When I posted this item yesterday -- marveling that Trump's social media director decided to proactively showcase 1991 testimony in which Democratic 'expert' witness Donald Trump ripped Ronald Reagan's tax cuts as 'catastrophic' for the country -- quite a number of foot soldiers in Trump's hyper-aggressive online army castigated me for grilling up a nothing-burger.
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. That removes nearly 75 million households – over 50% – from the income tax rolls. They get a new one page form to send the IRS saying, “I win,” those who would otherwise owe income taxes will save an average of nearly $1,000 each. All other Americans will get a simpler tax code with four brackets – 0%, 10%, 20% and 25% – instead of the current seven. This new tax code eliminates the marriage penalty and the Alternative Minimum Tax (AMT) while providing the lowest tax rate since before World War II.
This plan would not only reduce the number of tax brackets, it would lower the top rate from nearly 40 percent today to 25 percent -- the exact same top rate cut that Trump opposed as a 'disaster' in the wake of Reagan's reforms. Setting aside that flip-flop, Trump's campaign says his restructuring of the tax code would be "revenue neutral" thanks to some alterations to corporate taxes and reductions of loopholes and deductions for wealthy taxpayers. The nonpartisan Tax Foundation disagrees, projecting that even after applying the sort of "dynamic scoring" that accounts for GDP growth associated with tax cuts, Trump's plan would add $10 trillion to deficits. It would also amount to a net tax cut "for taxpayers at all levels of income," including the wealthiest Americans. See? He's a tax cutter now, regardless of what he may have said in the past, such as advocating the largest tax increase in US history back in 2000. Over to you, Donald Trump:
GUTHRIE: Do you believe in raising taxes on the wealthy?
TRUMP: I do. I do – including myself. I do.
That was...this morning, in an interview that featured some other