Individuals Who Make < $25,000 & $50,000 (Married) Pay No Income Taxes

[JANASENA]

New York (CNN)Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.

"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."

The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.

One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.

"They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.

 

However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.

READ: Marco Rubio: Count me out of Donald Trump 'freak show'

The tax cuts for top earners could open Trump up to charges of hypocrisy. The real estate magnate has surged to the top of the polls by touting a populist tone, lamenting that wealthy people like himself should pay more.

Asked at Monday's press conference how his proposal would affect his own tax rate, Trump dodged the question, saying: "We're reducing taxes, but believe me, there will be people in the very upper echelon that won't be thrilled with this."

He also declined to say how much taxes he currently pays, only saying, "I fight like hell to pay as little as possible."

Perhaps the most pressing question that Trump must answer is how he would raise enough revenue to offset his plan's deep tax cuts, though he insisted Monday that his proposal would not add to the country's debt or deficit.

The candidate says he would make up for the difference in a number of ways: killing certain deductions for the rich and creating incentives for U.S. companies to bring back cash currently held overseas, thereby boosting growth at home.

Trump's tax plan broadly mirrors that of one of his main rivals: Jeb Bush.

Bush's proposal released this month also reduces the number of income tax brackets -- to three from the current seven. The highest tax bracket under the former Florida governor's plan is 28%, and the lowest is 10%. Bush also proposed lowering the corporate tax rate from 25% to 20% -- another popular idea among conservatives. Trump would go even further, lowering the rate to 15%.

Like Bush, one loophole Trump would target is the preferential treatment for carried interest, which is a share of profits paid to investment managers.

Since launching his White House campaign in June, Trump has made sweeping attacks on hedge fund managers who are paid in carried interest.

READ: Poll: Ben Carson, Donald Trump run neck-and-neck

Trump, who claims that his personal assets are valued at more than $10 billion, frequently makes the distinction between investors who work in real estate and those on Wall Street. Hedge fund managers, he often says, fall in the category of special interests backing some of his well-connected and best-funded rivals.

"I know them. They all are supporting Jeb Bush and Hillary Clinton," Trump told CNN at a campaign stop in Nashville, Tennessee, last month. "They make a lot of money and a lot of it is luck. They pick a stock and all of a sudden they make a lot of money. I want the hedge fund guys to pay more taxes."

Still, the plan might not be too tough on Wall Street. Since Trump's proposal would slash the income tax rate across the board, taxing carried interest as regular income under Trump's plan would mean investors still pay far less than what they would if the carried interest loophole were done away with under the current tax code.

The tax rate of hedge fund managers is a favorite political target for the 2016 presidential candidates.

"We will treat all noninvestment income the same, so unless you stake capital in an investment, you won't be able to claim the capital-gains tax rate on your market gains," Bush's tax proposal said.

It's also popular rallying cry for the Democratic candidates.

Former Secretary of Hillary Clinton has been hitting Wall Street tax breaks since the first days of her campaign, as she's faced pressure from progressive Democrats to embrace a more populist agenda. Antagonism towards Wall Street is a central message of Clinton's rivals like Vermont Sen. Bernie Sanders and former Maryland Gov. Martin O'Malley.

[JANASENA]

Mitt Romney sunk his 2012 presidential campaign by deriding the 47% of Americans who pay no income taxes.

Donald Trump is hoping to win the 2016 Republican nomination by increasing that figure.

The Republican presidential candidate said nearly 50% of Americans would pay no income taxes under the tax proposal he unveiled Monday.

He would create a new 0% tax rate and expand the income bracket that falls into it to $25,000 for singles and $50,000 for married couples.

Trump's proposal says it eliminates tax liability for more than 73 million households and takes nearly 50% of current filers off the income tax rolls entirely.

"If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax," Trump's proposal states. "That removes nearly 75 million households -- over 50% -- from the income tax rolls."

It's not clear, however, where the candidate is getting his figures on the number of people who don't pay income tax.

According to the Tax Policy Center, considered the authority on this matter, just over 45% of taxpayers, or about 76.5 million households, currently have no tax liability.

How many Americans pay income taxes is a very touchy subject. In 2012, several Republican candidates seized upon the issue, demanding that more people pay their "fair share."

A hidden video caught Romney telling supporters at a private fundraiser that he wouldn't focus on voters who are "dependent on government, who believe that, that they are victims, who believe that government has the responsibility to care for them. Who believe that they are entitled to health care, to food, to housing."

The reason most of these Americans don't pay taxes is because they receive credits, including those that promote work such as the Earned Income Tax Credit, said Roberton Williams, senior fellow at Tax Policy Center. Two-thirds still pay payroll taxes to fund Social Security and Medicare.

Other non-payers are retirees or those with very low incomes.

"It's not that they are deadbeats," Williams said. "They make little enough income that their tax bill is zeroed out by various credits."

[Comfort]

buffon trump 

[micxas]

:)

[aragorn]

aithe country nee ela run chesthadu corps degara dobuthada?

[Sreemanthudu]

2 line lo matter pls 

 

 

[JANASENA]

2 line lo matter pls 

 

 

Under Trump, Nearly Half Of Americans Would Pay No Income Taxes

[saradagakasepu]

aithe country nee ela run chesthadu corps degara dobuthada?

 

migilina vallaki ekkuva tax vesthademo

[Sreemanthudu]

Under Trump, Nearly Half Of Americans Would Pay No Income Taxes

 

do we need to pay or not??

[JANASENA]

do we need to pay or not??

 

 

One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.

[JANASENA]

do we need to pay or not??

 

 

He would create a new 0% tax rate and expand the income bracket that falls into it to $25,000 for singles and $50,000 for married couples.

Trump's proposal says it eliminates tax liability for more than 73 million households and takes nearly 50% of current filers off the income tax rolls entirely.

"If you are single and earn less than $25,000, or married and jointly earn less than $50,000, you will not owe any income tax," Trump's proposal states. "That removes nearly 75 million households -- over 50% -- from the income tax rolls."

[JANASENA]

gammuni open chesa endi vayya aa comment ?  :3D_Smiles:  :surprised-038:  :surprised-038:

[UNITED99]

 

New York (CNN)Donald Trump is vowing to drastically cut income taxes for millions of Americans across the wealth spectrum while casting aside loopholes popular on Wall Street.

"It will provide major tax relief for middle income and for most other Americans. There will be a major tax reduction," Trump said Monday at a press conference at Trump Tower in New York as he unveiled his plan to revamp the tax code. "It'll simplify the tax code, it'll grow the American economy at a level that it hasn't seen for decades."

The highly anticipated tax plan comes as Trump is being pressed to provide more details about how his administration would govern.

One of the biggest beneficiaries appears to be families that draw the smallest paychecks. Individuals that make less than $25,000 (and $50,000 for married couples) would pay no income taxes under Trump's plan.

"They get a new one page form to send the IRS saying, 'I win,'" reads Trump's tax plan, referring to those households who will pay no federal income taxes.

 

However, the proposal would also be a boon for the wealthiest Americans like Trump -- the top bracket includes individuals making $150,001 and more and couples making $300,001 and more -- who would pay an income tax rate of 25%. That's a dramatic cut from the current top rate of close to 40%.

READ: Marco Rubio: Count me out of Donald Trump 'freak show'

The tax cuts for top earners could open Trump up to charges of hypocrisy. The real estate magnate has surged to the top of the polls by touting a populist tone, lamenting that wealthy people like himself should pay more.

Asked at Monday's press conference how his proposal would affect his own tax rate, Trump dodged the question, saying: "We're reducing taxes, but believe me, there will be people in the very upper echelon that won't be thrilled with this."

He also declined to say how much taxes he currently pays, only saying, "I fight like hell to pay as little as possible."

Perhaps the most pressing question that Trump must answer is how he would raise enough revenue to offset his plan's deep tax cuts, though he insisted Monday that his proposal would not add to the country's debt or deficit.

The candidate says he would make up for the difference in a number of ways: killing certain deductions for the rich and creating incentives for U.S. companies to bring back cash currently held overseas, thereby boosting growth at home.

Trump's tax plan broadly mirrors that of one of his main rivals: Jeb Bush.

Bush's proposal released this month also reduces the number of income tax brackets -- to three from the current seven. The highest tax bracket under the former Florida governor's plan is 28%, and the lowest is 10%. Bush also proposed lowering the corporate tax rate from 25% to 20% -- another popular idea among conservatives. Trump would go even further, lowering the rate to 15%.

Like Bush, one loophole Trump would target is the preferential treatment for carried interest, which is a share of profits paid to investment managers.

Since launching his White House campaign in June, Trump has made sweeping attacks on hedge fund managers who are paid in carried interest.

READ: Poll: Ben Carson, Donald Trump run neck-and-neck

Trump, who claims that his personal assets are valued at more than $10 billion, frequently makes the distinction between investors who work in real estate and those on Wall Street. Hedge fund managers, he often says, fall in the category of special interests backing some of his well-connected and best-funded rivals.

"I know them. They all are supporting Jeb Bush and Hillary Clinton," Trump told CNN at a campaign stop in Nashville, Tennessee, last month. "They make a lot of money and a lot of it is luck. They pick a stock and all of a sudden they make a lot of money. I want the hedge fund guys to pay more taxes."

Still, the plan might not be too tough on Wall Street. Since Trump's proposal would slash the income tax rate across the board, taxing carried interest as regular income under Trump's plan would mean investors still pay far less than what they would if the carried interest loophole were done away with under the current tax code.

The tax rate of hedge fund managers is a favorite political target for the 2016 presidential candidates.

"We will treat all noninvestment income the same, so unless you stake capital in an investment, you won't be able to claim the capital-gains tax rate on your market gains," Bush's tax proposal said.

It's also popular rallying cry for the Democratic candidates.

Former Secretary of Hillary Clinton has been hitting Wall Street tax breaks since the first days of her campaign, as she's faced pressure from progressive Democrats to embrace a more populist agenda. Antagonism towards Wall Street is a central message of Clinton's rivals like Vermont Sen. Bernie Sanders and former Maryland Gov. Martin O'Malley.

 

 

 

ila aithe mana desi employers andhaaaaru <50k ki run cheyyamani aduguthaaru ga mana vaaalu.... appudu vaalaki tax money save and govt bokkkaa...

 

H1b ki min around $40k undhii anukuntaa

 

 

lafoot gaadu unnadu ga eeedu

[Sreemanthudu]

ila aithe mana desi employers andhaaaaru <50k ki run cheyyamani aduguthaaru ga mana vaaalu.... appudu vaalaki tax money save and govt bokkkaa...

 

H1b ki min around $40k undhii anukuntaa

 

 

lafoot gaadu unnadu ga eeedu

 

 

min wages kanna thakkuva run chesthey bokka lo thostharu desi emp ni 

[UNITED99]

min wages kanna thakkuva run chesthey bokka lo thostharu desi emp ni 

 

 

adhe antunnaaa min wages entha undhoo anthe run cheyyamantaaaru ga taxes avoid cheyyataaniki...

 

Min 48K per annum required to file H1B which is less than $50k ...so no tax