Trump is without a doubt one of the richest people in America. The Trump Organisation alone is one of the largest businesses in the US. The organisation is currently holding the 48th spot in america's largest private companies list.
The thing is Trump doesn't pay taxes like big corporations do. Through a special part of the tax code he is able to pay only individual tax rate.
Now to put in perspective a normal employee pays only the individual one. While the owner has to pay the corporate and the individual tax. Both usually amount to around 32% but there is a way to pay less.
Instead of being a normal business, Trump registers his companies as a "pass-through organisation." This allows him to only pay the individual tax of an average 19% only. But how is that possible?!
Well at first the system was designed to help small businesses but it ended up helping big corporations with less than 100 share holders to pay lower taxes.
This is a huge problem when you consider that 16% of all pass-through corporations have more than 150 employees.
The Trump Campaign ,however, wants to help those businesses even more. What Trump wants is to force all pass-through businesses to go through the traditional corporate tax and individual tax way while lowering the corporate tax to only 15%.
What Paul Ryan wants to do ,however, is create a whole new system for pass-through businesses where they only pay 25%. For large corporations like The Trump Organisation this means huge tax cuts.
Trump and Paul Ryan believe that by lowering the corporate tax the wages will go up which is doubted by many economists. What is know for a fact ,however, is that Trump will become much richer.
I think the corporate tax should be proportionate to the profits, but inversely proportionate to the number of employees.
My business is a pass through business. Why should my business pay a 35% corporate tax and then me pay a personal tax on its earnings? That would be double taxation. That would cost me about 63% and I have to tell you I would not do that. I would fire my employees and go home. Trump pays a higher tax rate than most of the people that complain about his tax rate. The goal should be to lower taxes for every business to sustain growth.
I respect your opinion but I think lower taxes should be for small businesses only not large corporations like apple and google. Plus lowering the taxes wouldn’t correlate to higher wages as most business owners would rather keep more profits or expand their business.
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This tax code is making it easier and less expensive for the average person to start a business. The little guy now has a chance to become wealthy. Yes he is benefiting off this new tax code but so is the rest of America......
He also took a major loss by becoming President of the United States. His life has totally changed for the negative, he is defamed, hated and at risk for assassination. This move to become President has only made his life harder. A sacrifice he made to save U.S. from a tyrannical state.
This article basically shows us that you believe the media, you hate Trump and will go to all ends to prove that he is bad. You would rather have a 25% corporate tax rate than at 15% just because you don't like Trump. He is proposing the largest Tax Reformation in American History and you still find some way to belittle him. Blind hate will drown out the facts. Blind hate will have you asking to be taxed 10% more just because the media paints a better picture of the person who proposed it.
Hey bankofreka First I want to get one thing out of the way I am in no way against trump I actually find him as a brilliant man he built an empire and his story is inspiring
However I don’t agree with him on taxes. You argued that lowering the taxes will make it easier for People to start businesses and that is 100% true. I just think lowering taxes should be done for new and small businesses only not on all businesses. By doing that we’ll insure the market has a active competition between startups incouraging innovation while making it possible for small businesses to grow and compete with larger ones.
That is my opinion feel free to point anything wrong I might have made. I respect your points of view and love that you came forward and spoke your mind.
Have a Great Day
This post received a 1.5% upvote from @randowhale thanks to @thepsychguide! For more information, click here!
He's not lowering tax to make himself richer, he is very very rich, so rich he turned down the presidential wage and gave that money back into the budget, he's primarily lowering corporate tax in order to bring American companies back into the US in order to make all those jobs being given to foreign employees back to the american people. I'm not happy about it as IBM and Apple and many US companies give people in ireland thousands of jobs over here. But when you look at the big picture he wants American corporations in america giving jobs to Americans. Is that really a bad thing?.
As it stands US corporations make more profit from the Irish tax offers. Trump just wants to get them back in the US, it's the primary reason for lowering corporate tax not his own profits.