08-09-2016, 04:03 PM
Onamuji wrote:
America is Back,' Trump Declares, Announcing Tax Cuts for Billionaires
http://www.commondreams.org/news/2016/08...llionaires
Trump touts sweeping, and costly, tax-cut plan
http://www.cnbc.com/2016/08/08/trump-tou...-plan.html
Trump's tax cuts would amount to some $12 trillion over the next decade, according to the Tax Foundation. Even after accounting for stronger economic growth, the plan would leave the government more than $10 trillion short over the next 10 years. That money would have to be made up for with more borrowing, dramatically expanding the nation's debt.
Trump also promised to ease the burden on American corporations by limiting taxes to 15 percent. The campaign has also promised to "make our corporate tax globally competitive and the United States the most attractive place to invest in the world."
Based on the latest available data, that promise should be fairly easy to keep.
While the top federal tax rate on corporate profits is 35 percent, American companies pay far less, thanks to a thicket of deductions and loopholes in the tax code.
Between 2006 and 2012, at least two-thirds of all corporations had no federal income tax liability, according to a study earlier this year by the General Accountability Office.
Trump just proposed repealing the 'death tax.' Here's why that's a scam.
http://www.latimes.com/business/hiltzik/...story.html
We’re especially interested in one element ofplan: repealing the estate tax — or as it’s been rebranded in Republican orthodoxy, the “death tax.” This isn’t the largest piece of the pie, as it would amount to an average $25 billion a year or so.
But to us it’s the most intriguing because it’s such a narrowly focused cut, yet one dressed up as a boon for ordinary Americans—himself called it a burden on the “American worker.” Yet as we observed in 2009, the estate tax affects only a few thousand people at most, all of them multimillionaires with an average nest egg of more than $30 million.
Amazing how Republican he sounds when forced to read a speech he did not write.