Monday, September 28, 2015

Trump: You Get To Send the IRS an 'I Win' Letter

CNBC reports on Trumps remarkable tax cut proposal:
The plan calls for eliminating federal income taxes on individuals earning less than $25,000 and married couples earning less than $50,000. If you fall under the no tax bracket you'll get to send a one-page letter to the IRS that says "I Win," Trump said. But the plan would also benefit businesses and the rich.

7 comments:

  1. This is really a joke. Most filers who make under $25k or between 25-50k already get thousands in "refundable" tax credits like the Earned Income Credit that result in net refunds in the thousands. Tax time is a payday with a check that says "I win." Fed taxes are not an issue for this group at all.

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    1. Exactly what I thought, I'm pretty sure any single individual making under $25k already pays ZERO federal income tax, and likely gets money back.

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    2. Absolutely, not true. I have a post coming up in the overnight slot revealing the number by which those who will not have to pay taxes grows.

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    3. Trump's plan addresses refundable tax credits? Really? If not, then the refunds will get slightly bigger by not being offset by some meager amount of Fed tax collected. The "I win" letter thing is just plain silly and reflects a real lack of understanding on the part of his people about how the tax code really works for low income filers.

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    4. My reference point was WSJ not Trump, do you think they don't understand the tax code eaither?

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    5. It's a fine line between lack of understanding and willful obfuscation. I'm not sure where WSJ falls in this regard but nowhere has the issue of refundable tax credits been discussed with respect to Trump's plan or the potential change in the number of 0-50k filers who "pay no tax."

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  2. Love how they add the "but" in there.

    "Sorry to all you idiots motivated by envy, but businesses and the rich will also benefit."

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