It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
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.
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.
In the Tax Policy Center’s analysis of the Republican candidate’s proposal, the institute said that Trump’s plan would reduce federal revenues by $9.5 trillion over its first decade, and an additional $15.0 trillion over the next 10 years. Including interest costs, the Center said, the proposal would add $11.2 trillion to the national debt by 2026.
To put that into perspective, Trump’s tax plan would cause the debt to GDP ratio to hit 180% by 2036, the Center found.
By 2017, the highest-income 1% of taxpayers would receive a tax cut of 17.5% of after-tax income, and the top 0.1% — those with incomes of over $3.7 million in current dollars — would experience an average tax cut of more than $1.3 million, nearly 19% of after-tax income.
In contrast, the lowest-income households would receive an average tax cut of $128, or 1% of after-tax income
originally posted by: ManBehindTheMask
Hmmm
In the Tax Policy Center’s analysis of the Republican candidate’s proposal, the institute said that Trump’s plan would reduce federal revenues by $9.5 trillion over its first decade, and an additional $15.0 trillion over the next 10 years. Including interest costs, the Center said, the proposal would add $11.2 trillion to the national debt by 2026.
To put that into perspective, Trump’s tax plan would cause the debt to GDP ratio to hit 180% by 2036, the Center found.
I thought he wasnt for all the rich people? I thought he was for the little guy?
By 2017, the highest-income 1% of taxpayers would receive a tax cut of 17.5% of after-tax income, and the top 0.1% — those with incomes of over $3.7 million in current dollars — would experience an average tax cut of more than $1.3 million, nearly 19% of after-tax income.
In contrast, the lowest-income households would receive an average tax cut of $128, or 1% of after-tax income
originally posted by: Edumakated
originally posted by: ManBehindTheMask
Hmmm
In the Tax Policy Center’s analysis of the Republican candidate’s proposal, the institute said that Trump’s plan would reduce federal revenues by $9.5 trillion over its first decade, and an additional $15.0 trillion over the next 10 years. Including interest costs, the Center said, the proposal would add $11.2 trillion to the national debt by 2026.
To put that into perspective, Trump’s tax plan would cause the debt to GDP ratio to hit 180% by 2036, the Center found.
I thought he wasnt for all the rich people? I thought he was for the little guy?
By 2017, the highest-income 1% of taxpayers would receive a tax cut of 17.5% of after-tax income, and the top 0.1% — those with incomes of over $3.7 million in current dollars — would experience an average tax cut of more than $1.3 million, nearly 19% of after-tax income.
In contrast, the lowest-income households would receive an average tax cut of $128, or 1% of after-tax income
Lowest income households already don't pay taxes (or very little), so there isn't anything to cut. The reason the highest earners get the biggest break is because they are the ones paying the taxes. Any tax cut is going to disproportionately go to higher earners.
The bottom income tax payers actually get NEGATIVE tax rates meaning they receive money from government instead of actually paying taxes.
Lowest income households already don't pay taxes (or very little), so there isn't anything to cut.
originally posted by: CharlieSpeirs
If the middle class paid no tax you can kiss goodbye not just to vital social programmes, but also the Defence budget.
Turns out his "how we wills" are as ridiculous as his "what we wills".
I thought this guy loved the vets?
originally posted by: Edumakated
originally posted by: ManBehindTheMask
Hmmm
In the Tax Policy Center’s analysis of the Republican candidate’s proposal, the institute said that Trump’s plan would reduce federal revenues by $9.5 trillion over its first decade, and an additional $15.0 trillion over the next 10 years. Including interest costs, the Center said, the proposal would add $11.2 trillion to the national debt by 2026.
To put that into perspective, Trump’s tax plan would cause the debt to GDP ratio to hit 180% by 2036, the Center found.
I thought he wasnt for all the rich people? I thought he was for the little guy?
By 2017, the highest-income 1% of taxpayers would receive a tax cut of 17.5% of after-tax income, and the top 0.1% — those with incomes of over $3.7 million in current dollars — would experience an average tax cut of more than $1.3 million, nearly 19% of after-tax income.
In contrast, the lowest-income households would receive an average tax cut of $128, or 1% of after-tax income
Lowest income households already don't pay taxes (or very little), so there isn't anything to cut. The reason the highest earners get the biggest break is because they are the ones paying the taxes. Any tax cut is going to disproportionately go to higher earners.
The bottom income tax payers actually get NEGATIVE tax rates meaning they receive money from government instead of actually paying taxes.
originally posted by: Edumakated
originally posted by: ManBehindTheMask
Hmmm
In the Tax Policy Center’s analysis of the Republican candidate’s proposal, the institute said that Trump’s plan would reduce federal revenues by $9.5 trillion over its first decade, and an additional $15.0 trillion over the next 10 years. Including interest costs, the Center said, the proposal would add $11.2 trillion to the national debt by 2026.
To put that into perspective, Trump’s tax plan would cause the debt to GDP ratio to hit 180% by 2036, the Center found.
I thought he wasnt for all the rich people? I thought he was for the little guy?
By 2017, the highest-income 1% of taxpayers would receive a tax cut of 17.5% of after-tax income, and the top 0.1% — those with incomes of over $3.7 million in current dollars — would experience an average tax cut of more than $1.3 million, nearly 19% of after-tax income.
In contrast, the lowest-income households would receive an average tax cut of $128, or 1% of after-tax income
Lowest income households already don't pay taxes (or very little), so there isn't anything to cut. The reason the highest earners get the biggest break is because they are the ones paying the taxes. Any tax cut is going to disproportionately go to higher earners.
The bottom income tax payers actually get NEGATIVE tax rates meaning they receive money from government instead of actually paying taxes.
originally posted by: neomaximus10
a reply to: Edumakated
How in the world does the middle class not pay taxes....I had over 8,000 taken out of my yearly pay, and I only make 36,000. Can I have my money back?
originally posted by: ManBehindTheMask
a reply to: Edumakated
Lowest income households already don't pay taxes (or very little), so there isn't anything to cut.
So your excuse to marginalize the fact that Trump is going to be giving his biggest cuts to the rich (even though hes suppose to be for the little man and helping him out) is "Meh a lot of people dont pay it so we dont need to help them"
The mental gymnastics Trump supporters go through to keep carrying this guys water in the face of all the facts is absolutely amazing.
lets just totally also negate the fact that the first part of that illustrated that it would increase the National debt by more than what Obamas administration has.........
originally posted by: neomaximus10
a reply to: Edumakated
How in the world does the middle class not pay taxes....I had over 8,000 taken out of my yearly pay, and I only make 36,000. Can I have my money back?
It is not an excuse, it is simple math. I know you progressives aren't good at arithmetic, but you cannot cut someone's taxes IF THEY AREN'T PAYING TAXES. Good grief.
originally posted by: SunnyDee
a reply to: ManBehindTheMask
You are throwing out a lot of opinions of what a tax cut would look like and affect us without a clue how it would really be enacted. For all we know, it could be great!
originally posted by: [post=20392139
What nation do you live in? People making under $30,000 a year pay plenty of income taxes! Couples under $50,000 year do too! My single sister with no owned home paid more income taxes per year than we as married with a mortgage did for decades and still does! She paid close to 30% for many years.