Donald Trump revises his economic plan but leaves many questions unanswered

[TomCADem]

Source: LA Times

Donald Trump scaled back his grandiose plan for tax cuts while proposing more benefits for lower-income households in a speech Thursday, but experts say the numbers in his newly revised economic growth blueprint still don’t add up.

In his most detailed economic plan to date, the Republican presidential nominee essentially halved the amount of tax cuts he will seek to $4.4 trillion over 10 years, in part by capping deductions. At the same time, Trump said his economic strategy — which includes overhauling government regulations, trade and energy policies — would boost U.S. economic growth to 3.5% a year on average, up from 2% in recent years. He promised that his plan would create as many as 25 million jobs over the next decade.

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Trump’s plan would reduce the tax brackets for individual income tax to three from the current seven, with the highest rate dropping to 33% from 39.6%. Deductions would be limited at $100,000 for single filers and $200,000 for married filers, which would restrain high-income filers looking to deduct more for housing and charitable donations.

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“This proposal is less skewed toward the high-income” earners, said Gleckman. Still, he said, the lowering of tax rates, plus Trump’s previously announced idea to repeal the estate tax and alternative minimum tax, would nonetheless still end up disproportionately benefiting higher-earning individuals.

Read more: http://www.latimes.com/politics/la-na-pol-trump-economic-plan-20160915-snap-story.html

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What is really amazing is how the plan is designed to help Donald Trump, because even though he scales back some of the deductions of his previous plan, he still keeps the huge cut to the corporate tax rate and the elimination of the estate tax, which he would personally benefit from. Put another, Donald is not earning a salary like many high income individuals, rather a lot of his wealth is tied up in assets and corporate entities. The plan is specifically designed to help Trump.

[SunSeeker]

1. K & R for exposure of scam. nt

[Matthew28]

2. He also wants to abolish most of our food safety regulations

[Guy Whitey Corngood]

3. Details details. "Duh, WAAAAAALL, derp....". The eternally moronic and misinformed in this country

ate playing with some really serious dark shit. And they don't seem to give a single solitary fuck.

[PSPS]

4. I can't take any media outlet seriously that takes anything Trump says seriously.

[muriel_volestrangler]

5. Plus we know Trump doesn't donate to charities, and I doubt his children do either

The only thing which might cap their gains under this would be the limit to claim on housing. Which probably means they've worked out a scam to get deductions on that in another way.