Yeah…Donald Trump came out with a tax plan the other day. It got beaten up badly by the left almost immediately as one that was going to give a HUGE tax cut to the wealthy. I’ve got news for America. ANY tax cut is going to give a HUGE tax cut to the wealthy.
46% of Americans don’t pay any income tax at all.
Under Trump’s proposal, that number goes to 50%. If you make $25,000 as a single person, or $50,000 as a couple (which would include most retirees by the way), you won’t pay taxes.
And therein lies the dirty little secret Democrats don’t want you to know. Most middle class and all of the lower class Americans don’t pay taxes already. So if you’re going to cut taxes, it’s going to come from the upper half of the equation. It absolutely has to. There’s nowhere else to cut. The only other thing you can do, is do what the Democrats have been trying to do for years, and that’s give money back to those that pay no money in. Yup…it’s happening. Earned Income Credit…childcare credits…and a bunch of other government programs like SNAP that give you stuff for nothing. You eat on the government, you drive your car on the government, you talk on your cell phone on the government, you vacation on the government. The only thing you don’t have to do anymore is work.
Trump’s tax plan, in my mind, is no different from anything else being pitched these days. It’s not radical. Closing loopholes is something that everyone is proposing. Lowering the corporate tax rate is something everyone is doing (well, everyone on the GOP side)…and making fewer tax rates is also something everyone is doing.
And really, there is only one candidate I’ve heard talk about the flat tax, where everyone pays the same rate, no deductions, no exemptions, no credits. That was Ben Carson. The rest are messing with the same tax code we’ve got now, and it’s 70,000 pages of lunacy.
The easiest way to make Washington smaller is to re-do the tax code. It’s something Democrats loathe to do because it ruins their whole redistribution scheme. If you have a flat tax, where everyone pays, say 15% of whatever they bring in, then how do you redistribute the money to the poor? You can’t soak the rich. And even the poor pay the 15%! There’s no deductions, no way to lower their Adjusted Gross Income (what the hell is that anyway???). It’s the most simple, most honest, most fair tax system ever devised. At a 15% rate if you make $1000 for the year, you send in $150. If you make $1,000,000, you send in $150,000. Period. You can fill out your taxes on a postcard.
And the reason no one will take it seriously (besides the Democrats argument), is because it puts a lot of CPA’s out of business. H&R Block, Liberty Tax Service, all go away. And don’t think they aren’t grabbing congress’ ear on that one!
No…Donald Trump’s tax plan isn’t great. It’s ok, but nothing to write home about. I’m still waiting for someone to really make a stand on taxes…and not tweak a broken system.
Carry on world…you’re dismissed!