Trumpwatch Tax

The Trump proposals.

Individual Income Tax

Tax rates

The Trump Plan will collapse the current seven tax brackets to three brackets. The rates and breakpoints are as shown below. Low-income Americans will have an effective income tax rate of 0. The tax brackets are similar to those in the House GOP tax blueprint.

Brackets & Rates for Married-Joint filers:
Less than $75,000: 12%
More than $75,000 but less than $225,000: 25%
More than $225,000: 33%
*Brackets for single filers are ½ of these amounts

The Trump Plan will retain the existing capital gains rate structure (maximum rate of 20 percent) with tax brackets shown above. Carried interest will be taxed as ordinary income.

The 3.8 percent Obamacare tax on investment income will be repealed, as will the alternative minimum tax.

Full list of policies.

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22 Responses to Trumpwatch Tax

  1. Adam D

    I love the idea of joint tax returns hope our federal government takes a good idea for once.

    As for lower taxes when is that ever a bad idea

  2. Infidel Tiger

    Bloody good.

    Could never happen in Moochstralia.

  3. Mark A

    Never happens here, if any change it will be UP UP and away!

  4. Paul Farmer

    Not bad , just did done sums and I would save about 30 k in tax per year under those rates if they came here. Be nice to think we might a trump here but it won’t happen. Makes me think we waste a lot tax dollars in this country. We need to get back close to 20 % gdp for maximum size of government , which is what most studies of the rahn curve suggest as around the maximum before you just start screwing the place up with waste and inefficiency and you shrink your economy. As it’s been almost 30 years since we have seen any real supply side laffer style tax policies , would be nice if the U.S. Economy finds another gear to prove all the Keynesians wrong….. The other issue trump needs to nail is elimination of payroll tax which in some jurisdictions is 15 % and substitution with some sort of consumption tax which in a way will slow cheap imports. A way to do it without running into gatt tariff rules and will stimulate employment and savings and should be tax base neutral…….

  5. The top rate is still too high, these are federal tax rates, on top of these can come state and city taxes.

  6. OldOzzie

    Popular Vote Reality Check

    I’ve been listening to the left wingnuts crying foul because Crooked Hillary won the popular vote. They evidently fell asleep during their American government class in high school. The reason there are two senators per state and an electoral college is to keep the large powerful states from wielding too much power in governing the nation.

    It seems left wing nutjobs seem to be drawn together into 6 liberal enclaves. You may notice the professional violent Soros protestors do their best work in these states. Republican voters in these states know their vote is worthless, because there are far too many irrational, mathematically challenged snowflakes to overcome. So, many don’t even bother to vote.

    Clinton won the popular vote by about 630,000. Jabba the Hutt (aka Michael Moore) and the diverse left wing shrews on MSNBC and CNN are outraged that white deplorables stole the election from their little crook. A little perspective reveals a different picture. You back out the popular vote margin in those six socialist states and Trump wins the popular vote by over 6 million votes. The Hollywood and NYC elites, along with their Hilbots, think the votes of six states should override the overwhelming landslide achieved by Trump in the other 44 states.

    Too bad pussies. You lost. No amount of Soros financed riots is going to change the outcome. Time to retreat into your six safe spaces and break out the coloring books and play doh. Isn’t it funny how the left wing media were outraged when Trump said he wouldn’t agree to the outcome before seeing the vote. Now they question the outcome based on no facts or basis for argument.

    Trump popular vote – 60,351,240
    Clinton popular vote – 60,981,118
    Clinton’s popular vote margin- 629,878

    LIBERAL BASTION CLINTON STATE MARGINS

    California – 2,746,562
    New York – 1,503,304
    Illinois – 859,319
    Maryland – 624,305
    New Jersey – 486,243
    Washington – 480,072
    Clinton’s liberal bastion state margin – 6,699,805

    TRUMP’S POPULAR VOTE MARGIN IN OTHER 44 STATES – 6,069,927

    REPORT: THREE MILLION VOTES IN PRESIDENTIAL ELECTION CAST BY ILLEGAL ALIENS
    Trump may have won popular vote

    Three million votes in the U.S. presidential election were cast by illegal aliens, according to Greg Phillips of the VoteFraud.org organization.

    If true, this would mean that Donald Trump still won the contest despite widespread vote fraud and almost certainly won the popular vote.

    “We have verified more than three million votes cast by non-citizens,” tweeted Phillips after reporting that the group had completed an analysis of a database of 180 million voter registrations.

    “Number of non-citizen votes exceeds 3 million. Consulting legal team,” he added.

    According to current indications, Hillary Clinton won the popular vote by around 630,000 votes, although around 7 million ballots remain uncounted.

    Virtually all of the votes cast by 3 million illegal immigrants are likely to have been for Hillary Clinton, meaning Trump might have won the popular vote when this number is taken into account.
    Vote fraud using ballots cast in the name of dead people and illegal alien voters was a huge concern before the election.

    On the morning of the election there were 4 million dead people on U.S. voter rolls.
    Although some states require some form of ID before voting, California, Illinois, Iowa, Maine, Maryland, Massachusetts, Minnesota, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Vermont, West Virginia, Wyoming, and Washington, D.C. all require no identification before voting.

  7. pete m

    Can someone explain the single / joint filers difference.

    EG 2 people earn combined $75K pay 12%.

    A single person earning $75K seems to only pay 6% (half rate).

    Is this right?

  8. Mayan

    Why a higher rate for wages/salaries compared to capital gains?

  9. HGS

    Swimming weakly in the correct direction. The shore is a long way away. Will eventually drown.

  10. Bear Necessities

    Compared to current tax rates for 2016, Married joint filer:

    0 – 18,550 10%
    18,551 – 75,300 15%
    75,301-151,900 25%
    151,901 – 231,450 28%
    231,451 – 413,350 33%
    413,351 – 466,950 35%
    466,951+ 39.6%

  11. Tel

    Those tax rates look very attractive… mind you, remember that most US states have tax as well, and then there’s Social Security, plus many states have sales tax.

    Carried interest will be taxed as ordinary income.

    Yeah, I think that’s sensible.

    The critical point is whether it’s possible to reduce government spending, because in the long run all spending comes from tax and debt is just tax from future generations. Cutting tax without also cutting spending is bullshit.

  12. Tel

    Why a higher rate for wages/salaries compared to capital gains?

    Because of [1] inflation and also [2] the capital you invested has been taxed already.

    That said, the “carried interest” is not a real investment (was never purchased in the first place). It’s a dodge.

  13. Zatara

    Can someone explain the single / joint filers difference.

    The rate on $75,000 is 12% regardless of whether it is a individual person’s amount or a married combined amount.

    IRS Filing Status

    Why a higher rate for wages/salaries compared to capital gains?

    They aren’t.

    The Trump Plan will retain the existing capital gains rate structure (maximum rate of 20 percent) with tax brackets shown above.

    2015 Capital Gains Tax Rates

  14. Zatara

    Sorry. meant they aren’t necessarily.

    Bottom line is that it’s money being taxed twice and that pisses people off so they are lowering it because they can’t eliminate it.

  15. H B Bear

    The top rate is still too high, these are federal tax rates, on top of these can come state and city taxes.

    That is what U-Haul is for.

  16. harrys on the boat

    Pete,

    Joint income of $75k taxed at 12%
    Single income of $37.5k taxed at 12%

  17. Diogenes

    A single person earning $75K seems to only pay 6% (half rate).

    Try a single person earning more than 32,500 goes into next bracket

  18. pete m

    ah my bad – the “half” refers to amounts – thresholds, not the rate

    cheers

  19. Zyconoclast

    Has anyone said fairness yet?

  20. Oh come on

    Has there been any calculation of the impact the changes in rates will have on the budget deficit?

  21. Yohan

    Trumps tax plan is good but Cruz’s was better.

Comments are closed.