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Thread: Trump Releases Tax Plan

  1. #1

    Trump Releases Tax Plan

    I think at least a week over due, but just as I predicted here he would release his tax plan proposal around the same time his poll numbers level off or dip. In some respects there are similarities to Rand's plan for business income and low income.



    Business tax 15%, eliminates the death tax, eliminate loopholes, one time repatriation tax... More here https://www.donaldjtrump.com/positions/tax-reform

    To compare against the rest of the field of candidates:

    Comparing the 2016 Presidential Tax Reform Proposals (less Trump)
    http://taxfoundation.org/comparing-2...form-proposals
    * See my visitor message area for caveats related to my posting history here.
    * Also, I have effectively retired from all social media including posting here and are basically opting out of anything to do with national politics or this country on federal or state level and rather focusing locally. I may stop by from time to time to discuss philosophy on a general level related to Libertarian schools of thought and application in the real world.



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  3. #2
    Quote Originally Posted by kahless View Post
    I think at least a week over due, but just as I predicted here he would release his tax plan proposal around the same time his poll numbers level off or dip. In some respects there are similarities to Rand's plan for business income and low income.



    Business tax 15%, eliminates the death tax, eliminate loopholes, one time repatriation tax... More here https://www.donaldjtrump.com/positions/tax-reform

    To compare against the rest of the field of candidates:

    Comparing the 2016 Presidential Tax Reform Proposals (less Trump)
    http://taxfoundation.org/comparing-2...form-proposals
    Rand's plan is better. Cuts more taxes. 20 and 25 percent are too high. Does this plan eliminate worker's tax?

  4. #3
    This plan is "revenue neutral". Enough said. Trump has no plans of shrinking the size and scope of the federal government.

  5. #4
    Trump keeps the payroll tax though doesn't he? This is an important part of Rand's plan I don't think is emphasized enough.

    Trump's tax plan is "budget neutral". He's not interested in cutting government. But His Economy is going to be so Great and Tremendous that the gov't coffers will be overflowing.

    Support Justin Amash for Congress
    Michigan Congressional District 3

  6. #5

  7. #6
    This plan sucks. He is labeling this plan himself as revenue neutral. Rand needs to get a comparison graphic up asap. Rand's plan is a monster compared to this

  8. #7

  9. #8
    Quote Originally Posted by ItsTime View Post
    Shocking! A progressive tax plan....
    I have news for you, the Progressives including Hillary Clinton have not released a tax plan or made any mention of reducing taxes on the poor and middle class.

    It is funny how Progressive Democrats claiming to be, with their lap dog media the party for the poor and the middle class yet it is the Republicans presenting proposals for eliminating or reducing taxes for the poor and middle class.
    * See my visitor message area for caveats related to my posting history here.
    * Also, I have effectively retired from all social media including posting here and are basically opting out of anything to do with national politics or this country on federal or state level and rather focusing locally. I may stop by from time to time to discuss philosophy on a general level related to Libertarian schools of thought and application in the real world.



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  11. #9
    The VAT disqualifies Rand's tax plan for me, I do not care about flatness either. Regressive taxation is even worse so why do that? Trump's plan seems better.

  12. #10
    Quote Originally Posted by jkob View Post
    The VAT disqualifies Rand's tax plan for me, I do not care about flatness either. Regressive taxation is even worse so why do that? Trump's plan seems better.
    Trumps plan is not a tax cut. It's neutral. All his plan does is shuffle around the winners and losers in the wealth redistribution scheme. How could it possibly be better than Rand's plan which includes a massive tax cut, leaving more resources in the private sector and less in the public?

  13. #11
    Quote Originally Posted by jkob View Post
    The VAT disqualifies Rand's tax plan for me, I do not care about flatness either. Regressive taxation is even worse so why do that? Trump's plan seems better.
    Thinking about it from a libertarian perspective, the government is providing a service. Does it not provide a greater service to those who earn more? Therefore, wouldn't it make sense to charge a higher price for those people? I think there is some logic here. But tying it to income is the wrong move. It should be tied specifically to the services the government is providing.

    So for example, one of the things the government does is military defense of the land. Therefore: a property tax.

    Another thing the government does, is defending and maintaining the infrastructure of stock exchanges, guarding against fraud, hack attacks, and financial subversion. Therefore: a capital gains tax

    The government also provides security for companies that trade overseas. Making sure that nothing especially deadly or insidious comes into the country in a shipment of potatoes. Therefore: a corporate earnings tax.

    The government defends the rights of citizens traveling in foreign jurisdictions. Maintaining relations with these countries and building embassies. Therefore: a travel tax?

    The government, like any business, should charge directly for the services it's providing. Your laundromat shouldn't be paid based on a percentage of your income, neither should the government.

  14. #12
    Quote Originally Posted by kbs021 View Post
    This plan sucks. He is labeling this plan himself as revenue neutral. Rand needs to get a comparison graphic up asap. Rand's plan is a monster compared to this
    As a practical matter this is little difference between the two plans in terms of what most people would pay. 25% is more than $14.5% yes, but Rand's plan eliminates the payroll tax cap so people making more than $118,000 are getting hit with 14.5% additional tax on every dollar above the $118,000 compared to what they are paying now or under Trump's plan.

  15. #13
    Tump's plan is progressive.

    COMMUNISTIC

  16. #14
    Quote Originally Posted by kahless View Post
    I think at least a week over due, but just as I predicted here he would release his tax plan proposal around the same time his poll numbers level off or dip. In some respects there are similarities to Rand's plan for business income and low income.



    Business tax 15%, eliminates the death tax, eliminate loopholes, one time repatriation tax... More here https://www.donaldjtrump.com/positions/tax-reform

    To compare against the rest of the field of candidates:

    Comparing the 2016 Presidential Tax Reform Proposals (less Trump)
    http://taxfoundation.org/comparing-2...form-proposals
    As usual, I will start with the caveat that I am personally opposed to all individual income taxes. That being said, I have a couple of more objections to Trump's plan.

    1. Having a different rate for one type of income vs. another is economic central planning. It is favoritism and crony corporatism.

    2. National fixed dollar amounts for cut-offs between different rates is inherently flawed. The regional and local differences are extreme as to whether a fixed dollar amount constitutes low, medium or high income.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  17. #15
    I'd prefer a revenue neutral tax plan. Need to cut spending before (or same time as) we cut revenue.

    What I don't understand is how this is revenue neutral. The only increase I see in the table is capital gains rate of 5% higher on top earners. Is that really enough to offset all other cuts?

  18. #16
    Looks like the plan also eliminates most deductions. The end result of that is typically the middle class doesn't see much relief. Most of the savings go to the top. I like the simplicity of the plan but would need to see more calculations on actual tax rates before I can form an opinion. I have a feeling if I lose my mortgage interest and student loan interest deduction my tax rate may actually rise under this plan.



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  20. #17
    I'd just go with 15% over 50k to get the funds to do what's absolutely necessary. No payroll taxes etc. No deductions. No estate tax etc. Just a simple 15% income tax regardless of where the income comes from with 50k tax free. The poor wouldn't pay any federal taxes. The middle class a small amount and the rich maybe a bit more. In principle I am of course against any taxes whatsoever unless they are voluntary but since were arguing tax plans I've come up with this.
    Last edited by luctor-et-emergo; 09-28-2015 at 05:39 PM.
    "I am a bird"

  21. #18
    Quote Originally Posted by Brian4Liberty View Post
    As usual, I will start with the caveat that I am personally opposed to all individual income taxes. That being said, I have a couple of more objections to Trump's plan.

    1. Having a different rate for one type of income vs. another is economic central planning. It is favoritism and crony corporatism.

    2. National fixed dollar amounts for cut-offs between different rates is inherently flawed. The regional and local differences are extreme as to whether a fixed dollar amount constitutes low, medium or high income.
    It was always pretty infuriating to hear Dems says tax the rich and then provide a salary which would put me and most of the middle class where I live in the category. It might work on the national level but certainly punishing the middle class in many of the major cities in the north east and west coast.
    * See my visitor message area for caveats related to my posting history here.
    * Also, I have effectively retired from all social media including posting here and are basically opting out of anything to do with national politics or this country on federal or state level and rather focusing locally. I may stop by from time to time to discuss philosophy on a general level related to Libertarian schools of thought and application in the real world.

  22. #19
    You guys are debating over 1 page of an 80,000 page tax code. The whole point of Rand's plan is he would eliminate it, with all the loopholes.

    The rich do not ever pay what the top tax tier suggest they do. They use loopholes that have been lobbied into the tax code, and they structure corporations and move their money around in ways where they avoid taxes. All this talk about what the top tax brackets should be is nonsense. It does not effect rich people's tax liability until you get rid of the loopholes.
    Last edited by Mad Raven; 09-28-2015 at 07:40 PM.

  23. #20
    Quote Originally Posted by brandon View Post
    Looks like the plan also eliminates most deductions. The end result of that is typically the middle class doesn't see much relief. Most of the savings go to the top. I like the simplicity of the plan but would need to see more calculations on actual tax rates before I can form an opinion. I have a feeling if I lose my mortgage interest and student loan interest deduction my tax rate may actually rise under this plan.
    Trump's plan retains the mortgage deduction and the charitable deduction. Increasing the top rate on capital gains socks the rich much harder than increasing than increasing the income tax rate does, but eliminating death taxes completely more than makes up for that. Trump says this is "revenue neutral" but that strikes me as either wishful thinking or outright bull$#@!. Overall, seems very similar to Rand's plan in terms of the total cuts and who benefits.

  24. #21
    Hannity was gushing over the Trump tax plan today like it was the greatest thing ever invented. It must be good!
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  25. #22
    Quote Originally Posted by jkob View Post
    The VAT disqualifies Rand's tax plan for me, I do not care about flatness either. Regressive taxation is even worse so why do that? Trump's plan seems better.
    Rand's tax plan is not regressive. Why are there idiots in here? 14.5% is 14.5% geez

    Progressive tax rates like we currently have and like the clown proposes is communistic.
    Last edited by Liberty74; 09-29-2015 at 06:51 AM.

  26. #23
    Here is current IRS taxes

    Single:
    Taxable Income Tax Rate
    $0 to $9,225 10%
    $9,226 to $37,450 $922.50 plus 15% of the amount over $9,225
    $37,451 to $90,750 $5,156.25 plus 25% of the amount over $37,450
    $90,751 to $189,300 $18,481.25 plus 28% of the amount over $90,750
    $189,301 to $411,500 $46,075.25 plus 33% of the amount over $189,300
    $411,501 to $413,200 $119,401.25 plus 35% of the amount over $411,500
    $413,201 or more $119,996.25 plus 39.6% of the amount over $413,200



    So top rate, reduced from 39.6 to 25%. Thats a big tax cut for the rich!
    We'll know our disinformation program is complete when everything the American public believes is false. -- William Casey, CIA Director

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  27. #24
    What amazes me about these tax plans is, why does the % go up in the lower and middle class income ranges? And stops at the end of middle class income?

    Instead, how about

    0-50k - 0%
    50k-200k - 5%
    200k-1mil - 10%
    1mil-5mil - 15 %
    5mil-50mil - 20%
    50mil + - 25%

    But really, 0% for all of the above would be ideal. And then tax the top 1% a 50% tax rate, since they control the government anyway, they should be funding it.



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  29. #25
    Has anyone asked him how he plans to fund all his enormous spending increases, like universal government-funded healthcare?

    In reality, it's not the details of a tax plan that matter, but the total amount the government spends. Ultimately, it's a mathematically inescapable fact that total spending always exactly equals total taxation.

  30. #26
    Quote Originally Posted by Liberty74 View Post
    Rand's tax plan is not regressive. Why are there idiots in here? 14.5% is 14.5% geez

    Progressive tax rates like we currently have and like the clown proposes is communistic.
    VAT is a regressive tax which Rand sets at 14.5% in addition to his 14.5% flat income tax. I would never support creating a national VAT or any type of sales tax unless the 16th Amendment was repealed. Most places already have a sales tax so under Rand's plan basically everything we buy come with a 20% tax and that's just if it sits at the initial rate which of course it wouldn't. I'd rather the rich just pay more in income taxes rather than creating a VAT in addition to keeping the income tax. I don't like Rand's tax plan, I don't like 9-9-9, I don't like FairTax. I wish we'd go back to using more tariffs and excise taxes to fund our (much smaller)government as we did before the 16th Amendment, Rand eliminates all of them.

  31. #27
    Quote Originally Posted by jkob View Post
    VAT is a regressive tax which Rand sets at 14.5% in addition to his 14.5% flat income tax.
    I agree with you that adding a VAT to our tax code would be terrible. But how is it regressive? The percent is the same for all income and spending levels, isn't it?

  32. #28

  33. #29
    Rand Paul's plan eliminates the Payroll Tax. Shout this from the mountain top. Rand Paul's plan ELIMINATES THE PAYROLL TAX

    RAND PAUL'S PLAN ELIMINATES THE PAYROLL TAX

  34. #30
    Quote Originally Posted by Mad Raven View Post
    The rich do not ever pay what the top tax tier suggest they do. They use loopholes that have been lobbied into the tax code, and they structure corporations and move their money around in ways where they avoid taxes.
    This is good. Right?

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