households get the same simplification and keep on average nearly $1,000 of their hard-earned money.
Trump’s plan also knocks out the “death tax” – it’s referred to by those very words in the plan. “You earned and saved that money for your family, not the government. You paid taxes on it when you earned it,” the plan declares. Later, Trump flatly declares, “The death tax punishes families for achieving the American dream. Therefore, the Trump plan eliminates the death tax.”
Now that’s how you sell a conservative proposal with populist techniques. Watching Trump argue this point with Democrats would be enormously entertaining. It’s Halloween. He’ll portray them as ghouls who dig up dead bodies to shake the corpses down for pocket change by the time he’s done.
The simplification aspect of Trump’s plan comes from boiling the current seven rates down to four: zero percent up to $25,000, 10 percent up to $50k, 20 percent up to $150k, and 25 percent beyond that. He also lets single filers who make less than $50k pay zero percent on capital gains and dividends, to encourage small investors. There are no penalties for married filers, and a bump of roughly 50 percent for heads of household (so the zero percent rate extends to $37.500 instead of $50,000 for them, for example.) Trump was very proud of eliminating the marriage penalties built into the tax code in his press conference.
Source: Breitbart
Trump makes a very big deal about his business tax reforms. No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job to job, will pay more than 15% of their business income in taxes. This lower rate makes corporate inversions unnecessary by making America’s tax rate one of the best in the world.
That is Business Sense talking.
Trump 2016
Yeah but didn’t Obama promos they the “Affordable” care act was affordable. There is your answer!!!
I like the plan but i dont see how it could work in real life. We are in extreme debt. How could we ever pay it by lowering our tax rate?
Who are the real losers in Trump’s Tax Return
So, we finally are getting a small glimpse into Donald J. Trump’s taxes and find that he had a tax loss of $916,000,000. Yes, almost a Billion Dollars.
But who are the real losers of this money? Remember, Trump brags that Trump uses other people’s money. Losing his big$#%&!@*toy boat probably hurt him the most but I wonder how much of the boat was actually his, or other people’s money (bank?).
Okay, the Billion $ losers were the Bank, his investors and a significant number of small business owners that he stepped on (and left at the bottom) as he climbed out of the hole.
The Atlantic City casino deal included a restructuring of his debt coming out of his previous bankruptcy debt restructuring wherein he came up with the idea of selling stock. What could be better than Trump stock?
Although the restructuring was restricted to preclude his inclusion of personal debt, he could not resist but include a massive amount of personal debt in the stock deal.
Fast forward, the stock went from $35 / share to $.17. Many of those who viewed the restructuring said that the level of debt was so great that it doomed the Taj Mahl and the Castle Casinos. Even his father:s (Fred Trump) illegal loan of $3.3 million could not save the end bankruptcy.
Okay, so now the losers included the Banks, and who absorbs these bank losses? The public who pays dearly. By allowing the banks to take tax credits for their debt (in fact we the people pay thru increased bank fees as well, as the taxpayers tax credits to these banks makes up for their losses).
Trump ends up with Federal Tax Credits that he can use over as much as 18 years, there again it is US, the real taxpayers that are having to fund infrastructure, schools, military and social services to Help Trump recover his losses.
While it appears that he may have used the system to his advantage (hopefully, we will see if it is all legal) we (the real taxpayers) are all paying multiple times to fund Trump.
Yet Trump claims that he is a genius for using the tax laws to his advantage, and yes, that is just the example of how the system is rigged against the rest of the 99% to prop up and save the folks like Trump.
Did the rest of those that lost their homes get any breaks, NO the Banks took back the homes, dumped them for losses (many times under sweet deal sales arrangements with folks like Trump) and the losses went to those of us who actually Pay Taxes.
Now Trump says that only Trump can fix the rigged system, yet his proposed tax plan offers NO changes to the system that he says is the problem, in fact, the Trump tax plan is a sham to further benefit the 1% at the cost to the real taxpayers of America.
Does anyone really believe that Trump will make any changes that will impact Trump and his brand? I do believe that some in the media will continue to do real investigative research and help expose the Trump disaster?
We can all agree that America has many broken and rigged positions that help the wrong folks. We need change, but Trump is not the one to make the necessary changes. He is simply a Con that has drifted into the system and is playing on the frustrations of the American People. The list of the Trump failures are a testament to his con and I can only how that the public will look behind the curtain the to see what is truly there (even the Wizard of Oz had a heart).
Please America turn off FOX, do some research and read the reports. This is just too important. And VOTE