‘We’ll bring business down from 15% to 20% from 36% and 38%’
President Trump is vowing massive tax cuts even greater than seen during the Reagan Administration.
During an interview with Jesse Watters on Fox News, Trump pledged to pass a tax reform package that consolidated income brackets and slashed rates.
Here's an excerpt:
WATTERS: “The income tax rate, what are we talking about? What would you like to see the top rate be?”
TRUMP: “Well we're going to get a big reduction, we're going to bring business down from 15% to 20% from 36% and 38% and higher in some instances. We are the highest taxed nation in the world. And we are going to bring taxes way down. And for middle income, we're also getting rid of brackets. We are going from 7 to 4 or 3 brackets. And that will be such a pleasure."
WATTERS: "What would you like to see the brackets look like?"
TRUMP: "Well I would like to see zero if you don’t make much. Like zero, and that's what it's going to be, it's going to be zero up to a level. Then it's going be 12.5%, 15%. It's going to be 10 percent. We're working on the different numbers right now. It will be the biggest tax cut since Reagan and probably bigger than Reagan."
WATTERS: "Very good because I need the money."
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What an idiot!
ReplyDelete“Well we're going to get a big reduction, we're going to bring business down from 15% to 20% from 36% and 38% and higher in some instances.
That doesn't even make sense.
He wants to lower corporate taxes. The poor and middle class will get hosed just like in the 80s.
Money for the rich is useless you spend it , so the poor will see the benefits, aka trickle down economics, if the money is maintained as taxes it will still go to the poor ,what's the difference?
DeleteDo you really understand how much your taxed , by bloated government?
DeleteYea, tax cuts! Make your friends rich with increased defense spending and cut funds to poor people that need meals on wheels. Remember the 10-14% interest rates in 1982 under Reagan? Have fun trying to pay your credit card balances, adjustable mortgages and car loans.
ReplyDeleteYea cut fat bloated government programs that piss money away, and give the money back to the peaple that drive the economy, and don't give it to the tick's hanging on to the balls of society! Work and prosper, not sit on your fat ass and prosper!
DeleteThis isn't even about political ideology any more. It's about having someone trustworthy who has done their homework needing to be the one operating the wheel here. What are these mystic "7" brackets of middle income tax? The vast majority of us have income that fall under the first 3 brackets. These are serious issues. We need someone with a better grasp of facts, not fiction, to be handling this.
ReplyDelete5:51 If you actually have substantial income or assets, you need an accountant and a tax attorney with a LLM in tax law. Most people are clueless and don't take the time and effort to learn how to reduce their taxes or maximize deductions.
ReplyDelete5:20 If you have high credit card balances and an adjustable mortgage, you deserve everything you get!
ReplyDeleteOn corporate taxes , just remember companies don't pay taxes , people do. When you tax a corporation they just pass it along in the price you pay
ReplyDeleteDUH