Tuesday, September 29, 2015

Trump's Tax Plan

Not too bad, not too good.  I like the idea of just a few tax brackets, and lower rates all around. Scrubbing the "Alternate Minimum Tax" is an excellent idea.  Recalculating my taxes for "AMT" takes as much time as figuring them straight up on the first pass.  Scrubbing the death tax is a good idea.  Most small American businesses, gas stations, motels, barber shops, restaurants, stores, landscaping companies and the like, are owned by the individual who created them.  When this guy dies,  they levy estate tax on the entire business, often as bad as 20%.  Most of these small businesses don't have that sort of money, and if they do, they cannot afford giving Uncle 20% of the business in cash.  If the owner could pass the business down to an heir, tax free, it might stay in business and keep employing people.  As it is, death of the owner is death of the small business. 
I clicked out to the Trump website to read the whole thing.  There ain't much more to it than what The Donald gave out on TV yesterday.  It's short and vague.  Doesn't list the "loopholes" he plans to close.
   I don't like the notion of the bottom tax bracket being zero.  I think everyone should pay something, if only a few percent, to let them feel the pain of taxes.  Especially as the bottom half of the income groups is the one that sucks up more government bennies that the others.

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