29 Sep 2015

Trump’s Tax Plan

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TrumpTaxPlan

Donald Trump was sinking slowly in the polls and a number of pundits were predicting his candidacy was in terminal decline, but The Donald yesterday stopped whining about Fox News and actually produced a substantive policy proposal: a dramatic revision of the tax code.

Tax Prof Blog

Trump’s plan is simple, but it would certainly be a revolutionary change, eliminating scads of special interest deductions, freeing less well-off Americans entirely from federal taxation (except for Social Security), and giving US businesses a major shot-in-the-arm by making our business tax much more competitive. Trump’s plan is simple, but it is intelligent and possesses enormous potential voter appeal. In one fell swoop, Donald Trump has revived his candidacy and made himself again the man to beat.

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2 Feedbacks on "Trump’s Tax Plan"

Surellin

Sounds good, but I don’t approve of “freeing less well-off Americans entirely from federal taxation”. Oh, it’s all very progressive (in the tax sense), but it encourages the “less well-off” to look at federal benefits as something that other people pay for. Panem et circenses. I recall Jack Nicholson’s Joker in the first Batman movie – “I’m giving them free money!”, while the people scrabble for the cash he’s dropping to them. Yeesh.



GoneWithTheWind

There are two major faults with our tax and Trump’s plan. First everyone should be taxed. The reason voters overwhelmingly vote for free stuff for themselves is because those voters don’t pay taxes. Everyone should pay 10% at least. Second taxing productive people and capitol at a high rate will only push them offshore. That’s part of why our jobs go overseas. Tax income wealth at 25% and capitol growth at 0%.
Also do away with deductions for charitable contributions and do away with all tax exempt catagories. The Church and charities should pay tax on “profits” and be good citizens. If they are doing the right thing they would not have “profits” to tax.



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