Pass-through business income is the money that businesses such as partnerships and sole proprietorships report on their personal income tax forms. “It’ll simplify the tax code”. Second, we’re all dependent on an accountant or H&R block come tax day. Thats because hes proposing a big reduction in income taxes for married couples earning at least $300,000, as well as a plan to eliminate the estate tax, which only kicks in at about $10 million per couple, said Edward Zelinsky, a law professor at the Cardozo School of Law, who specializes in tax issues. Individuals would receive a new one-page form to send the IRS saying, “I win“.
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“That tax plan would be the single greatest innovation since Ronald Reagan cut tax rates by more than half”, he said.
“He had the look but he had nothing else”, Trump said. “The tax rates for high income taxpayers are large enough that you need very big cuts in the tax preferences to make up the lost revenue“.
The Republican presidential campaign entered a new week with a few memorable moments.
Tax experts rejected that analysis. “He strongly indicated in television interviews the rich wouldn’t like this plan“.
Other Republican presidential candidates such as former Florida Gov. Jeb Bush and former Hewlett-Packard CEO Carly Fiorina are viewed slightly more positively than negatively by Latinos.
One caveat: Trumps four-page proposal is short on details.
“His tax plan is more politically motivated than reasonable”, said Shon Anderson, chief wealth strategist at Anderson Financial Strategies. We go in to fight ISIS.
The Tax Foundation also estimated that the plan would cost the federal government $10.14 trillion in tax revenue over the next decade-assuming that the tax cuts spurred a few additional economic growth.
Still, Rubio would eliminate taxes on investment gains, which is how most of the affluent make most of their money, and Bush would lower top rates dramatically as well.
Trump had said on CBS’ “60 Minutes” that the USA should not interfere with Islamic extremists trying to overthrow Syrian President Bashar al-Assad “and then we pick up the remnants” of the battle. But his tax plan strikes a few advisers as a lightweight policy offering created to attract votes.
“Now let me just say this: ISIS in Syria, [Syrian President Bashar] Assad in Syria, Assad and ISIS are mortal enemies”. That would be a hefty tax cut for the rich.
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WILLIAMS: So that a doctor who’s working for a hospital will say, I don’t want to work for you anymore. All of those breaks would mostly favor the wealthy. Dylan Matthews at vox.com called it “an orthodox supply-side conservative tax plan in a middle-class tax cut’s clothing”. He vowed his administration “will be balancing budgets and getting them where they should be”. The plan also hews closely to standard Republican fiscal policy despite Trump campaign rhetoric that has hinted he might challenge party orthodoxy on taxes. “We’ve had too many empty promises in this country over time”, said New Jersey Gov. Chris Christie, a presidential hopeful.
