Donald Trump Releases Tax Plan. We Compare Directly With Bernie Sanders'...
Donald Trump released his tax plan today, and we have to say... it's pretty fantastic.
See? We don't hate Trump, you guys. We just need some actual plans rather than celebrity rhetoric to work with. And Trump delivered with this tax plan.
The opening statement of the (rather lengthy) plan listed on his website reads:
Too few Americans are working, too many jobs have been shipped overseas, and too many middle class families cannot make ends meet. This tax plan directly meets these challenges with four simple goals:
Tax relief for middle class Americans: In order to achieve the American dream, let people keep more money in their pockets and increase after-tax wages.
Simplify the tax code to reduce the headaches Americans face in preparing their taxes and let everyone keep more of their money.
Grow the American economy by discouraging corporate inversions, adding a huge number of new jobs, and making America globally competitive again.
Doesn’t add to our debt and deficit, which are already too large.
It then goes into specifics on the plan - notably, Trump would cut taxes for both middle class and wealthy Americans (AKA, if you pay taxes, you get a tax break). The tax code would be simplified to four brackets and ensure that no one, repeat that, NO ONE in America would pay more than 25% of their income in federal taxes. The death tax would be eliminated, and businesses would pay 15% or less in corporate taxes. Businesses currently pay 35% or more! A 20% + savings could skyrocket economic growth and create that thing we need most desperately... jobs. For those of you who've not researched the Laffer Curve, it's worth a look.
Trump's also offering a tax discount to businesses to bring their money back into the US. Credit where due - this is a good plan. A really good plan that - if it works as outlined - would actually benefit all Americans.
Shall we compare that to Bernie Sanders?
As far as we know, Sanders hasn't actually released an official tax plan for us to review. But, Peter Reilly broke it down over at Forbes, and here are the highlights:
Tax the successful. And tax them more. And more. And more. Also cut military spending. Something he's not telling you...
That's basically it. If you're successful, Bernie Sanders wants to take your money and give it to somebody else. Have a business? Bernie Sanders wants to take your money and give it to somebody else. Save a lot of money and invest it to create wealth for your family? Bernie wants to take your money and give it to somebody else. He plans to raise estate taxes, financial transaction taxes, social security taxes, and tax dividends and capital gains.
"There's no limit to the number of taxes that Bernie Sanders and Hillary Clinton want to raise. There is no limit to the amount of new government they want to create. And I don't think that's where the American people want this government to go. They're tired of these big-government solutions. Republicans believe in empowering people so that they can pursue their own American dream.”
Bernie Sanders wants to raise your taxes and taxes on businesses forcing more jobs overseas. Donald Trump wants to cut your taxes and incentivize businesses to bring more jobs back to the USA. Simple as that.
(You can read Trump's entire plan on his website here.)