The Trump Tax Plan

[Tank]

What dangerous times?  Seriously, the only reason we believe they are dangerous times is because the DoD and defense contractors make us believe they are.

 

are you only reading the local news again, nate? yikes.

[halobob]

Convenient for him not to explain how he will make up for all of the lost tax $ in the budget.

The Trump tax cuts are fully paid for by:

 

1. Reducing or eliminating deductions and loopholes available to the very rich, starting by steepening the curve of the Personal Exemption Phaseout and the Pease Limitation on itemized deductions. The Trump plan also phases out the tax exemption on life insurance interest for high-income earners, ends the current tax treatment of carried interest for speculative partnerships that do not grow businesses or create jobs and are not risking their own capital, and reduces or eliminates other loopholes for the very rich and special interests. These reductions and eliminations will not harm the economy or hurt the middle class. Because the Trump plan introduces a new business income rate within the personal income tax code, they will not harm small businesses either.
2. A one-time deemed repatriation of corporate cash held overseas at a significantly discounted 10% tax rate. Since we are making America’s corporate tax rate globally competitive, it is only fair that corporations help make that move fiscally responsible. U.S.-owned corporations have as much as $2.5 trillion in cash sitting overseas. Some companies have been leaving cash overseas as a tax maneuver. Under this plan, they can bring their cash home and put it to work in America while benefitting from the newly-lowered corporate tax rate that is globally competitive and no longer requires parking cash overseas. Other companies have cash overseas for specific business units or activities. They can leave that cash overseas, but they will still have to pay the one-time repatriation fee.
3. An end to the deferral of taxes on corporate income earned abroad. Corporations will no longer be allowed to defer taxes on income earned abroad, but the foreign tax credit will remain in place because no company should face double taxation.
4. Reducing or eliminating some corporate loopholes that cater to special interests, as well as deductions made unnecessary or redundant by the new lower tax rate on corporations and business income. We will also phase in a reasonable cap on the deductibility of business interest expenses.

He explained it, not sure if it balances or not.

[Crampknees]

The people who get $1k and don't have to pay taxes will still be on govt. assistance and just take that money for scratch-offs and cigs, I guess that will be a boon to the economy. 

[UndertheHalo]

Business tax cuts and credits should be tied to number of quality paying domestic jobs provided imo.  

Edited September 28, 2015 by UndertheHalo

[nate]

are you only reading the local news again, nate? yikes.

 

That is the point.  The news plays what people want to hear.  The Join Chiefs and defense contractors want us to believe that we are really threatened more than any other time in history.

[Rico]

me too

 

do you have some other way to keep the illegal aliens out?

do you really think a wall is going to keep anyone out?

[Rico]

That is the point.  The news plays what people want to hear.  The Join Chiefs and defense contractors want us to believe that we are really threatened more than any other time in history.

we are not fighting another military. Drones do most of the heavy lifting. We can cut military spending and still be the top military power in the world.

[Hollyw00d]

my dog could come up with a better tax plan

[Hollyw00d]

kurt is killin it in this thread

[Hollyw00d]

I don't know why you guys hate Mexicans so much

Its because we have the biggest penises in the world.

Its science

[Hollyw00d]

hater

[Jay]

I like some of Trump's ideas but the zero tax under $50K I don't like.

We already have 45% of citizens paying no tax, this would increase it to 75%.

Everybody needs to share in the cost of government, that's the only chance we have of limiting its size.

[Tank]

That is the point.  The news plays what people want to hear.  The Join Chiefs and defense contractors want us to believe that we are really threatened more than any other time in history.

 

i'm not really sure what to make of your answer.

 

extreme muslims continue to be a threat around the world (al qaeda and ISIS included)

the russians are flexing their muscles again.

the drug cartels are as big a problem as always.

syria.

the chinese.

iran.

the taliban.

domestic terrorists.

 

the world is very dangerous, regardless of which stories the news chooses to cover.

[nate]

i'm not really sure what to make of your answer.

 

extreme muslims continue to be a threat around the world (al qaeda and ISIS included)

the russians are flexing their muscles again.

the drug cartels are as big a problem as always.

syria.

the chinese.

iran.

the taliban.

domestic terrorists.

 

the world is very dangerous, regardless of which stories the news chooses to cover.

 

It always has been.  There have always been major threats, today is no different.  We don't need such a huge military.  Especially when you consider how many in our military are abroad.

 

If we focused on defending the country instead of assaulting others we would be way better off.

 

Consider Canada, Switzerland, England, Italy, Germany, etc.  Proportionally, their military and budget is way smaller than ours.  They are closer to the "threat" and just as targeted, if not moreso because of proximity.

[nate]

You wont ever hear a Republican explain it like that.  Cause that makes it sound like we are subsidizing other countries.

[Spirit]

"dangerous times"...

 

 

Please stop fear mongering.  

[Vegas Halo Fan]

Anyone who suggests lowering taxes (which I am in favor of) without making significant cuts in the military is an idiot.

I watched part of the Trump interview on 60 Minutes. He was very evasive about how everything would be paid for under his plan, other than to say that we would experience explosive economic growth, which would cover everything. He went on to say that he would "bring jobs back" from places like China and Mexico, with no details regarding how. He wants to toss aside NAFTA, and what he proposed as "fair trade" sounded suspiciously like a trade war, imposing tariffs on many foreign goods.

Edited September 29, 2015 by Vegas Halo Fan

[Guest]

I like some of Trump's ideas but the zero tax under $50K I don't like.

We already have 45% of citizens paying no tax, this would increase it to 75%.

Everybody needs to share in the cost of government, that's the only chance we have of limiting its size.

 

This is true strictly for federal income tax but there are many other forms of tax, including payroll taxes (~20% of the gross for people paid via 1099), state income taxes. I for one strongly believe taxes should be significantly lowered for all people making <1.5X as much as I expect to make 5 years from now. But they can't be cut to zero. Taxing a few million wealthier people a lot doesn't bring is as much money as taxing hundreds of millions of people a moderate amount. 

 

And Trump's plan to make up the difference by taxing businesses with presence in the USA on all worldwide income would be catastrophic. Huge numbers of companies, including the one I work for, would instantly withdraw operations from the USA and increase the scope of their operations in Mexico, Canada, Europe, Asia, etc. 

[nate]

Please stop fear mongering.  

 

Now that the Geoffs can marry, it is only a matter of time until the world as we know it ends.

[Glen]

I like some of Trump's ideas but the zero tax under $50K I don't like.

We already have 45% of citizens paying no tax, this would increase it to 75%.

Not this shit again. Everybody pays taxes. The 45% is income taxes. If you're gonna repeat talking points at least get them correct.

[Jay]

I thought it was obvious we are talking about Federal income tax, since this thread is about Trump's tax plan.

But keep making irrelevant comments Glen, it shows how intelligent you are.

[Glen]

As opposed repeating incorrect statistics and then blaming others for your inaccuracies. That makes you look smart and relevant, I guess.

[red321]

T

 

I thought it was obvious we are talking about Federal income tax, since this thread is about Trump's tax plan.

But keep making irrelevant comments Glen, it shows how intelligent you are.

 

Trump's Tax Plan doesn't address just the "Federal Income Tax". Talks about corporate tax, the estate tax, carried interest, and others as well.

[Adam]

This published plan looks like the work of a JC student who forgot to do his homework and whipped something together while having a smoke in the quad

[Catwhoshatinthehat]

True yet sadly it's more of a plan than Romney ever gave out even though he got the R nod in the 2012 election.  I look forward to another 13+ months of watching candidates spend ridiculous amounts of money while trashing one another.