4 brackets; 1-5-10-15%; kill death tax & corporate tax
My 5-part tax plan involves reforming the income tax. The government confiscates way too much of your paycheck. The tax code is also a very complicated system that forces Americans to waste 6.1 billion hours a year trying to figure it out.
that tell you? It tells me that it's time we restore simplicity & sanity to the income tax. Here's my income tax plan:
Up to $30,000, you pay 1%
From $30,000 to $100,000, you pay 5%
From $100,000 to $1 million, you pay 10%
On $1 million
or above, you pay 15%
It's clear and fair. Best of all, it can be filled out on the back of a postcard and will save Americans big bucks on accountants and massive amounts of time wasted attempting to decipher the tax code.
Our country is hungry
for real tax reform. That's why we should implement the 1-5-10-15 income tax plan. And we need to enact [the rest of] my 5-part tax policy: kill the death tax; lower the tax on capital gains & dividends; eliminate corporate taxes; and a 20% import tax.
Cutting tax rates incentivizes a strong national work ethic
No doubt you work hard for your money--I know I do--and you should be permitted to keep more of it. Anything less creates a disincentive for a strong national work ethic. President Ronald Reagan saw it the same way: "The more government takes in taxes,
the less incentive people have to work."
As with most things, President Reagan had it right, But Reagan was merely echoing the economic thoughts of President John F. Kennedy, who had already said, in 1962, "The paradoxical truth is that the tax rates
are too high today and tax revenues are too low and the soundest way to raise revenues in the long run is to cut rates now."
Reagan and Kennedy's views prove that smart tax policy shouldn't be a partisan issue. It should be common sense.
If you tax something you get less of it. It's as simple as that. The more you tax work, the less people are willing to work. The more you tax investments, the fewer investments you'll get. This isn't rocket science.
Previously supported wealth tax; now supports Bush tax cuts
During last year's debate over the tax cuts, Trump was outspoken in his opposition to President Barack Obama's effort to deny an extension to the Bush-era tax cuts for people earning more than
$200,000 a year. "He's taking away a lot of incentives from a lot of people that produce a lot of taxes," Trump told Fox News, explaining that Obama's proposal would drive the wealthy out of the country. "It creates the wrong image.
You really have to keep the taxes down."
Ten years earlier, when Trump was also floating a run for the White House, he was singing a different tune.
The first proposal unveiled by his exploratory presidential campaign in 2000 was to impose a one-time 14.25% tax on the assets of people and trusts worth $10 million or more.
Source: Marcus Baram on Huffington Post
, Apr 26, 2011
Repeal the inheritance tax to offset one-time wealth tax
I would impose a one-time, 14.25% tax on individuals and trusts with a net worth over $10 million. For individuals, net worth would be calculated minus the value of their principal residence. That would raise $5.7 trillion in new revenue, which
we would use to pay off the entire national debt [and shore up the Social Security Trust Fund].
My proposal would also allow us to entirely repeal the 55% federal inheritance tax. The inheritance tax is a particularly lousy tax because it can often
be a double tax. If you put the money into trust for your children, you pay the inheritance tax upon your death. When the trust matures and your children go to use it, they’re taxed again. It’s the worst.
Some will say that my plan is unfair to the
extremely wealthy. I say it is only reasonable to shift the burden to those most able to pay. The wealthy actually would not suffer severe repercussions. The 14.25% net-worth tax would be offset by repeal of the 55% inheritance-tax liability.
Simplify tax code; end marriage penalty & other hidden taxes
Let me sum up what is wrong with the tax code.
Its complexity bleeds off billions of productive hours.
Tax rates are too high.
Hidden taxes take even more.
High property taxes punish people for improving their property.
discriminates against married people.
The complexity of the tax code allows too much government intrusion into our lives.
The tax code is liable to change overnight in ways that could jeopardize your plans for a small business or retirement.
Source: The America We Deserve, by Donald Trump, p.183-84
, Jul 2, 2000
Opposes flat tax; benefits wealthy too much
I object to the flat tax:
It is unfair to the poor; eliminating the Earned Income Tax Credit [hurts] taxpayers at the lowest rungs of the ladder.
It is unfair to workers by taxing them for health insurance and other benefits.
wealthy would reap a windfall, because a flat tax would allow them to cash in interest payments and capital gains without paying personal income taxes.
I don’t believe that a flat tax could raise enough revenue to keep the government operating.
Source: The America We Deserve, by Donald Trump, p.186
, Jul 2, 2000
Personally avoids sales tax, but knows many people like it
Asked to discuss the idea of a national sales tax, Trump responded: “How do I feel about sales tax? I try to avoid paying it whenever possible. But the idea is an idea that a lot of people like very much.”
, Dec 10, 1999
One-time 14.25% tax on wealth, to erase national debt
Trump wants to soak the rich, including himself. He proposed a 14.25% tax yesterday on the net worth of wealthy Americans.
He said the one-time tax package would:
Raise $5.7 trillion to erase the nation’s debt and save
$200 billion in annual interest payments
Use the savings to save Social Security and slash taxes for the middle class
Increase his personal tax bill by at least $725 million.
Source: Boston Globe, p. A19
, Nov 10, 1999
Tax assets over $10 million, paid over 10 years
Trump proposed a 14.25% tax on the net worth of wealthy Americans. People and trusts valued at more than $10 million would be subject to the new tax. The original plan called for collection in a single year but, in a last-minute change,
Trump said he would allow more time for people having trouble liquefying their assets. “Let’s say 10 years,” he said.