Donald Trump's New Tax Plan .

NBC Nightly News was less than kind regarding Trump's Tax Plan. Not surprising since they are often biased. But they reported that economic analysts have crunched the numbers and said they found the plan to favor the rich. I don't see that at all but I'm not a professional analyst either.

I agree with you, Yvonne, that if he can lure overseas businesses back then that's a huge step forward.

 

Donald Trump is leading in the Republican national polls. I think what he says about foreign trade by wealthy magnates will pay more taxes; and tax-deductions to 0% to single people who earn less than $25,000, no tax for low-income joint salaries of $50,000 families and senseless debt-taxes. I hope drug-lords will get penalized really hard to imprisonment if they don't pay taxes.

I like what I'm hearing here: http://news.yahoo.com/fact-check-math-trumps-tax-plan-doesnt-always-081901786--finance.html#

 

You cannot please everyone so when speaking of tax there would always be the advantaged group who will favor the proposed tax scheme and the disadvantaged group will protest. We used to have a complex taxation system where there are the so called itemized deductions like losses and other miscellaneous items known to accountants. But when the government changed the tax scheme to gross deduction, there is no need for further computation because the company submits to the BIR (our IRS) the withheld tax that is equivalent to the actual tax for the month. At the end of the year, the employee receives the statement indicating the numbers. No need to file anymore.

 

I think it would be great to decrease the tax burden on the poor and working poor. It would be nice if we could penalize the drug dealers and other criminals, or at least remove them from receiving or benefiting from public funds in any way. I would see the gang bangers / drug dealers at the low income projects that clients lived in. They sat around all day creating problems, while living in subsidized housing. They often lived with mothers or other girls/women who would have children in the system receiving TANF, WIC, SSI and Medicaid, food stamps, and other assistance. Those who worked a few hours would also file for EITC, or cash back from the government that supplements low wages. These slugs are sucking off the system by letting their children and so called partners collect welfare, while they are doing just fine with their ill gotten gains. There need to be some sort of repercussions for people like that. I'm not saying the kids don't deserve to eat and have a roof over their heads, etc., but that the so called men need to support their offspring, and taxpayers shouldn't have to foot that bill.

We definitely need to rebuild our business sector and create jobs. I try not to support corporations that have taken their jobs outside of our borders, because in my opinion, they don't deserve our support or our money. I'd rather spend my money with other businesses that are loyal to the American people, who have stayed here despite added costs, and entice others to start businesses. I don't know what programs already exist, but making start up funds available, enabling people to access people who can help them develop solid business plans and guide them through the process, via SCORE (Service Corps of Retired Executives) or other similar groups, and perhaps lowering company or corporate taxes initially, so they are able to focus on building the company and creating jobs, would really help. Lowering shipping costs, much like China does, would also make a huge difference in the ability of companies to offer free or lower cost shipping, because right now, it's difficult for our businesses to compete with companies in places like China.

One thing that slightly concerns me, and this comes second in my mind to the multiple benefits we as a country could experience if the tax code were scrapped and replaced with something that would benefit those who are struggling, as well as businesses, is the numerous people who are employed in positions related to, and dependent upon, the current tax code, and whether they would suddenly be unemployed. I'm sure those in the IRS would find other positions with the government or elsewhere, but other than them, there are lots of accountants, bookkeepers, financial managers, etc., who would have to either be retrained, or let go. I still think it's something that needs to be done, though, and the sooner, the better.

 

I was listening to a radio show earlier today and the hosts opinion on these tax reform ideas. Here it is in a nutshell. You cannot just flatten down the tax brackets, while it could help some there will always be those that will find themselves in a worse off place, quite simply because they become absorbed in a higher end of the tax bracket. If you look at this from an organizational view point, say for instance the flattening of management in a company, what happens is a single person has more control then before because the chain of management is squashed down. More people on the lower levels.

Believe it or not the layers are important, it serves as a checks and balance system of sorts. More layers in control and finance means there is a better ability towards autonomy for the individual. From a perspective of a nation that is suppose to be free in nature, what you have is essentially a recipe towards a more totalitarian system of government, if indeed you flatten the earnings system. In essence it creates even more dependence since there are so many more on the bottom. If what you are looking for is a system of the rich getting richer this is the plan for you, because guess what... unless you are on the top rungs already you will lose big time.

As far as attracting business back from foreign lands, I would not hold my breath, that ship has sailed. That does not mean that there could not be new business born and raised on these shores. Technology and things change all the time. brilliance has to be nurtured, and the place that happens is in both the home and the schools.

 

Just watch the news media go after Trump because he is saying what the public wants to hear and not talking rubbish like the other candidates. The news media will do everything to get rid of him.