Ok I know a few things about corporate taxes but I am not a certified corporate tax expert. I usually handle tax returns for people on disability, in the military, or just middle class folk.
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1. 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.
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This is absolute insanity. The average worker pays between $900-$10,000 in taxes a year. According to his numbers this will be a median of $375 Billion loss in tax revenue.
This will never ever happen.
He justifies this by saying
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When the income tax was first introduced, just one percent of Americans had to pay it. It was
never intended as a tax most Americans would pay
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Which is true, but we've already reached a government of immense size. We have a government workforce of about 2-2.5 million workers who on average make <$40,000 a year (remember
Kim Davis makes
$80,000 a year: imagine the cost of paying millions of other workers like her the same amount and the government employees who have even bigger jobs than Kim Davis).
The biggest Kii for me is how he says that he will balance all this by
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Reducing or eliminating most deductions and loopholes available to the very rich... and Reducing or eliminating corporate loopholes that cater to special interests, as well as
deductions made unnecessary or redundant by the new lower tax rate on corporations and
business income. We will also phase in a reasonable cap on the deductibility of business
interest expenses.
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but just a few paragraphs before he says
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No business of any size, from a Fortune 500 to a mom and pop shop to a freelancer living job
to job, will pay more than 15% of their business income in taxes. This lower rate makes
corporate inversions unnecessary by making America’s tax rate one of the best in the world.
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To me its contradictory to say he will have a tiny tax rate for corporations but say he will tax the rich more...the rich are usually the ones with the corporations tho....
I give him credit for being bold, but this is a wild fantasy. I mean I this would mean that young professionals would get a huge break in their taxes and keep a lot of their money, but i don't think his plan in its current state is balanced. Just my opinion.
? I'm not sure I'm cool with that.
