Trump’s Tax Proposal, is it right?

#Trump #President #WhiteHouse #Taxes #US #corporations #business

According to the a new proposal by the White House, the tax rate for corporations and pass-through business will be reduced to 15 percent. This could be a major windfall for the Trump Organization. As previously noted, Trump has refused to release his tax returns, hence making it impossible to know how much his businesses could save.

Besides this, President Trump also wants to repeal the ‘Alternative Minimum Tax’, a parallel system that kicks in when taxpayers request many itemized deductions and rejects specific deductions, including for assorted real estate write-downs that Trump tapped in past years. This is the tax that raised Trump’s taxes from $7 million to $38 million according to the leaked 2005 tax return of Trump.

Also, dropping the tax rate from 39.6 percent to 15 percent will cost government budgets around $1.5 trillion in a decade, i.e. more than a $150 billion in a single year.

Read the full article here

Wow. He is certainly a good businessman, and that’s why too-business minded people can’t run a government, where they have to care for everyone.

4 thoughts on “Trump’s Tax Proposal, is it right?

  1. Srdjan Solkotovic says:

    Well it is not bad as it will make a lot more jobs with it, when companies can save money on taxes they can easier expend (of course for their own profit but for that they have to hire people, hence more jobs, less poverty).

    1. LiveSid says:

      I do agree with you that companies can have an easier time, and might hire a larger workforce But since the tax cut is so huge, I understand that government budgets will need to be further revised in the future, and Trump as he is, will probably cut funding to more climate/science/healthcare/insurance organizations

      1. Srdjan Solkotovic says:

        Yeah but think about it, economy grows, I ma not sure if smaller companies are affected if they are, it will all come back as more companies open up. In the end the gov is at loss one way or another but with it might help the people and maybe cut the costs of the military if they USA ever decide to do that…but most likely NASA is going to get budgets cut as you said :S

        1. LiveSid says:

          US was a country with might (military/defence) and knowledge (space/environment/energy), a land of innovations/opportunities. I wonder how it’s going to change in the future. I haven’t heard of a President whose all major policies/proposals had been blocked by the federal court

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