The Trump Tax Plan is 180
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Poast new message in this thread
Date: February 17th, 2017 12:36 PM Author: Sticky dilemma
https://assets.donaldjtrump.com/trump-tax-reform.pdf
The Trump Tax Plan Achieves These Goals
1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000,
you will not owe any income tax. That removes nearly 75 million households – over 50% –
from the income tax rolls. They get a new one page form to send the IRS saying, “I win,”
those who would otherwise owe income taxes will save an average of nearly $1,000 each.
2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25%
– instead of the current seven. This new tax code eliminates the marriage penalty and the
Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World
War II.
3. 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.
4. No family will have to pay the death tax. You earned and saved that money for your family,
not the government. You paid taxes on it when you earned it.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32643773) |
Date: February 17th, 2017 12:56 PM Author: chrome area round eye
"Freelancer living job to job will pay no more than 15% of business income"?
Is this in addition to personal income? Most freelancers use passthrough entities
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32643886) |
Date: February 17th, 2017 1:00 PM Author: Coiffed diverse clown church building
"All other Americans will get a simpler tax code with four brackets."
What is this retarded shit?
Brackets have virtually nothing to do with making the tax code simpler.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32643904) |
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Date: February 17th, 2017 1:05 PM Author: Bat-shit-crazy bespoke elastic band
Correct. The real complication comes in the form of deductions and AMT.
To have tax rates this low and not explode the deficit, Trump would have to eliminate nearly all deductions. This includes home mortgage interest, 401ks, health insurance (ie, you'll be taxed at ordinary income on the cost your employer provided healthcare).
Per the usual, this plan probably fucks people making 100-500k. But its great if you make less than 50k and more than 500k.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32643940) |
Date: February 17th, 2017 1:06 PM Author: Coiffed diverse clown church building
"You paid taxes on it when you earned it."
This is a fucking retarded argument. The clients paid taxes on their income. Then they paid their lawyer. The lawyer paid taxes on the income. Then he bought lunch and paid taxes on the meal. Then the restaurant owner paid taxes on the profit.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32643947) |
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Date: February 17th, 2017 5:45 PM Author: Coiffed diverse clown church building
"Should we start taxing birthday presents faggot?"
Of what size?
There are personal exemptions for income.
And I'm ok with reasonable exemptions for gifts.
But, at bare minimum, I can't think of any good reason to give a more favorable exemption to gifts over income.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32645790) |
Date: February 17th, 2017 2:19 PM Author: cerebral impressive casino foreskin
Tax Attorney here, these are my thoughts:
The Trump Tax Plan Achieves These Goals
"1. If you are single and earn less than $25,000, or married and jointly earn less than $50,000,you will not owe any income tax. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each."
I'm curious how this will be achieved. Are they just saying that the first $25,000 is subject to a 0% tax bracket? And then adding standard/itemized deductions and/or personal exemptions on top of that? Or setting it up in such a way that $x + the standard & one exemption = no taxes? If they modify the standard/itemized deductions and/or exemptions for these low income brackets, are higher earners affected? If so, this actually makes the code moar complex, not less.
Also, while I don't have exact numbers, a shit-ton of these taxpayers pay negative tax, that is they actually get more back in refunds than they put in, thanks to all sorts of refundable credits (many of which are robustly abused). So it's not really accurate to say that, right now, a married family making $40,000 and raising two kids under 17 pays any tax under the present system because they don't. In fact they get over $3,000 back that they did not pay in due to refundable credits. If you simply remove their tax obligation while allowing them to continue claiming refundable credits, that refund goes up to ~$5,000. If you remove or reduce some of those refundable credits in conjunction with this they may or may not come out ahead.
"2. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II."
The tax code is not complicated because of tax brackets. Honestly tax brackets are day one shit. You can teach utter idiots to master the concept of tax brackets. So going from 7 to 4 in no way simplifies the code, especially in a era where the majority of people use software to perform the calculations anyway. So this really doesn't achieve simplification.
What it does achieve, however, is an enourmous break in taxes for the wealthy. If you had 1 million dollars in taxable income for 2016 you'd owe over $350,000 in federal taxes. Under this plan that would drop to less than $250,000 (assuming the new brackets are marginal as the current ones are). So who does this benefit more? Not the little guy.
As far as AMT, I believe that it needs to be there as a tax floor. People do really ridiculous shit to try to drive their tax liabilities down, and AMT helps to ensure that there is a floor. I do agree that it needs to be adjusted but to remove it completely is not something I agree with. Again this will disproportionately (almost exclusively) benefit higher income earners.
"3. 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."
Freelancers pay income tax and medicare tax, as do all self-employed people. So what happens if a successful freelancer is in a 20% tax bracket? Do they get bumped down to a 15% cap due to this? And what about the employer share of medicare taxes?
I'm not necessarily opposed to dropping the corporate income tax rate but part of why corporate taxes are lower elsewhere is because the difference is made up through a VAT. Without that this plan will just drop reciepts by a shit-ton. And the theory is that corporations will have more money with which to invest by paying less taxes. But the reality is that they will just either pocket it or issue it as dividends. Again helping those with capital, who tend to be well off.
"4. No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it."
I get the theoretical arguments for abolishing the death tax. I'm not necessarily opposed to it. But again you are talking about eliminating a revenue stream (although it is small, I believe estate and gift taxes are about 4% of tax receipts) and replacing it with nothing. If all of these changes were enacted and no significant spending decreases came along with it, you'd be looking at over $2 trillion in borrowing every year just to make budget.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32644487) |
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Date: February 17th, 2017 3:41 PM Author: rough-skinned sandwich
In fact, the money was already taxed before it got to your employer in the first place. The people who bought services or goods from your employer paid sales tax, as well as income tax on the income they used to purchase. And that income was already taxed before THEIR employer paid it. Money should only be taxed one time ever.
Sincerely,
Guy who doesn't understand money.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32644947) |
Date: February 18th, 2017 1:28 AM Author: Orange vigorous sound barrier athletic conference
"4. No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it. "
LOL the exemption for a married couple is $11 million. already no one that isn't a wealthy motherfucker pays the death tax now. fuck politicians for making it sound like regular people pay estate taxes.
(http://www.autoadmit.com/thread.php?thread_id=3529134&forum_id=2#32648029) |
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