Honestly this election has been terrible, it's the first chance I've gotten in my life to vote for a presidential candidate, and I can't help but say is this all they have. I can think back to candidates like John Kerry, Al Gore, and Bush when I was much younger and would actually enjoy voting for one of them. Maybe I was just too young then to understand what was really going on. Regardless back to Trump, 50% of the revenue made from income tax comes tends to come from the highest bracket. He talked about how he also plans on adding additional taxes to members even higher on the bracket. Either way its the best idea I've seen from any of the candidates so far sadly. Lowering the burden on the poor, and lowering the range of the "rich". Hopefully by lowering the income to be in the bracket to be in the highest rate will cover the deductions he made. He also plans on removing corporate deductions and loopholes as well as lowering their tax rate to 15%. Which seems like a terrible idea but hopefully that will help bring back corporations and ultimately jobs that have left here. If it doesn't he is also offering a discounted tax rate on money held overseas of 10%. There's an estimated $2.5 trillion in assets and cash overseas, if some of that actually came back, and wasn't just sitting it would surely help. Unfortunately this is what happens when your taxing people over 50% of their income, they just leave, or worse break the law.
https://www.donaldjtrump.com/positions/tax-reform
http://www.pewresearch.org/fact-tank/2016/04/13/high-income-americans-pay-most-income-taxes-but-enough-to-be-fair/
http://www.cbpp.org/research/misconceptions-and-realities-about-who-pays-taxes
3 comments:
You're right, it does not seem to bad. But how can Trump cut all these taxes, build a wall, incite a huge tariff on China, revamp our military, put in a single payer healthcare plan in, keep government agencies that Cruz wanted to eliminate, all the while reducing the deficit? Seems difficult. BUT, the Lakers would be great if they signed lebron james, kevin durant and steph curry hahaha. What is ideological sounds nice, and what is plausible are two very different things.
I don't view it as that large of a cut if all goes as he plans. I'm not entirely agreeing on it because I know if I was a CEO or on the board of an MNC that is mostly based overseas i'd be worried about the risk of what would happen when he's no longer in the white house. Just stating how this seems far more logical then any other candidates ideas on taxes, as well as ideas in general lol. I think you have to sort through the garbage he says and find the things that actually are "plausible". The tax reform and the tariffs on China go hand and hand and seem the most realistic of what he plans to do. If anything seems ideological and unrealistic it would be building the wall and a single payer healthcare plan. Dr. Fistek once said about 65% of what a president puts on his/her agenda gets done, hopefully all of the unrealistic crap remains in that 45% if he does.
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