patrick.net

here is trump's explanation of his plan: https://www.donaldjtrump.com/positions/tax-reform

The Fed will just monetize debt to pay for the difference and foreigners will load up on T bonds to get the "interest"

Hmm, didn't Clinton vote to continue the Bush Tax Cuts?

thunderlips11 says

Hmm, didn't Clinton vote to continue the Bush Tax Cuts?

Bush tax cuts were set to expire in 2010. I'm pretty sure Hillary was Secretary of State by then. But it is true that Obama didn't fight to end them (then). Probably because he was afraid it would jeopardize the "recovery." I think that was probably wrong. Just one in a series of disappointments with OBama for the "left."

marcus says

Bush tax cuts were set to expire in 2010. I'm pretty sure Hillary was Secretary of State by then. But it is true that Obama didn't fight to end them (then). Probably because he was afraid it would jeopardize the "recovery." I think that was probably wrong. Just one in a series of disappointments with OBama for the "left."

She voted to extend them while Senator in 2005.

. But it is true that Obama didn't fight to end them (then).

2010 was too soon (and too big a battle when other shit needed to get through the rather dysfunctional Senate), but the Bush tax cuts on 39.6% marginal bracket were reversed in 2013.

The tax legislation passed at the start of 2013 permanently extended the George W. Bush-era tax cuts for most people but also added a top marginal tax rate of 39.6 percent for those at higher incomes — $400,000 for single filers, $450,000 for married couples filing jointly and $425,000 for heads of household.
On top of that, higher-income taxpayers could see their itemized deductions and personal exemptions phased out and pay higher capital gains taxes — 20 percent for some taxpayers. And there are new taxes for them to help pay for the new health care law.
There are different income thresholds for each of these new taxes.
An additional 0.9 percent Medicare tax, for example, kicks in on earnings over $250,000 for married couples filing jointly and $200,000 for singles and heads of household. Same for an extra 3.8 percent tax on investment income.
But the phaseout of personal exemptions and deductions doesn't begin until $300,000 for married couples filing jointly and $250,000 for singles.

Read more: http://www.politico.com/story/2014/01/income-taxes-2014-tax-brackets-102466#ixzz3wF3YgOHT

This is what he ran on, and what he finally got out of Congress, a GOP-controlled one at that.

The weird thing about our current tax bracket is the 10% increase from 15% to 25%, and how big it is, covering incomes from $37,450 to $90,750+

I noticed this when doing my taxes this weekend in Excel, I had a table where:

income less deductions over $0 gets taxed at 10%
over $9225 gets another 5%
over $37,450 pays another 10%
over $90,750 pays another 3%
over $189,000 another 5%
over $411,000 another 2%
over $413,000 another 3.6%

https://research.stlouisfed.org/fred2/graph/?g=31Te

red is wages, blue is non-wage personal income

both 2009 dollars

I used to admire the Fed for giving away all that data for free. Now I wonder whether they do it just so that they are the ones in control of the information, and can skew it as they wish without anyone's suspecting.

here is trump's explanation of his plan: https://www.donaldjtrump.com/positions/tax-reform

Ah yes the magical cut tax rates and eliminate loopholes plan. I've seen this movie before several times. The ending always seems to be the same.

When will trump be submitting his plan to the CBO to be analyzed? I didn't see that part.

Trump's plan proposes that (long term) capital gains will be taxed at a lower rate than regular employment income, a very bad idea. I thought he was against that practice. Did he change his mind?

I did a search on the tax plan web page, and the word "gains" occurs exactly ONCE, namely in the table of rates. I think many low-information voters will be fooled.

Trump and Bernie are the only candidates I know that bring up "Corporate Inversions" - the set up of dummy corps worldwide to keep money at low/no taxes in any jurisdiction.