After Trump on Monday revealed the plan, tax experts said the very top earners would be most likely to gain – even though he said, “It’s going to cost me a fortune”. So if you were to ask them if they like Trump’s tax plan, it’s easy to guess how they’d answer.
In the position, the Trump campaign said over 73 million households will be taken off the federal income tax roll. “If there’s a tax cut for middle income people, there has to be a tax hike for high income people for it to be revenue neutral”. Reagan made a few tax changes favorable to businesses, but economically speaking they were minor and politically speaking they are unremembered.
Despite all the negative words associated with Trump, he’s still the leading GOP candidate with 23% of the votes for those planning to vote in the GOP primaries. About 45% of American households will not be paying an income tax as per the current tax code.
On the other side of the 2016 presidential election, the Democratic candidates have received much more support from the Latino community.
According to the Center for Tax Justice, Trump’s tax proposal would reduce revenues by around $900 billion per year, which would translate to about $9 trillion over a decade.
As expected, a left-leaning think tank had serious problems with Donald Trump and his “huge” tax plan, published on his website.
The conservative-leaning Tax Foundation, a D.C. think tank dedicated to tax policy issues, had a few good news for billionaire and former reality television star Donald Trump on Tuesday.
Ben Carson is attacking a key element of Donald Trump’s tax plan, saying it’s wrong not to make all Americans pay a few income tax.
“Do you support Hillary’s plan to eliminate the estate tax?” is the query.
But Mr. Trump would also cut the top tax rate to 25 percent from 39.6 percent, and bring down the corporate tax rate to 15 percent from 35 percent.
However, a few observers noted that there were a number of similarities to Bush’s plan unveiled earlier in the month except Trump’s specific proposals generally went even further than Bush’s.
The poorest 20 percent of Americans would see a tax cut averaging $250.
Either way you cut, the Trump tax plan is a “disaster” which only benefits the wealthy and does nothing for the country.