Monday, September 28, 2015

Do Yourself A Favor

++Find The Donald explaining his tax plan. As he says, this is in his wheelhouse.  He appeared at a press conference on C-Span.

++The initial reviews is that it will reward the rich more than Jeb!'s tax cuts for the wealthy. But, I am not so sure.

++The appealing parts of the plan are that those earning their income by free-lance work would only pay 10%, those earning $25,000 or less will pay nothing and couples earning $50,000 or less will pay nothing. The median income of the United States for a family is now less than $50,000. You don't think that will appeal.

++He will also repatriate income from abroad. He estimates that there is $2.5 trillion abroad--probably higher as we saw in Post articles about tax havens. That will be taxed one time at 10%.

++He does get rid of carry interest that Hedge Fund managers make millions on. He eliminates tax deductions but keeps the mortgage deduction that other Republicans have advocated eliminating. 

++He gets rid of the estate tax--which is where critics say he benefits the wealthy. 

++But for a popular appeal,it is a winning formula although be skeptical about his claims that it won't increase the national debt or annual deficits.

++He claims he will have Germany,South Korea and Saudi Arabia pay for their defense. Here he goes a little buggy.

++But politically, he has a winner and enough snark oil to sell this plan.


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