Trump tax plan = big cuts for rich, even hedge fund managers

False, Reagan deficit was a third of just obamas stimulus

 

Hedge Fund managers would be taxed much higher under Trump"s proposal. He would eliminate "carried interest".

Pay attention.

 

Is there something wrong with actually getting to benefit from this? Without those at the top, we don't have a job. Without us, they don't have a company. Why can't we all benefit? Who cares if one group benefits more as long as you get your piece? I surely won't complain. Next up, health insurance...

 

Do you have a problem with "You gotta pass it to see what's in it?"

 

Of course not, it blows your argument up.

 

Now that's funny. Really. It is totally untrue and I don't care how many times you repeat it. Now then, why don't you post a link to show us how well educated you are on this issue and how ill-informed I am. Can't wait.

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I believe the author of the piece in the OP that I quoted did just that. You can see his results by reading the entire piece at the link I provided. Be my guest.

 

No he did not.

 

Regarding tax brackets, here's a simplified comparison chart for the various proposals and today's rates:




Now, explain whatever it is you're talking about. BTW - annual average median family income in the U.S. in 2013 was a bit over $52K.

 

You can be earning decent money but still be poor. If your outgoings exceed your income, guess what? You think nobody like that exists?
http://money.cnn.com/2015/05/07/news/economy/working-poor/

 

Again not noticing what it does for the bottom %'s...

 

Well... your op states that those in the middle get "some" benefit, but NOTHING like those at the top...
Below 50k, there are 0 taxes. MOST people, would only pay 10%... a reduction of 5-15%. That is huge for the middle class. The rest get a reduction 5-13% and the super wealthy get a reduction of 4.6%. That is not nothing. Secondly, he would be closing all of the loopholes which people like himself exploit. Thirdly... he wants corporations to pay taxes. That last little bit was left out of your articles prognostications. It is a tax cut across the board, and with closing the loopholes, MOSTLY benefits "the little people". I mean, I guess you failed to notice... nobody under 50k is even paying taxes... I think that is too much personally.

 

Yes, that's what I thought too, listening to Mr. Trump. Alas, while he was telling everyone about what the right hand was going to do to raise taxes, he distracted you from noticing the left handing out a juicy break:

Even the hedge fund managers Mr. Trump has railed against on the stump would get a tax cut under his plan. The usual fee structure for a hedge fund is called “2-and-20”: a flat management fee (often 2 percent) on all assets, plus a performance fee (often 20 percent) on profits above a set threshold. Currently, the management fee is taxed at ordinary rates up to 39.6 percent, while the performance fee enjoys a preferential rate of 23.8 percent. Under Mr. Trump’s plan, all this income would be taxed at a maximum of 25 percent. The performance fee would be subject to a small tax increase, but that effect would be dwarfed by the large tax cut on ordinary management fees.

 

No taxes at all! Replace congress and senate with on line issue voting.

Military will become unpaid voluntary; shoot your own terrorists if you like freedom that much.

Trump invents total anarchic democracy.

 

I did notice what it did to the bottom brackets. It did move them a little but did nothing to the regressive taxes that are the biggest burden to people in those brackets. I did also see that he does nothing to the AMT which this year kicks in at around $70,000 for married couples. So lowering the statutory rate for many in those brackets is a HUGE misnomer.

Trumps plan, when put in context to the overall tax burden of most Americans is a very small benefit for 90% of Americans, while significantly lowering the burden on those at the top. To not see the overall picture and stay focused on the redirection is exactly what the politicians want.

It's like going to the carnival and going to the ring toss and seeing all o f those huge stuffed animals. When you pay your money and actually win, they hand you a pencil eraser and say "here's what you ACTUALLY WIN, the big prizes aren't really for you!"

 

Details and Analysis of Donald Trump’s Tax Plan

- - - Updated - - -

The plan eliminates the Alternative Minimum Tax.

 

I did not see that in the original search, so thanks for pointing that out.


But the point still stands that it isnt good for the lower income brackets. It does provide some relief, but the real tax burden on the lower and middle income brackets comes from Sales/use/excise taxes.

And all due respect, but taxfoundation.orgs take on the entire plan and its benefits to the entire economy are based on "lower taxes create jobs".

This basically parrots the talking point, "since business are saving money on their taxes, they will hire more people and they will pay higher wages to their current workforce with that savings". Which we have empirical evidence that that just isn't true. And "6.5% higher wages" ? Really ? Cmon.....thats a HUGE stretch even if they did raise wages.

Taxfoundation.org is a group of corporate tax officers from some major corporations (Eli Lilly, Pepsico, Microsoft, and of course Economic Advisors to Republican candidates). Of course they will tell you lower taxes on companies are good, but they won't tell you they are only good for the company.

 

It is really simple math that is dynamic in the economy. We have the highest capital gains tax in the world and it is affecting what companies do and what they can most often do realistically is lay off people. China reduced their to near zero and that definitely helped the Chinese economy. The company I work for laid off twice last year and is in the process of reducing it's workforce by almost 2% this year.

The cost of more cost for a company is smaller increases in pay and more people out of work.

 

We currently have the 6th higest, but when you look at the overall chart even that number is skewed:

But again my point still stands. Lowering the rates does not create jobs, nor does it increase wages. Apple has $2.3 billion in cash reserves, yet they are still moving jobs to third world countries. Just because companies have money does not mean they will trickle it down. The ENTIRE purpose of a corporation today is to make more money. Not make money, but make more money.

Look, we can debate until the cows come home, but we need to accept the facts. The facts are empirical that tax breaks do not create jobs, they do not grow the economy, they grow wealth. And 90% of the population does not have enough "wealth" for tax changes like this to make a difference for them. If we want to change the "economy" to benefit the majority of americans we need to take the economy back from the Bankers that currently run it at the Federal Reserve.

 

Top marginal tax rates have nothing to do with capital gains taxes.

 

If thats the case, the fault lies with the individual, and isnt the American peoples responsibility.

 

"Top Marginal Tax Rate on Capital Gains, by OECD Country, 2015"

 

Sorry, missed that.

 

60% Of Households Get More Benefits Than They Pay In Taxes

 

Another poster posted the brackets... Its up to you to look at them.

 

no worries