Republican presidential front-runner Donald Trump has released his plan to overhaul the nation's tax code. He made the announcement Monday during a news conference at Trump Tower in New York City.
One of the most notable elements of the plan: Those who make less than $25,000 (or $50,000 for joint filers) will pay no income taxes.
What will they do instead? File a one-page form with the IRS that says, "I win."
From the tax plan:
If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax. That removes nearly 75 million households — over 50% — from the income tax rolls. They get a new one page form to send the IRS saying, "I win," those who would otherwise owe income taxes will save an average of nearly $1,000 each.
Trump's plan would also condense the number of income-tax brackets to four from seven, with brackets of 0%, 10%, 20%, and 25%. It also takes aim at the "carried interest" loophole.
2 comments:
Now that I can vote for!
That is about as stupid as ObamaCare. It basically promotes people to work less to make less so they don't have to pay taxes. If you want to simplify the IRS tax code, the solution is simple - FLAT TAX. PERIOD. You make $1,000,000,000 you owe X%; you make $1,000 you owe the same X%. It is literally that simple. Get rid off write-offs and tax deductions and just make everybody pay the same rate regardless of situations, donations, expenses, interest, dependents, etc. If you think about it, if I make a donation to a charity and deduct it on my taxes, I am basically passing the buck onto the U.S. taxpayers when April comes around. Besides, you should give because you want to give, not because you want to reduce your tax burden. You could literally take the most expensive tax code in the world and chop it down to one page. In doing so, you also nearly eliminate a large expense in the U.S. government that pretty much everybody hates - The IRS! You wouldn't need hundreds of thousands of accountants, auditors and staff to review each tax return. You could have a 5th grader reviewing returns that could verify that somebody making $58,932 owes $5,893.20 in taxes if they were taxed at a flat rate of 10%.
Things like taxes are made to be so complicated and for what reason? The government burdens itself with over complication and over regulation, but ultimately it is on the backs of the citizens. IF YOU MAKE MONEY, YOU SHOULD BE TAXED. It's literally that simple.
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