Trump to propose 15 percent corporate tax rate

[Kujako]

Even minimum wage jobs have 401k matching which is essence free money. This is a good way for someone that is young to start a nest egg and to carry momentum into a salary job with better 401k matching.

This notion that people in min wage jobs can't invest is misleading as it can be done.

401k was intended to supplement a pension, instead companies used it to replace them, 'cause cheeper. And of course you keep claiming that everyone has access, truth is most jobs don't offer a 401k and many of the ones that do don't offer any matching.

https://www.bloomberg.com/news/artic...savings-crisis

[Wyrt]

Thoughts? Is he fucking insane? He's going to crash the economy. Sorry world, we fucked up big.

[Orlong]

Do you not understand the math involved to have 300-400 dollar a paycheck left on that salary and still end up with that 401k level? Orlong didn't say a thing about employer matching, which isn't a given. And, in case you forgot, it's Orlong.

Ive never seen one where the employer didnt match. Every employer Ive had matched at up to at least 5% of your gross pay.

Oh and by the way after taxes my paychecks around around $1100 every 2 weeks. Out of that comes $475 for rent, $85 for phone, $250 for car payment, $100 for insurance, and some food money. Plenty left

[Poopymonster]

I don't have a problem either way - but if for example Enron can be 'incarcerated' for 5 years for a crime like a person (read - government seizes all profits), or executed (read - government sacks all board, management and takes control until new management is found), or taxed like a person (read - income tax), then I don't have a problem with Enron getting the advantages too.

Asset Forfeiture anyone?

[Alydael]

The one making 1 million has 930,000 left over. The one making 100,000 has 93,000 left over. Which is going to still be in a much better position to afford goods? A 10% flat tax rate is like the 10% tithe in churches. Carson is a 7th day Adventist I think, which believe in tithing, one reason he likes it. The problem with tithing is, the more one makes , the less of a sacrifice it is to give 10%.

Personally I am for doing away with all income tax for individuals and going to a national sales tax,which is divided into brackets. The higher the price of a item, the higher the sales tax would be. No income forms to fill out and no loop holes. Right now there is billions of income money which is hidden and the tax is never collected on any of it ( at least it is not shared with the present owner who has got it under the table ) until someone uses it to buy something. Then it is the State or Government which benefits from it with ether a sales tax or a excise tax.

I agree with the idea to do away with filing, the flat tax rate also accomplishes that. I don't think people realize how much the whole filing part of taxes costs us a a nation.

As for the one who made a million having more left over. Of course he/she does- she also made 10x more. With the flat rate, we both kept 93% of what we made. That seems fair to me. I am not one to penalize people for being successful or making money.

I also don't buy the line that the reason the country needs money is that the rich aren't "paying their share." I believe the reason we need money is because both political parties were: corrupt, wasteful, short sited and wasted a ton of money on a bunch of little "wars" that (in effect) have become one big on going war.

So I look at the politicians in both parties on that one, I don't think it is a "tax issue" especially since they collect record taxes almost every year for many years now. They are not being responsible with their spending at all.

I fully believe (and I believe Carson even provided the numbers to prove it) that if we use a flat tax rate, eliminate all tax breaks/ exemptions and do not even tax those making less than 30K- we will end up with more money than we do now. I don't know if he was taking into account all the money that would be saved by not needed the IRS as much or not. Carson is not the first to propose this, many have. I am not sure if they all use the same % though.

I think your idea about the national sales tax with brackets presents an enforcement problem and is somewhat complicated (at least more complicated than a flat tax that is just taken out of your income before you even get it). I do like the idea that you don't get taxed until you buy something though, gives you some more control over it and more incentive to save when money is tight.

[Kujako]

I agree with the idea to do away with filing, the flat tax rate also accomplishes that. I don't think people realize how much the whole filing part of taxes costs us a a nation.

And people keep assuming that a flat tax will be magic, and no special interest groups will ever again spend countless millions of dollars to get exemptions, credits, etc. All a flat tax does, is replace a progressive tax, with a regressive one. Nothing else changes.

[Lenonis]

Oh and by the way after taxes my paychecks around around $1100 every 2 weeks. Out of that comes $475 for rent, $85 for phone, $250 for car payment, $100 for insurance, and some food money. Plenty left

475+85+250+100 = 910. That's before food. You said your take home was 1100, which leaves you less than 200 for food and anything else.

I pay all my bills and still have 300 to 400 a paycheck to put way or invest.

Hmmmmmmmmmmmmmmmm.

[Kujako]

475+85+250+100 = 910. That's before food. You said your take home was 1100, which leaves you less than 200 for food and anything else.

Note that he also leaves out things like utilities, and the pay roads he uses because he refuses to use the socialist tax roads, etc. It's almost as if he's not being totally truthful!

[A dot Ham]

Don't worry, military spending will continue to increase. Programs that are cut will never meet the numbers needed to make this doable, but we can just go on credit or something.

Hey man... if we're gonna go start fights all over the globe... we gotta have the cojones to back it up.

Increase cojone spending.

[Alydael]

And people keep assuming that a flat tax will be magic, and no special interest groups will ever again spend countless millions of dollars to get exemptions, credits, etc. All a flat tax does, is replace a progressive tax, with a regressive one. Nothing else changes.

I very clearly stated I was talking about a flat tax with no exemptions or credits.

If lobbyist are able to get politcians to add exemptions and credits to a flat tax, then the "flat tax" plan is not the problem- clearly the politicians are. After all, they were the ones corrupted into changing the system to the advantage of lobbyists and special interests.

So I wouldn't change or blame the flat tax plan because of that- I would blame the corrupt ones- you know, the "Usual Suspects." That special breed of criminal that we refer to as a "politician."

[Kujako]

I very clearly stated I was talking about a flat tax with no exemptions or credits.

Which can never exist. Because day one, groups start to spend their "free speech" dollars to get exemptions etc by explaining to their Congressman over a surf & turf dinner about how it's unfair.

[Concequence]

Corporate Profits are not high enough...

Good to know the slave masters can still crack the whip on the middle and lower class. Because We are all shit ... right?

If you don't own a multi-billion dollar family business... you are trash in this world. Trash to be burned... Keeping the fires of their opulent homes warm.

Can't they just allow us some Legal Pot at least... I mean find a way to Tax the crap out of it, to balance the for profit Prisons and Pharma loss. Le Sigh... money... makes this world, shit.

[Mafic]

401k was intended to supplement a pension, instead companies used it to replace them, 'cause cheeper. And of course you keep claiming that everyone has access, truth is most jobs don't offer a 401k and many of the ones that do don't offer any matching.

https://www.bloomberg.com/news/artic...savings-crisis

Everyone has access to 401ks if you are willing to put in the effort.

As for matching that is pretty standard these days with most 401k plans offered by most companies.

[Orlong]

I agree with the idea to do away with filing, the flat tax rate also accomplishes that. I don't think people realize how much the whole filing part of taxes costs us a a nation.

And if we got rid of filing, we could save billions by shuttering the IRS as well

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475+85+250+100 = 910. That's before food. You said your take home was 1100, which leaves you less than 200 for food and anything else.

Hmmmmmmmmmmmmmmmm.

I said 1100 every 2 weeks. I get another 1100 the other 2 weeks in the month

[Mafic]

It depends on ones financial situation. For a huge number of Americans, that's simply not very feasible with their debt loads (student debt, car loans, mortgages etc.) and low wages. It sounds nice, but when you're figuring out which bills to pay off first each month on a limited income you're not really thinking about what you'll retire on in 30-50 years.

The problem is people don't want to learn about investment not because they don't have loose change lying around.

If you are min wage, part time worker, 4% contribution to 401k, after taxes on a weekly paycheck of less say a clean $220 per week is $8.80.

8.80 x 4 x 12 = $422.40.

In other words a kid in high school that is 16 years old investing close to $9 dollars per week is already ahead of his peers in one year.

Over 4 years = $1689.60

And that assumes that her/his investment hasn't increased and there is no employee matching.

College graduates that have salary jobs can invest more while still paying down debt.

Investment relies on time and amount invested. The sooner you start the less you need to invest long term.

[ShimmerSwirl]

Cutting taxes is great. The trick though is finding a way to keep the resulting extra capital in the US. A tax cut + tariffs on imported goods would be a good way to encourage companies to reinvest in the US rather than foreign markets.

[Alydael]

And if we got rid of filing, we could save billions by shuttering the IRS as well

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Could you imagine the frenzy the media would go into if Trump shuttered the IRS....... They are already in overdrive....

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Which can never exist. Because day one, groups start to spend their "free speech" dollars to get exemptions etc by explaining to their Congressman over a surf & turf dinner about how it's unfair.

We would have to protect the plan from corrupt officials that would do such a thing. It's about time we started holding them all more accountable for their shenanigans anyway.

[Wyrt]

We would have to protect the plan from corrupt officials that would do such a thing. It's about time we started holding them all more accountable for their shenanigans anyway.

Corruption already got the Supreme Court stamp of approval with Citizens United. Going to take a lot to fix it since nearly every politician is corrupt at this point.

[Kujako]

We would have to protect the plan from corrupt officials that would do such a thing. It's about time we started holding them all more accountable for their shenanigans anyway.

That would require overturning Citizens United and a Constitutional amendment.

[Hiricine]

Lower corporate income tax means more money for investors, instead of going towards the incomes of the executives.

Best rumor from the new tax plan-- removing the ability to deduce state taxes from your federal income tax.