By Hunter Wallace
After months of hype, Donald Trump has finally released his tax plan:
“Donald Trump’s apparent ability to get conservatives on board with tax hikes was among the biggest shocks of his summer surge. The billionaire unashamedly told crowds — bigger crowds than any Republican rival could muster — that “the hedge fund guys” needed to pay higher taxes, and that the rich could afford to pay more generally. The pro-Jeb Bush super PAC Right to Rise literally flew a banner over one of those rallies, in Alabama, warning about tax hikes. Trump kept on talking taxes, and didn’t suffer at all.
Yet today, upon the release of his tax reform white paper, the Republican front-runner won over the GOP’s unofficial pope of tax cuts. “Trump’s plan is certainly consistent with the Taxpayer Protection Pledge,” said Grover Norquist, president of Americans for Tax Reform, in a statement. “Trump has said he opposes net tax hikes and has made clear that the real problem is spending. This plan is a reform, not a tax hike.” …”
Within minutes, Trump’s tax plan was endorsed by Grover Norquist and The Wall Street Journal this morning. By then, I had already read the whole thing on his campaign website.
As it was advertised, the plan does close some notorious tax loopholes for the very wealthy, but it dramatically slashes corporate taxes while reducing the top rate from the current 39.6 percent to 25 percent. Contrary to the hype, it does not raise taxes on the very wealthy at all. Instead, Trump’s tax plan is such a massive giveaway to the rich that Jeb Bush’s tax plan is more “populist” in comparison.
My position is that libertarian economics “soaks the poor” and would immiserate the vast majority of Whites. Southerners were far better off after the New Deal than they were before in the Gilded Age.
Southerners were far better off after the New Deal than they were before in the Gilded Age
Yeah, Section 8 was a great idea, also Food Stamps, and federal money for education, and the GI bill pushing people into college to be trained in queer theory, and don’t forget the whole paying 12% of your income in additional social security taxes to pay for “disability” payments for Barkevious.
See, people under 30 don’t care about social security, because we fully understand that we will never collect on it, but know worthless commies who do. We are suspicious of everything the government does because what we see it doing is providing jobs programs for everyone but Whites, transfer payments for everyone but Whites, and if that’s not enough, blasting gangster rap out the loudspeakers wherever possible.
As long as we’re going to have mass immigration we should tax the rich until their anus bleeds.
1.) Let’s return to the good old days of pellagra, polio, hookworms, malnutrition, illiteracy, company towns, textile villages, sharecropping, debt peonage and child labor. Because that generation, which in rural areas lacked electricity, was so much better off than Southerners in the 1950s. Nevermind the fact their intelligence was depressed because shoes were unaffordable.
2.) That’s news to me. I haven’t seen any evidence that Millennials have swooned over libertarian economics.
3.) IMO, people under 30 take all kinds of things for granted which they haven’t given much thought.
Fourth try at posting this. No link to Trump site this time.
Ulfric
‘He should have raised taxes on the top 1 percent, lowered the rest.’
I suggest we read Trump’s plan. Does he not propose lowering taxes on the rest? I’ll post parts of it.
The Goals Of Donald J. Trump’s Tax Plan
Too few Americans are working, too many jobs have been shipped overseas, and too many middle class families cannot make ends meet. This tax plan directly meets these challenges with four simple goals:
Tax relief for middle class Americans: In order to achieve the American dream, let people keep more money in their pockets and increase after-tax wages.
Simplify the tax code to reduce the headaches Americans face in preparing their taxes and let everyone keep more of their money.
Grow the American economy by discouraging corporate inversions, adding a huge number of new jobs, and making America globally competitive again.
Doesn’t add to our debt and deficit, which are already too large.
The Trump Tax Plan Achieves These Goals
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.
All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
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.
No family will have to pay the death tax. You earned and saved that money for your family, not the government. You paid taxes on it when you earned it. (snip)
What the hell? How is this just a tax cut for the Rich?
Married couple with income up to $50,000.00 pays NOTHING. Nothing?!! Single earning 25k pays -ZERO- and it’s called a tax plan for the rich?
What are you guys smoking?
“It may have something to do with the Crime of 1873 when silver was demonetized”
Okay, clearly deeply in libertarian crackpotville here.
Jeff, in my experience, people who blather on about “money creation” generally cannot
(a) explain even in very basic terms how the monetary system operates
(b) explain what precisely is so horrifying about such operation
Perhaps you are an exception, but describing (or rather, passing on the description of) the establishment of the gold standard in preference to bimetallism with the emotionally loaded word “crime” makes me think not.
“The US has the highest statutory corporate tax rate of any industrialized country. This tax rate is rarely paid by largely corporations, who pay an effective tax rate under 10%.”
That’s really the whole point though. The question of whether taxes are ‘too high’ or ‘too low’ has to be decided by how much tax is actually paid, not what the statutory rate is. To this end, an even more important measure than the ‘effective tax rate’ is the proportion of GDP that is taken by tax. By this last measure, corporate tax in the US is quite easily the lowest in the developed world (around 2% of GDP vs 3-5% in most of the rest of the OECD).
That’s not necessarily a bad thing. The incentive effect of tax rates is most directly felt by businesses, who must estimate the return on investment projects in light of the tax rate. A low corporate tax rate green lights certain marginal projects that would not go ahead if the rate were higher, directly contributing to employment growth.
In contrast, individual income taxes matter much less with respect to incentives. Highly paid employees are going to go to work whether taxes take 50% of their salaries or 25%. Gripe they may, but if they want to remain highly paid, they don’t really have any other choice.
Given this, I believe it’s much more fruitful to raise individual income taxes than to fiddle with corporate income tax rates.
The people who call themselves libertarians proudly proclaim that they want more latinos to replace White workers, and also, that they support legalizing marijuana and releasing all the Blacks who are in jail for it.
So when young Whites refuse to support libertarians, you say that it’s because young Whites reject libertarian economics. Libertarians say that they are all about economics, and libertarian economics means, yeah, that stuff, oh and don’t forget gay stuff too.
So yeah, millennials don’t like libertarian economics.
Obama in 2008 and now Bernie Sanders are attracting the same crowds for the same reasons. It’s not really surprising given what has happened to the Millennial generation.
http://time.com/3974659/millennials-labor-living/
http://www.pewsocialtrends.org/2015/07/29/more-millen
nials-living-with-family-despite-improved-job-market/