Trump: No Taxes If You Make Less Than $25,000 A Year

Posted by | September 28, 2015 14:00 | Filed under: Politics

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And no federal taxes for couples making less than $50,000.

The Trump plan reduces the number of income tax brackets from seven to four and takes away tax breaks for upper-income individuals, while protecting the popular deductions for charitable giving and home mortgage interest.

The proposal cuts the corporate tax rate to 15 percent. It also encourages companies to bring money back into the country by offering a one-time 10 percent levy on the repatriation of corporate cash held overseas and ends the deferral of taxes on corporate income earned abroad.

“There will be people in the very upper echelons that won’t be thrilled with this,” Mr. Trump said about his push to end many tax deductions. “I believe that the economy will be doing so well that even though they won’t be getting certain deductions, which aren’t fair for them to be getting, that they will end up doing better.”

The proposal establishes four tax brackets of 0 percent, 10 percent, 20 percent and 25 percent, which marks a significant reduction from the current top tax rate of 39.6 percent.

Under the plan, Individuals who make $25,000 or less per year and married couples that earn $50,000 or less a year will not pay any income taxes.

“That removes nearly 75 million households — over 50 percent — from the income tax rolls,” the plan says. “They get a new one page form to send the IRS saying, ‘I win,’ those who would otherwise owe income taxes will save an average of nearly $1,000 each.”

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Copyright 2015 Liberaland
By: Alan

Alan Colmes is the publisher of Liberaland.

23 responses to Trump: No Taxes If You Make Less Than $25,000 A Year

  1. Suzanne McFly September 28th, 2015 at 14:55

    A lot of these lower wage earners are already at a negative tax rate, they receive more money back then they paid. He is not showing how this plan will truly be paid for, and it is obvious his plan will cost something. If it sounds too good to be true, it is probably rumpster who said it.

    • Betty Taylor September 28th, 2015 at 23:33

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  2. allison1050 September 28th, 2015 at 16:20

    9 out of 10 people age 65 on up receive social security and are paying taxes on it where do they fit in?

    • whatthe46 September 28th, 2015 at 19:44

      that’s so pathetic. especially considering what they receive.

    • fahvel September 29th, 2015 at 04:16

      I do not understand why one would pay a tax on soc sec.

      • allison1050 September 29th, 2015 at 04:41

        Believe me fahvel when I say I don’t understand either but that’s just cheap ass me since I really do understand. Those were/are pretax dollars actually and so to help myself, I have 10% withheld every month or else I would be paying at the end of the tax year. As a matter of fact, most of us have some money withheld. I’m offically old (turning 65) next month and Medicare will be coming out of that same check along with my ACA provided medical insurance that I pay over $117. for! This is Intro 101 to Social Security my friend and it really sucks if you’ll pardon the expression. That’s why I was wondering about The Dump’s tax plan.

      • Jimmy Fleck September 29th, 2015 at 11:14

        I think the tax on SS income was initiated under Bill Clinton’s presidency.

  3. amersham46 September 28th, 2015 at 19:39

    will the Koch Bros allow that

  4. anothertoothpick September 28th, 2015 at 19:54

    So if trumpy is talking about tax cuts I have to assume that we have paid for dubya’s tax cuts and his two wars and that funny little debt clock is now spinning the other,way.

  5. Mann T. September 28th, 2015 at 20:02

    He is half-way to populism. Be careful of knocking him down with trite anti-right arguments that do not apply. He may be in the process of shedding some far right support and gaining twice as many centrists.

  6. Obewon September 28th, 2015 at 21:01

    Bankruptcy expert Donnie thinks expanding to 50%+ from today’s “less than 10% of households owing no federal income tax”-CBO CRS is a great way to bankrupt U.S. “That removes nearly 75 million households — over 50 percent — from the income tax rolls,” the plan says. Where is FY16’s $4 T coming from? D’oh! https://www.whitehouse.gov/sites/default/files/Buffett_Rule_Report_Final.pdf

  7. robert September 28th, 2015 at 21:06

    $25 and 50 k per year and no taxes your too kind trumpster

    i never would have guessed that you support poverty in the usa. would you like to kick my dog ?

    • whatthe46 September 28th, 2015 at 21:17

      cracking up laughing.

  8. edsfarm September 28th, 2015 at 21:53

    Why wouldn’t college graduates, that just spent $200,000 for their education, that are now living in their parents basement, making $15,000 a year working at Starbucks, support Trump’s tax plan instead of what Bernie Sanders would take from them?

    • whatthe46 September 28th, 2015 at 21:56

      200k for an education and you’re working at Starbucks, whose problem is that?

    • jasperjava September 29th, 2015 at 09:31

      And what do you think Bernie Sanders is going to “take” from a $15,000-a-year barista?

      Maybe come back after you grow a brain.

      • whatthe46 September 29th, 2015 at 09:36

        “Maybe come back after you grow a brain.” guess we won’t be hearing from that thing again.

  9. bpollen September 29th, 2015 at 06:17

    As Tom Waits put it – “The large print giveth, the small print taketh away.”

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