Trump changes tune on tax hikes for wealthy Americans

Why do people hate the rich? vote Sanders because he is poor? Hell, if you think he does not have offshore accounts in his wife's name you are deluded.

Why would anyone be upset about taxing the rich higher than first estimated? It is still lower than what is out there now. If he starting talking about a Bernie plan then yes, I might be pissed.

Higher taxes lead to poor countries and more dependence. Read a history book...

I remember Obama was about taxing the rich more and it caused a sh!# storm of anger from many of the same people who are now defending Trump for the same idea.

a reply to: Grimpachi

He meant more than his proposal which is still 15% less than the current rates for high income earners as compared to the current tax code.

Obama wanted to 'add' to the existing...

originally posted by: matafuchs
Why would anyone be upset about taxing the rich higher than first estimated? It is still lower than what is out there now. If he starting talking about a Bernie plan then yes, I might be pissed.

Trumps plan doubles taxes on the top bracket, it's about a 50% boost on the upper middle class.

a reply to: Aazadan

Have you looked at Trumps plan?

Currently you have 7 tiers. His plan is 5 tiers. Upper Middle class via trump is 25% over 150k single, 300k married. At today's tax rate you would be paying 28 to 40%. He is not doubling anything.

Where are you seeing this?

originally posted by: matafuchs
a reply to: Aazadan

Have you looked at Trumps plan?

Currently you have 7 tiers. His plan is 5 tiers. Upper Middle class via trump is 25% over 150k single, 300k married. At today's tax rate you would be paying 28 to 40%. He is not doubling anything.

Where are you seeing this?

Trump is bringing rates paid much closer to effective rates. He's simplifying the tax code removing deductions. You do not pay 40% at 300k today, you're in a 33% bracket but you do not pay 33% because tax systems only tax dollars in that bracket at that rate meaning your effective rate is always quite a bit lower than your bracket.

The real increases however come from his increase to the capital gains rate, after about 300k or so, most of your compensation starts coming from capital gains and those are going up by 1/3. This increases the effective rates on the wealthy from the ~13-15% they pay now to closer to 18-19%.

The number of tiers is irrelevant except for the fact that Trump simplified the numbers to lots of 5's and 10's for easy rounding, very common core of him. His plan can be summed up as
0% up to 25,000
10% on the next 25,000
20% on the next 100,000
25% on everything else.

I actually like that he wants to make the tax code more concise, but it's not a lower tax plan. The capital gains portion is very important even though it only takes up 1 field of one table in his plan.

Edit: Doubles is hyperbole after working out the numbers, it's an increase but not quite double. It's closer to about a 50% increase on those whose taxes mean anything.

a reply to: UKTruth

The difficulty is not mine and my ego allows admitting when I;m wrong just fine.

did you hear that paul ?

originally posted by: Kali74
a reply to: UKTruth

The difficulty is not mine and my ego allows admitting when I;m wrong just fine.

Apparently not.