Trump tax plan would break six of Trumps campaign promises
RYAN KORONOWSKI at Think Progress
https://thinkprogress.org/trump-tax-cut-plan-promises-2a474ca9729b/
"SNIP............
1. Sticking it to the “hedge fund guys”
Trump asserted in September 2015 that he would cut taxes for the middle class, “but for the hedge fund guys, they’re going to be paying up.” This is less in reference to income tax rates than capital gains tax loopholes. Trump promised several times to eliminate this loophole, which allows financial managers to pay taxes on their income at the capital gains tax rate, which is lower, instead of the income tax rate. He said in Iowa in 2015 that he’d take out the loophole, “and let people making hundreds of millions of dollars pay some tax, because right now they are paying very little tax.”
The plan does not even mention the capital gains tax loophole.
2. Cutting the corporate tax rate
The main promise Trump made about corporate taxes for both small and large businesses is to drop the rate to 15 percent — which in his words “cuts taxes way down, way down for corporations.”
The plan would actually cap the corporate tax rate at 20 percent. The law currently taxes most levels of corporate income at rates of 34 to 38 percent. For small businesses, the plan would cap the top tax rate for small businesses at 25 percent.
.............SNIP"
= new reply since forum marked as read
Never hear twitler broke campaign promises.
