Trump's Proposed Tax Brackets and National Debt

[TurkeyOnRye]

With the national debt at 19 trillion dollars, how on earth could the US afford to utilize tax brackets like this? Is it just me, or does this strike anyone else as insane?

 

[Revoltingest]

With the national debt at 19 trillion dollars, how on earth could the US afford to utilize tax brackets like this? Is it just me, or does this strike anyone else as insane?

Eliminate personal deductions, & maybe it will work.

But I still think his capital gains tax is as wrong as the current system......
- There are different capital gains tax rates for different classes of assets.
They should all be the same.
- They should all be indexed for inflation, so that no one pays tax on the loss of value of the dollar,
ie, it takes more dollars in today's money to equal the economic value of dollars back in the day.
- It should (IMO) be taxed at the ordinary income tax rate.
- Capital losses should be deductable against ordinary income.

 

[TurkeyOnRye]

Eliminate personal deductions, & maybe it will work.

From donaldjtrump.com: "With this huge reduction in rates, many of the current exemptions and deductions will become unnecessary or redundant. Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers."

But I still think his capital gains tax is as wrong as the current system......
- There are different capital gains tax rates for different classes of assets.
They should all be the same.
- They should all be indexed for inflation, so that no one pays tax on the loss of value of the dollar,
ie, it takes more dollars in today's money to equal the economic value of dollars back in the day.
- It should (IMO) be taxed at the ordinary income tax rate.
- Capital losses should be deductable against ordinary income.

Does this mean you think we should eliminate the tax break on long-term capital gains? I would agree that we should tax it like regular income.

 

[Revoltingest]

From donaldjtrump.com: "With this huge reduction in rates, many of the current exemptions and deductions will become unnecessary or redundant. Those within the 10% bracket will keep all or most of their current deductions. Those within the 20% bracket will keep more than half of their current deductions. Those within the 25% bracket will keep fewer deductions. Charitable giving and mortgage interest deductions will remain unchanged for all taxpayers."



Does this mean you think we should eliminate the tax break on long-term capital gains? I would agree that we should tax it like regular income.

Long term capital gains only gets a break for some classes of assets, eg, stocks, real estate.
Others, eg, collectibles, pay the full fare.
But it's ridiculous to pay capital gains tax when the profit is often entirely due to the reduced value of the dollar.
It should be indexed to inflation (ie, currency devaluation), which government intentionally creates.

I'd ditch charitable & home mortgage interest deductions.

 

[sun rise]

Trump is lying through his teeth or maybe telling the truth when he said he would borrow and borrow and default on the national debt. After all, he did it with his properties and presumably things the USA is like Trump Casino.

 

[Revoltingest]

Trump is lying through his teeth or maybe telling the truth when he said he would borrow and borrow and default on the national debt.

I didn't see that strategy in the link.
Where is it posted?

 

[sun rise]

I didn't see that strategy in the link.
Where is it posted?

He did not actually say default but take less than what they're owed - I mis-remembered it. and it was back in May chrome://ietab2/content/reloaded.html?url=http://www.nytimes.com/2016/05/07/u...tional-debt-get-creditors-to-accept-less.html and other sites.

 

[Shadow Wolf]

Clearly, there is a huge difference between someone who makes $300,000 a year, and someone who makes over $1,000,000 a year, and our tax brackets need to reflect this. And if there is a difference in rates, work should be taxed lower than dividends and capitol gains as that is money acquired by having money.

 

[Revoltingest]

He did not actually say default but take less than what they're owed - I mis-remembered it. and it was back in May chrome://ietab2/content/reloaded.html?url=http://www.nytimes.com/2016/05/07/u...tional-debt-get-creditors-to-accept-less.html and other sites.

We should consider that Trump is proposing nothing terribly new.
The difference is that he admits it openly, & proposes something more direct.
US gov policy has been erasing debt by expanding the money supply faster than economic growth, thereby devaluing the dollar.
Only once did I ever hear a gov official admit the intentional policy of yearly currency devaluation, aka "inflation".
What does this mean?
That I will hold me nose to ward off the stench of voting for The Donald as a means of keeping the Hildabeast out of office.

 

[sun rise]

We should consider that Trump is proposing nothing terribly new.
The difference is that he admits it openly, & proposes something more direct.
US gov policy has been erasing debt by expanding the money supply faster than economic growth, thereby devaluing the dollar.
Only once did I ever hear a gov official admit the intentional policy of yearly currency devaluation, aka "inflation".
What does this mean?
That I will hold me nose to ward off the stench of voting for The Donald as a means of keeping the Hildabeast out of office.

Fortunately I'm voting for Hillary and against the tool-of-the-devil small hands donny .

 

[Revoltingest]

Fortunately I'm voting for Hillary and against the tool-of-the-devil small hands donny .

Knowing that dogs like to sniff the butts of other dogs, I expect you'll have no difficulty!