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The TRUMP Tax Plan

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posted on Dec, 11 2016 @ 09:33 AM
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originally posted by: angeldoll
He's very rich and his children are very rich. His friends are very rich. His business associates are very rich.

Yet somehow or other, people expected him not to favor the very rich?

wth.


Didn't you know?

Trump cares about the little guy. The farmers. The blue collar workers. The miners.

His base.




posted on Dec, 11 2016 @ 09:33 AM
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originally posted by: Gothmog
a reply to: Blue_Jay33

Problem is , I see no source
Is this your charts ? or some made up crap ?
I vote the latter
Put up or shut up time


Trumps own site verfied the numbers you saw. Its still subject to change though. since compromise and other things will come into play.



posted on Dec, 11 2016 @ 09:36 AM
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originally posted by: Blue_Jay33
And it might make 49.5K become a common salary, after all making 55K wouldn't be worth it.
If you are making 75K you are doing fine in this America, and you can afford a 25% tax bracket.

Uh... do you not know how marginal tax rates work?

e: incidentally, I wonder about the source for that article. While I may think Trump is a terrible pick thus far, this is allegedly his plan.

The Tax Policy Center did an analysis back in October (granted it might have changed since).
edit on 10Sun, 11 Dec 2016 10:21:10 -0600America/ChicagovAmerica/Chicago12 by Greven because: (no reason given)



posted on Dec, 11 2016 @ 09:37 AM
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a reply to: Blue_Jay33

It would be a decent plan if there were no "up-swings" and change 12 to 10.



posted on Dec, 11 2016 @ 09:38 AM
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a reply to: yuppa

Riiiggghhhttt
You answered , why not the OP????

edit on 12/11/16 by Gothmog because: (no reason given)



posted on Dec, 11 2016 @ 09:44 AM
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Mine will go down. Why, thank you Mr Trump. But, I will like to see if congress will let that go.



posted on Dec, 11 2016 @ 09:46 AM
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originally posted by: Gothmog
a reply to: yuppa

Riiiggghhhttt
You answered , why not the OP????


trumps tax plan as written(subject to change im sure)

The OP might be busy.



posted on Dec, 11 2016 @ 09:48 AM
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originally posted by: infolurker
a reply to: Blue_Jay33

It would be a decent plan if there were no "up-swings" and change 12 to 10.


What I want to know is the STATE INCOME TAX afterward. If that is cut as well then YOU WILL MAKE MONEY EVEN WITH A 12 % RATE.(emphasis only for caps)



posted on Dec, 11 2016 @ 09:50 AM
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a reply to: yuppa

I think the state itself determines it's tax rate.



posted on Dec, 11 2016 @ 09:53 AM
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originally posted by: angeldoll
a reply to: yuppa

I think the state itself determines it's tax rate.



And that is why property taxes will get outrageous. When these cuts trickle down to state level, that is how they make it up or close schools and homeless shelters.



posted on Dec, 11 2016 @ 09:54 AM
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a reply to: angeldoll

So you will still be paying 35 percent State tax if you live in SC then . ah well.



posted on Dec, 11 2016 @ 09:56 AM
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originally posted by: MOMof3

originally posted by: angeldoll
a reply to: yuppa

I think the state itself determines it's tax rate.



And that is why property taxes will get outrageous. When these cuts trickle down to state level, that is how they make it up or close schools and homeless shelters.


Maybe the Feds will do something about that if it gets out of control.



posted on Dec, 11 2016 @ 10:08 AM
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Okay, apparently this needs explaining.

Marginal tax rates are brackets, with a high and low value. Money earned within that bracket is taxed at the rate of the bracket.

According to Donald Trump's tax plan, there are three brackets: 12%, 25%, and 33%. The threshold is displayed for joint filers, but that's halved for single filers.

Joint:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%

Single:
Less than $37,500: 12%
More than $37,500 but less than $112,500: 25%
More than $112,500: 33%

Suppose you file as single and earn $50,000 you pay 12% on the first $37,500 ($4,500 tax) and 25% on the remaining $12,500 ($3,125 tax) for a total tax of $7625, making your rate effectively 15.25% - this is how marginal tax rates work.

If you earned $100,000, you still pay 12% on the first $37,500 ($4,500 tax) and 25% on the remaining $62,500 ($15,625 tax) for a total tax of $20,125, making your rate effectively 20.125%.

If you earned $200,000, you still pay 12% on the first $37,500 ($4,500 tax) and 25% for the remaining $75,000 in the second bracket ($18,750 tax) and 33% on the remaining income of $87,500 ($28,875 tax) for a total tax of $52,125, making your rate effectively 26.0625%.

You are never penalized in income brackets from earning more income, and turning down a raise for this reason would really be very stupid.

Now, in saying that, there are other considerations: deductions. I don't know the intricacies of his plan, but he said he would cut deductions. The one I've seen most about is children; 1 OR MORE children = $15,000 deduction period; no increase in deductions as children increase in amount.



posted on Dec, 11 2016 @ 10:18 AM
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originally posted by: Greven
Okay, apparently this needs explaining.

Marginal tax rates are brackets, with a high and low value. Money earned within that bracket is taxed at the rate of the bracket.

According to Donald Trump's tax plan, there are three brackets: 12%, 25%, and 33%. The threshold is displayed for joint filers, but that's halved for single filers.

Joint:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%

Single:
Less than $37,500: 12%
More than $37,500 but less than $112,500: 25%
More than $112,500: 33%

Suppose you file as single and earn $50,000 you pay 12% on the first $37,500 ($4,500 tax) and 25% on the remaining $12,500 ($3,125 tax) for a total tax of $7625, making your rate effectively 15.25% - this is how marginal tax rates work.

If you earned $100,000, you still pay 12% on the first $37,500 ($4,500 tax) and 25% on the remaining $62,500 ($15,625 tax) for a total tax of $20,125, making your rate effectively 20.125%.

If you earned $200,000, you still pay 12% on the first $37,500 ($4,500 tax) and 25% for the remaining $75,000 in the second bracket ($18,750 tax) and 33% on the remaining income of $87,500 ($28,875 tax) for a total tax of $52,125, making your rate effectively 26.0625%.

You are never penalized in income brackets from earning more income, and turning down a raise for this reason would really be very stupid.

Now, in saying that, there are other considerations: deductions. I don't know the intricacies of his plan, but he said he would cut deductions. The one I've seen most about is children; 1 OR MORE children = $15,000 deduction period; no increase in deductions as children increase in amount.



Thanks, this helps explain things a little better. Where are all of the other ATS economists at to chime in?
edit on 11-12-2016 by iTruthSeeker because: (no reason given)



posted on Dec, 11 2016 @ 10:20 AM
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a reply to: Greven

Thank you for sharing those details. You are right. Marginal...not flat. Though, thankful that I misunderstood originally. Made me research more on how to lower our total adjusted taxable income via taking advantage of more deductions.



posted on Dec, 11 2016 @ 10:20 AM
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originally posted by: yuppa
a reply to: angeldoll

So you will still be paying 35 percent State tax if you live in SC then . ah well.


You are kidding me! That's unreal. My state has 2%, 4% and 5% tax rate. 5% being for the top earners. Good God, man. Y'all need to complain like hell about that. I'll go look at what other states have.

Here is a list of state taxes from highest to lowest. California is listed as highest at 13.5 percent income tax. So, are you sure about the amount you stated?

turbotax.intuit.com...
edit on 12/11/2016 by angeldoll because: (no reason given)



posted on Dec, 11 2016 @ 10:23 AM
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a reply to: yuppa

Not when the state has surplus in the budget. Take my state, all republican legislature. They have cut H&W, schools, and revenues have been going up for a couple of years since before recession. But, still my property taxes are going up next year and no talk of a tax cut. The talk is of saving it and spend some on transportation.



posted on Dec, 11 2016 @ 10:25 AM
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a reply to: angeldoll

A lot of us said this from the start. Billionaires and Millionaires will never be able to relate to the majority of Americans. There's a good reason the stock market is up. Wall Street and corporate America know Trump will cater to their wishes. This is trickle-down economics and we all know how well that worked out for us. I can hear the grumbling once voters realize that Trump sold many Americans a bill of goods.

How can anyone believe the rich can relate to our struggles.



posted on Dec, 11 2016 @ 10:28 AM
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originally posted by: yuppa
a reply to: angeldoll

So you will still be paying 35 percent State tax if you live in SC then . ah


My daughter lives in SC. SC has 6 tax rates. The highest bracket is only 7% of taxable income!
Michigan has no brackets and is 4.35% of the fed...so it really depends on how each state sets it up. If you have been paying 35%, I would say your state owes you a refund!

State tax Rates
edit on 12 11 2016 by CynConcepts because: (no reason given)



posted on Dec, 11 2016 @ 10:29 AM
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a reply to: yuppa

I found this

North Carolina collects a flat income on its residents. Effective Jan. 1, 2015, that flat tax rate is 5.75%. North Carolina individual income tax returns are due April 15 or the next business day if that date falls on a weekend or holiday.


When you don't have much money it probably seems like more!



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