ITT: Trump's tax plan

ITT: Trump's tax plan.

So I ran the numbers today after seeing Trump's tax plan. It looks like someone making around $50k a year will pay about 1.8% less federal income tax a year. Any tax cut is a good thing, but how is this significant to the average tax payer?

Very high earners get the best deal, a 6.6% cut from the current rate for income over ~$410k. You don't need to calculate the entire federal income tax cut for someone making $500k to see that they're getting a significantly higher tax cut as a percentage than the average middle income employee making $50k.

Income tax cuts are ultimately a good thing and his plan is surely better than Hillary's, but it does nothing to decrease the income tax burden on the average American.

What're your thoughts?

Other urls found in this thread:

wsj.com/articles/what-1-5-trillion-in-stock-buybacks-doesnt-buy-1447007601
donaldjtrump.com/press-releases/an-america-first-economic-plan-winning-the-global-competition
youtube.com/watch?v=q2gO4DKVpa8
twitter.com/SFWRedditGifs

This could make a worthwhile thread. Too bad it's getting slid by assholes.

Have a bump

I'm sure this is a fair and objective analysis of his tax plan.

>What're your thoughts?
Step in the right direction and I'm actually happy it's something realistic instead of "I will cut the taxes for everyone, taxes will be great again, pls vote".

You can't just move to a flat 12% rate a month after taking office with the current overblown spending.

>his plan is surely better than Hillary's,
If what matters to you are taxes go actually LOOK at whatever the fuck her plan is and see who you save with.

>What're your thoughts?
It's actually shit and will cause massive deficits. I support cutting corporate taxes though.

The correct solution to deficits are spending cuts, not sticking to unreasonable taxation.

Agreed, but nobody has the balls to cut welfare.

The wealth will trickle down. Dont worry goy the job creators are your friends. Now back to your 55 hour work week and your $50k salary.

Bull shit, look up the VOX calculator, actually accurate.

You're probably right. Its a realistic tax cut and probably completely obtainable once he gets into office, but nothing to write home about.

I don't think her campaign has published any actual numbers yet, but she does plan to actually hike taxes across the board. Fuck that.

> I support cutting corporate taxes though.

I agree. Corporate tax cuts increase corporate growth and attract new businesses to the US, thus creating new jobs.

What the hell? Trump actually wants to tax poor and lower taxes on rich people? What the hell is he doing?

This looks like a sensible and well thought out plan.

The middle class needs to pay a lot less in taxes, but the top 1% should pay a lot more.

No, I am not a "commie Liberal".

It's just common sense. The rich have benefitted tremendously from immigration that has lowered middle class wages. It's only right that they pay higher taxes.

The poor aren't being taxed more with this plan. Poor people in the first two tax brackets don't pay the income taxes anyway with their deductibles, so the increased taxes on the first bracket only effects middle income and high earners. It decreases the higher bracket tax cuts to middle income earners quite a bit.

>mfw my entire family is adamant about removing the estate tax
>mfw they don't even know what it is

holy shit people are still falling for that trickle down meme?

YGE TAX CUTS FOR LOW AND MIDDLE CLASS

RICH PEOPLE PAY 90% TAXES NOW!!!!! REEEEEEEEEEEEEE

I THOUGHT TRUMP MAKING POOR PEOPLE PAY 0% TAXES WTF IS HAPPENING NOW?

This plan doesn't help. Trump should remove the corporate income tax, and raise the individual income tax rate for brackets over $100k .

To be frank, trickle down does work when the labor market is correctly regulated (No immigrants) and when there's a slight labor shortage in all industries.

The problem with the US is that we keep importing people.
There's no logical reason for your boss to raise your wages regardless of how much he's profitable when there's an army of people willing to do your work for 1/10 of your current wage.

That's a long way to say, "trickle down is fucking dumb."

>but how is this significant to the average tax payer?
1.8% is very significant to me. That's about half a mortgage payment.

this is bullshit, lowest bracket is supposed to be 0%

wow, really makes you think

>tfw married making 130k combined

No tax cut, but no rise either...

No it's a long way to say illegal immigration is nation destroying cancer.

There's a reason it's a crime.

It's not dumb.

We're just not creating a good environment for it to work.

That's calculated using his old plan from months ago. I'm talking about his official tax plan, released today.

I face much more competition with legal citizens who are either unemployed or underemployed than any ooga booga scary mexicans and guatemalans.

Jesus Christ you faggots are thick.

Right.if the big goal is a rebirth of manufacturing we will need new industrial captains to literally rebuild industry.for example,a resurgence in textiles isnt going to happen because some small businessman borrows 100k to start a t shirt shop.

No.if you already pay no income taxes because poorfag then nothing changes.

I don't think you understand how supply and demand works.

Do you think the additional competition between illegal immigrants and the legal lower class is good for the wage floor?

This.

I'm not even bringing up supply and demand, jesus christ try and follow along.

I'm pointing out your anger is misguided, the globalists are playing you like a fiddle.

wsj.com/articles/what-1-5-trillion-in-stock-buybacks-doesnt-buy-1447007601

Where did you get it from then?

400 grand a year is around what many smaller businesses make. The idea is to let them keep their money to do more business with and create more need for employment.

If a machine shop picks up more contracts because people have more money to spend, they'll buy more steel. Steel mill employs more people, machine shop employs more people. More need for workers than need for jobs means wage rises.

However, there's nothing spectacular on what you've shown us here. This is the same tax plan as any other candidate just different numbers.

You neglected to mention Trump's special points; the closing of certain loopholes on hedge funds and the controversial one time wealth-tax on those over a threshold of wealth to pay back the national debt and put us back into the green.

You'd be saving a few bucks since you're only paying 2% more on your first $18k, but then paying 3% less on your next $47k.

>I'm not even bringing up supply and demand, jesus christ try and follow along.
I am, because this is an essential component towars understanding the effects of illegal immigration as it relates to wages.

Do you, or do you not, understand what effect illegal immigration has on the wage floor as dictated by the law of supply and demand? Yes or no.

I took that chart from Fox News I think. He outlined his income tax cuts in today's speech in Detroit. He also published it on his website today.

donaldjtrump.com/press-releases/an-america-first-economic-plan-winning-the-global-competition

Complete joke plan.

I would prefer to just see a flat tax across the board.

It's the only system that is truly fair.

He fucked up big time trying to appease Republicans in the House. His plan on his website is way better.

Meh, I'll still vote for him but for the first time this entire election, I'm actually mad as hell at him.

They already pay the bulk of the taxes you sperg

He had to come up with something the house would actually pass

As well intentioned as it is, 10% of 100000 and 10% of 10000 is a big difference. Wealthy still get 90k to use compared to the lower classes who only get 9k. You have to fix the cost of living for the lower classes to compensate for the flat tax.

It's irrelevant when it comes to jobs that require a diplôme though

*diploma

>but how is this significant to the average tax payer?

it will be easier to find a good paying job. The only people who have 100k laying around are the very rich or corporations. and trump wants to get their taxes by a lot.

>400 grand a year is around what many smaller businesses make. The idea is to let them keep their money to do more business with and create more need for employment.

Yes, but we're talking about personal income tax here, not corporate tax. A small business owner isn't paying himself the entire earnings of his small business as income.

If the business is successful enough to where the owner can pay himself an income of $400k, the owner has no reason to put his own income back into the business.

Hypothetically, if he did need to grow his business out of pocket for whatever reason, he'd have the company's profits reinvested into the business directly instead of writing himself a check as income, paying an income tax at a high rate, and then putting it back into the company. He'd be paying an income tax on top of the corporate tax for the business earnings. That would make zero sense.

No it isn't, not at all.

The wage floor effects the entire labor market and wages within them. This is about as close as you can get to a fact in economics.

We don't need more low paying jobs, we need middle class jobs you dipshit. The jobs I care about require a SS number.

Those numbers are interesting because the 2% increase on the first 10k is somewhat offset by the 3% drop on the next 5k.
Meaning the only people that will see an actual tax increase is part time minimum wage workers, and that increase will only be by about 100 bucks.
But this drastic set of cuts must be accompanied by reduction of spending.

>raise taxes on the poor by 20%
>tax cuts for the rich
someone needs to be killed with a bulldozer.

>We don't need more low paying jobs, we need middle class jobs you dipshit.
Child...

I need you to not be retarded to have this discussion.

>Make 120k per year
>Put 23.5k in traditional 401k and IRA

This plan literally does nothing for me.

If we are cutting taxes, how are we repaying 19 trillion?

>Mexicans in America forced factories to open in Mexico
hurrrrrrrr

The less money the government gets the better. I only want my tax dollars going to subsidiaries to make things cheaper for me, R&D, and killing more dune coons.

The poor won't see that tax increase, since they get all of their money back with deductibles when they file taxes. They might have more taxes withheld in their paycheck, but they'll still get it back in tax season.

That tax increase in the first bracket will only really actually the first $10k income of middle/upper earners.

We honestly shouldn't with interest rates where they are.

Actually where I work, Indian contractors are taking over every fucking job. Walking through the inside of my building nearly 50% of the people are Indian contractors.

Not what I'm talking about. Go to college, and not for an English degree.
.

His tax plan sucks

This is what Eisenhower did. His top marginal tax rate was 90% but the rich could write off investments used to build a forge or retool a factory.

That being said, it isn't the fifties anymore, and even if Trump did bring back manufacturing capacity the jobs would be automated before the wages reached the level seen in the seventies. No capitalist is going to let someone raise a family of four by turning a wrench eight hours a day.

Great argument, show's you literally have no idea what you're tlaking about. And I was in the Business School, dumb fuck.

Exactly. Companies are pitting workers against each other in a race to the bottom. There's a reason there was a divergence in the 70s.

Well...
youtube.com/watch?v=q2gO4DKVpa8

Wait i thought Trump plan was 0 % tax on the lowest bracket , did he change his mind? That would be bad desu, only poor are paying more , dafuq?

>And I was in the Business School, dumb fuck
Was it Ross? That's where I went..

Apart from taxing the low earners a bit more Trump's plan looks like a bloody good deal to me. I'm surprised the lower earners pay any income tax at all though desu - do you guys have any tax free allowance or tax credits to offset that?

We have a tiered system rather than a flat rate for everything. I make a spit over £70,000 ($91k US) a year, which is probably a pittance in America but it's close to three times the national average income here. On that, I pay no tax at all on the first £11k ($14k), then 20% on every pound from £11k to about £32k ($42k), then 40% on every pound of the rest. There is one higher bracket after that at 45%, but iirc it starts at about £130k so I'm not in danger of paying that any time soon.

Ours is also tiered in the same way, each tax bracket in the chart is a "tier".

We also have tax deductibles, which is basically a tax free allowance. Even though the first tax bracket is increased, low income earners won't see that increase, since their standard deductible completely offsets their income taxes in most cases. Only the middle/high earners will pay that tax increase on their first ~$9k.

>Income tax cuts are ultimately a good thing

yeah, if you like crumbling infrastructure and shitty education for the next generation, and urban wastelands and less mental health services, less pay for police and firefighters, and etc

you get 1.8% of your middle-class pittance, and lose money out the ass everywhere else, sounds like Trump's really MAKING A DEAL in the interests of the american people huh?

fucking retards.

You know there're other forms of taxes besides income tax, right?

Oh, did Trump propose raising taxes in those other areas to make up for income taxes and it's impact on the budget? I must have missed th-oh wait, you're a fucking retard.

Maybe they should decrease the budget? Maybe I'd rather have a few thousand back a year because I don't give a shit about paying for your "mental health services"?

This all looks kind of shitty when the other part of his plan is to tax Mexican and Chinese imports by 35% and 20%. So I'm gonna get like a 1% tax cut with trump and then pay about 25% more for everything. Sweet...

Trump's tax plan is straight up retarded.

Yeah he's fucking those low earners hard since he let those RINO's make his new tax plan.

What ever blacks and uneducated voters he was hoping to get will be even less now.

Basically Trump is as retarded as his tax plan.

>taxes the poor guy higher and the rich lower

IT TRICKLES DOWN DON'T YOU SEE!!??

Trump is retarded and this new tax plan is just more proof of it.

enjoy your mass shooters and homeless population then. It's sad how little Sup Forumstards will sell out their society for

>muh shekels

literally a couple thousand dollars buys you off. retarded.

>literally a couple thousand dollars buys you off. retarded.

I would pay a couple more thousand a year if it went to shooting mentally ill retards and homeless faggots in the streets.

too bad in reality less mental health services means more mentally retarded faggots doing drugs on the streets and going for the high score in shopping malls and schools and shit like that

the fuck are you even talking about?

>the fuck are you even talking about?

I see you can't even fucking read.
Please be one of the mentally ill faggots that get shot in the street I'll seen a check to the local police in your area for the good service.

I don't know what's funnier: that you think I should care about helping homeless drug addicts, or that you think the bureaucracy can magically solve these problems with more tax dollars.

>there are working class people voting for Trump

How classcucked can you be?

>one time wealth-tax on those over a threshold of wealth
That was Donald "The economy does better under Democrats" Trump in the late 2000s. Does he want that now as the 2016 Republican nominee?

>raise taxes for poor
>cut taxes for rich

When has this ever worked?

Fucking never the GOP got a hold of Trump because he didn't know when to not say retarded shit and his polls went down.

I'm not sure if you're aware of a basic function of our society, but hospitals are legally required to admit patients to the ER regardless of ability to pay.

the rest of us subsidize that, you gigantic fucktard. Mental health issues are a lot more expensive to treat post-hoc in a hospital than they are up front, you ignorant cunt.

it seems like no, which is good enough since nobody pays it anyways

retarded tax

You have kids? Donald added in a new childcare deduction.

You_Were_The_Chosen_One.WebM

Actually the government can magically solve the problem of homeless drug addicts.

They can put them all in social housing. Then they aren't homeless drug addicts anymore :^).

I'm not voting for Trump for the reasons I usually vote Republican (smaller government, lower taxes, constitutionalism.)

I'm voting for Trump because he puts the interests of the U.S. first. And because his administration would make SJW heads explode,

They already do that with most ghetto niggers anyways.

>The middle class needs to pay a lot less in taxes, but the top 1% should pay a lot more.
Bottom should be paying ZERO.

Middle should be paying 20% or less.

The top can stay at similar or higher rates right now.

> he thinks rich people make a salary

Nice liberal meme. He's increasing the cap gains rate on top earners to 25% and eliminating most deductions.

Romney was able to get his 15% tax rate down to 11%. Let's assume that he gets the same 4% push and moves 25% to 21%. Trump will have effectively doubled his taxes.

And again. Rich people, truly rich people, do not earn salary. Why earn a salary with an income tax in the thirties when you can earn capital gains and be taxed in the teens?

I'm sure you'll promptly ignore this in future conversation, though.

>He fucked up big time trying to appease Republicans in the House.

It's because of this dumb Khan business. Because of that his polls dipped way more than they should have after Clinton's convention, and forced him to scrounge for votes and endorsements among the establishment in order stop the bleeding.