Trump to Ax Taxes: Plan Cuts Taxes for Millions

by MONICA LANGLEY & JOHN D. MCKINNON | The Wall Street Journal  |  published on September 29, 2015

Republican presidential candidate Donald Trump unveiled an ambitious tax plan Monday that he says would eliminate income taxes for millions of households, lower the tax rate on all businesses to 15% and change tax treatment of companies’ overseas earnings.

Under the Trump plan, no federal income tax would be levied against individuals earning less than $25,000 and married couples earning less than $50,000. The Trump campaign estimates that would reduce taxes to zero for 31 million households that currently pay at least some income tax. The highest individual income-tax rate would be 25%, compared with the current 39.6% rate.

Many middle-income households would have a lower tax rate under Mr. Trump’s proposal, but because high-income households generally pay income tax at much higher rates, his proposed across-the-board rate cut could have a positive impact on them, too. For example, an analysis of Jeb Bush’s plan—taxing individuals’ incomes at no more than 28%—by the business-backed Tax Foundation found that the biggest percentage winners in after-tax income would be the top 1% of earners.

  • GQ4U

    Trump’s plan is based on the failed progressive Internal Revenue Code that was put in place in 1913 and has contributed greatly to our economic downfall. The only solution is to toss out the existing code and start over. Americans, including businesses, were never supposed to pay taxes on earned income. Abolish the IRC & IRS & the FED and enforce the strict constitutionally assigned enumerated powers. The US government needs to shrink by more than 75%.

  • pete G

    You think Obama the big spender could think of this tax plan, hell no him and his Obamacare are robbing people blind.

  • donemyhomework

    This is definitely a volatile subject. It will mean a comprehensive plan that will serve the best interests of all. You can’t look at taxes without looking at the budget. I get the feeling that there are so many pork belly elements in the Government we might as well call the USA pork city.

    And the foreign aid issue is way more than a nightmare. And we keep bringing in more of these Muslims and paying their way all the way. And we’re supporting this graft organization that does nothing more than to demand the importation of more and more Muslims in our Country that set up “No Go” communities in America. Great, so My America is turning into a whole series of “No Go” Communities whereby if I happen to drive into their territory, I get pelted with rocks, drug out of my car by a mob and beat up or killed and robbed. And this is the kind of America that we’re paying for. We’re paying for that crap.

    We’re paying for visitors that come to our country, build monstrosities that are the equivalent of planting a flag and saying that they own this land. I’ve heard plenty of Muslims say they are insulted. They’re insulted by Christianity, they’re insulted by Judaism, they’re insulted by our way of life and our freedom. They’re insulted by our clothing. You know what, I’M INSULTED. I’m insulted that they can move in as a small group and claim that they own America. That they can impose on our kindness and hospitality. All they have to do is keep us ignorant until they get their pieces in place for a checkmate. And the Media and the Politicians are playing right along with their agenda. They (Democrats) argue about Global Warming. Let’s concentrate on that while we’re busy taking the keys to the city. The earth knows what to do. And the earth will be here a lot longer than we will.

    And we’re paying the United Nations to tell us to bring in more usurpers. Our universities are crowded with leftist dogs that poison our Children’s minds…and we help to pay for that too, We’re giving Foreign Aid to Countries who hate us and vow to take us down. It’s total lunacy.

    We have news media that is so full of lies and deceit that we have to go somewhere else for the truth. Our infrastructure is dying. All I’ve got to say is that we’ve spent so much time going the wrong way for the last two decades and more….that it will take a miracle crew to bring things back to balance.

    Mr. Trump talks about Management. And it made me smile because the representative for FOX News was visibly dumbfounded…as though he had never heard the term before. I haven’t seen Management in the Government for decades. It would be nice to see the USA run more like a business for once. You know, the typical accounting stuff, like a balance sheet and bookkeeping. Instead of the business as usual cavalier bullsht.

    Last time I looked, taxes just pay the interest on the debt, not the principal. That’s according to the data that I’ve assimilated. I’m sure someone will come along and say, “you’re wrong”!!! And what I’d like to see is a clear balance sheet. Not just assertions. Is there anyone out there that is not tired of assertions?

    Mr. Obama has made a comment that he thinks he did a pretty good job as President. Heaven knows what Congress thinks their contribution was. As for me, speaking from the “ground floor”, I don’t see where there is any evidence that that assertion has any merit in lieu of the present concealed facts. Just throwing dirt in the air.

  • RescueKyron

    Thank you President Trump. You are already repairing the USA and saving Americans from poverty and the edge.

  • David Stovall

    Giving free ride to half of citizens, paying no taxes is fatal. They will demand more government and more taxes because their neighbor is paying their way and politicians will cater to them, & give them more stuff. Dr Carson has best plan, he says everyone must have skin in game. ” When the people find that they can vote themselves money that will herald the end of the Republic..” Benjamin Franklin

    • RescueKyron

      Dr. Carson is a medical expert, not a financial expert. Why ask him to do this… for competitive votes?

      • David Stovall

        Because the republic was established so that our best citizens could be elected to run the country for a term then go home and new citizens take over. ,,, NOT career politicians,. It is the experts that are killing us, how do you like their 18 Trillion Dollar debt, and growing.

        • john

          The debt is due to Obama, and it continues to grow as long as he’s in office catering to every country but ours

          • I Seigel

            The debt existed long before Obama.

            Try conducting wars in Iraq and Afghanistan and not paying for them, not even asking for a temporary tax hike to fund the operations. Just finance them “off the books”.

            And don’t forget the first bipartisan stimulus plan that was put into effect before Obama even took office.

          • David Stovall

            Note: I said experts (plural) are killing us. Yes , bad guys before the bad guy Obama did it. Obama doubled and tripled it. Few good guys in this. Cruz is a good guy and look how all the establishment bad guys hate him.

          • I Seigel

            Please describe how the debt is killing us. What current problems are we experiencing because the debt is so high?

          • holyblood1

            I Seigel, Are you kidding me, with your way of thinking its no wonder this country is in trouble.

          • I Seigel

            And your answers to my questions are………??

          • David Stovall

            I Siegel. The damage is being hidden by the politicians with Quantitative Easing, artificial low interest rates, massive food stamp increase, fraudulent disability, free medical, free stuff, .It is called the Silent Depression. Labor Participation Rate is worse than in decades. They keep changing how employment rate is scored. Middle Class is losing income position every year. That is the Government Depression Soup Line. You make me mad acting so dumb.

          • I Seigel

            Politicians are not doing the quantitative easing or keeping interest rates low. Those are areas handled by the Central Bank and by a committee of bankers and financial and economic experts.

            Why are labor rates low? Maybe because wages are low? And why can employers get away with paying low wages? Because of the dismantling of unions in many states. And because big corporations are profiting from even lower labor rates overseas. And of course because immigrants are willing to work harder and for less pay than, say, a student.

            None of these things have to do with the debt.

            Why is the middle class losing ground while the richest just keep getting richer? Good question. And the Republicans’ answer is to lower the taxes on the rich?!?!? Wait! You object to giving free stuff to poor people, and yet you’re perfectly willing to give huge handouts to the people who need it the LEAST?!?!?

            What should be happening, with interest rates at historical lows, is more investments in building and maintaining infrastructure projects, more medical and tech research and efforts made to transition off oil.

            If the debt were REALLY a problem, we would have heard it long ago from the stock and bond market and a drop in the nation’s credit rating. So far, the financial experts here and abroad still have a lot of faith in America. And yet, Republicans keeping chanting the tired and disproven mantra that the debt is “killing us”.

          • David Stovall

            Sorry., I believe there is fair reason to believe that government is comprised of politicians, Central Bank, Federal Reserve, contributors, lobbyists, and the Fourth Branch. And I do honestly believe we are in trouble. And I do believe we are being brought down by Obama’s Cloward-Piven Strategy. And if unlimited debt forever is a good thing, Greece needs you to tell their creditor nations that think they are suffering. In fact if debt doesn’t matter I am going out tomorrow and borrow and the next day and so on forever and never worry about paying it back.

          • I Seigel

            For a variety of reasons, the situation of Greece is not at all comparable to the US. The same is true trying to compare personal or household debt with that of a country. It’s like comparing apples to cars. You can read all the conservative misinformation on the subject, but NOTHING that they’ve been predicting for the past 7 years has come true. No soaring interest rates, no downgrading of credit, no crash in employment. Things have slowly but steadily improved, and would have done so faster if not for sequestration, the govt shutdown, and the lack of cooperation on a jobs bill, a “grand bargain”, or fights over Export-Import Bank, Highway Bill, etc.

          • David Stovall

            I hope you are right, that we can continue this spending spree and giving away our sweat certificates to those that sit and don’t sweat plus importing poverty. Some believe it is irresponsible and a lack of discipline. And there are definitely signs that we are in the Silent Depression, with middle income workers losing purchasing power every year. It looks good because the government is using all the tricks to camoflauge the real unemployment and loss of purchasing power of the middle. College graduates can’t find jobs, working 3 part time jobs. I fear the cake you guys are showing us is all icing and will collapse. As Ben Franklin warned.

          • I Seigel

            Yes, I can understand the fears. But the PROOF of what you are advocating – the austerity policies of Germany – are evidence of that failed policy.

            France has rejected austerity alone as the solution to their problems. The British might leave the EU because of that policy. The situation in Ireland isn’t nearly as rosy as it was 4 years ago. And Greece’s austerity is killing their employment, with no positive results to show for it. The only European country that is managing very well is Iceland, who did things the opposite from Germany.

            The Japanese, too, after many years of failed austerity, tried stimulus spending and they saw very positive results. But then Abe, the current PM, got nervous and stopped that policy, and the Japan economy has been flat for the past year or so.

            The stimulus spending here won’t continue forever. If you’ve been following the news, the Fed is debating how quickly and when to start cutting back. But too much too soon will only throw ours and the world’s economy into disarray. These are rational, experienced, knowledgeable people who, altho they don’t all agree on everything, work by committee to develop policy. They’re not ideologues whose only goal is to get reelected, and they’re not led by a “my way or the highway” chairman. And I hope for the good of the country that the Fed stays independent from Congress.

          • pete G

            The Government shutdown did nothing you ignorant troll. All the Federal employees got their back pay. Obama is a F—-ing liar.

          • pete G

            David don’t waste your time on this troll. He comes to these conservative sites and raises hell all the time. He’s a paid troll, you know how Democraps do things.

          • David Stovall

            Thanks Pete.

          • pete G

            He’s not acting, he’s getting paid.

          • pete G

            You need to remove your head from the Muslim’s a$$ before you die of a lack of oxygen, troll.

          • I Seigel

            Why? Just so I can hear more of your BS? No thanks.

          • donemyhomework

            True…a big mess getting bigger.

      • David Stovall

        Is Obama the financial expert? Help us.!

  • mousekiller

    How did the govt operate when there was no income taxes.? This country did just fine until the money came rolling in. The politician had no loose purse strings to loosen or tighten. It simply was not there for frivolity spending and no one got retirement for working for 2 or 4 years as an elected official . Exception not the rule. A bit of history=There are state and federal excise taxes. State
    and federal inheritance taxes began after 1900, while the states (but
    not the federal government) began collecting sales taxes in the 1930s.
    The United States imposed income taxes briefly during the Civil War and
    the 1890s, and on a permanent basis from 1913.

    • RescueKyron

      Right. people become conditioned to whatever dumb cattle stall they are put in. taxes are not regulated according to rules but according to the thieves and devils that get control over destroying those they hate. We have witnessed this clearly in our Hearings v IRS crooks.
      ENOUGH. Fed taxes were to be temporary to pay for war which we won and ended.

    • john

      Taxes was first enacted to support war efforts, but the government got greedy and still is.

  • libsrtheh8ters

    Reducing taxes USED to be popular but thanks to 50 years of leftist brainwashing the economically illiterate now clamor for higher ones. They do not understand that the leftist billionaires currently running our government will NEVER pay down the debt, regardless how much they let them STEAL from their paltry paychecks. Nor will the masses ever understand that raising taxes on the 1% will NEVER hurt the 1%. Obama is pulling in RECORD tax revenues, & plenty more to come every year Obamacare stands, yet his 1%er donors are THRIVING like never before. It is middle class taxpayers that ALWAYS pay, the 1% just raise prices, manipulate the stock market with the help of their political whores, & hire more attorneys to skirt the tax hikes their political buddies level “against” them.

    • I Seigel

      Well, your name says it all. If “Libs are the Haters” then “Republicans are the Liars”. Just about everything you’ve said here is completely wrong and backwards, but I don’t have the energy or interest in trying to correct you. So go ahead, spread your misinformation, lies and ignorance. Just don’t change you name, so we know where are this BS is really coming from.

  • bobnstuff

    How do you cut taxes and increase sending. Who is going to pay for his wall? The government doesn’t collect enough to pay it’s bill now. Oh he will cut welfare, that 3%. He should understand that it’s not like building a building, you can’t go to the bank for more money and then declare bankruptcy.

    • pete G

      Bob is another troll like I Seigel and Rx7 all three of them troll this sight just to piss everyone off, don’t pay any attention. Their all very uneducated.

      • bobnstuff

        I’m a troll because I can add and subtract?

  • Sam Palermo

    Do away with taxes- all they do is collect money to be used against the public and make stupid decisions like funding the idiots that make bad decisions in washington. Fire them all. They certainly do not represent me. Go for it Trump. Washington needs a good cleaning out.

    • I Seigel

      Yeah, we don’t need taxes. Taxes only help to run the useless government. We don’t need government. We don’t need free roads either, or food safety, or clean water, or airports, or dams and levees, or port security or banking regulations enforcement. Let the corporations take over and police themselves. Look how well it’s working for Volkswagen, BP, Duke Energy, Washington Mutual and the cities of New Orleans and Detroit.

      • holyblood1

        Yea the government really controls big business what a laugh, big business runs government and we still get robbed by them, please wake up you are only partly right. In 2008 the government rewarded the rich crooks for crashing the economy yea we need more taxes for the government.

      • pete G

        You practice being stupid or does it come natural? You haven’t figured out that we’re being OVERTAXED in this country? Why don’t you give them ALL of your paycheck then i can keep more of mine.

        • I Seigel

          Natural

  • Gnowark

    I cannot agree, I believe EVERYBODY should share the Tax Burden, or it will never be restrained. I’ll not vote for any more income redistribution schemes. FLAT TAX so everybody will have a personal stake in restraining government (taxes).

    • runnindeer

      The flat tax sounds good when saying it BUT when you consider how many people balked at the mention of the 47% when those words were uttered -you might want to rethink that just a bit.
      What Donald J. Trump is proposing is above average economically. He has invested to hire brilliant minds with more economical knowledge than any politician we have ever had and especially have now. He has literally put his money where his mouth is ,and from what experts say now about this plan -(real experts not pundits or reporters with agenda or politicians with their own agenda) this would literally pay off the national Deficit in two years. A balanced -debt free America sounds so much better than a flat tax. Mr Trumps plan is not redistribution . It is logical. Personally I would love to see this tax system completely restructured, broken down and simplified and have it work for everyone.

      • Gnowark

        To me, a flat tax IS completely restructured & simplified. I am disagreeing with the idea of rewarding low-incomes (by not taxing, no mention of Earned Income Credit, which I also dislike). I assume Trump is also against, and I see your “47%” point about actually getting it done. I also think that flat-tax would all but eliminate charitable contributions (which are effectively gov’t sponsored). There aren’t any perfect plans, but we disagree on means to accomplish our agreed-upon goals. If his plan would seem to be do-able, I could vote for him in a primary, but I’d very much prefer NO promotion of lethargy.

        • holyblood1

          You must either have money or you work for a big company the way you are against the poor.

        • runnindeer

          The low income people actually don’t pay now because they have to file at end of year and usually get a return. But considering that they also have to pay in order to file and have to wait for too long to receive less than they paid, it would benefit those people not to have to be burdened with paying Federal. State would still be up to States but usually if they have low income there there is no problem with filing. (Donald trump could never honestly be accused of allowing anything that is associated with his Name or his plans to become lethargic or burdensome for the nation.) I am against anything that is like anything we now have if it means we must continue to allow this Government overreach into every home due to Government forced purchased of Obama care with oversight by the tax people. We need to do away with both Obama care and this entire tax structure as it now is. It wouldn’t cost anything like what the fool reporters for CNN and FOX want to try to say it would cost either.
          We do totally agree on redistribution of wealth. Charity I am not opposed to as long as it is not forced or mandatory .

          • I Seigel

            Oh, so if you’re against “Government overreach into every home”, then you’re also against Government – both state and federal – telling people who they can marry and telling women what they should and shouldn’t do with their vaginas. Is that right?

          • pete G

            Seigel, Why don’t you crawl back in one and we’ll pretend you were never born.

          • runnindeer

            Ira Seigel , if you can’t tell the difference between the subject of Tax’s and the (Private-personal subject ) of which you spoke, then you are indeed a Brooklyn BOY. I prefer to hold conversations with MEN and WOMEN-not boys or girls, on any subject of that very personal nature, neither the Government -any of it- or an individual person which is a stranger, not a friend and, absolutely not any part of my personal life.

  • Gnowark

    I cannot agree, I believe EVERYBODY should share the Tax Burden, or it will never be restrained. I’ll not vote for any more income redistribution schemes. FLAT TAX so everybody will have a personal stake in restraining government (taxes).

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