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Tuesday September 29, 2015

// September 29th, 2015 // Daily News

Trump tax plan may help the rich more than Bush’s
CNBC.com

In an effort to transform himself into a billionaire populist, Donald Trump has presented a tax plan designed to appeal to conservatives and voters who are angry with the rich.
But while he’s selling it as a boon for the middle class, the biggest gains would likely flow to the wealthy.
The plan’s main selling point is a zero-tax rate for individuals making less than $25,000 and couples making less than $50,000. While nearly half of Americans already pay no income taxes, Trump said the change would eliminate taxes for an additional 31 million Americans.
At the same time, he said the plan would take away deductions and “loopholes” that are mainly exploited by the wealthy. That includes eliminating the so-called “carried interest” loophole used by hedge-funders and private equity chiefs.
“There will be people in the very upper echelons that won’t be thrilled with this because we’re taking away their deductions,” Trump said.
He added that unlike some of his other opponents, specifically mentioning Hillary Clintion and Jeb Bush, he doesn’t receive campaign money from rich donors who have sought to preserve their deductions.
Yet a close look at his proposal — which still lacks many basic details — suggests that similar to the Bush plan, the majority of the benefits would flow to the wealthy. In some ways, it could be even more generous.
The biggest benefit for the top 1 percent would be the proposed reduction of the highest income-tax rate, which Trump said he would cut from 39.6 percent to 25 percent. Bush’s proposal is 28 percent.
And like Bush, Trump would also cut the tax rate for long-term capital gains — which flow mainly to the wealthy — to 20 percent, from the current 23.8 percent.
Both Trump and Bush have also said they would overhaul deductions except for charity. Trump said he would eliminate deductions and “loopholes” except for charity, and Bush said he would cap deductions at 2 percent of adjusted gross income.
Both plans would also eliminate the alternative minimum tax and the estate tax, which Trump calls “double taxation.” He said the latter tax forces many families “to go through hell,” even though the current exemption is $5.43 million for individuals and nearly $11 million for couples. Therefore, it only applies to the wealthiest 0.12 percent of estates.

Today’s Inspiration

Keep God’s Secrets

by Joyce Meyer – posted September 29, 2015

But when you pray, go into your [most] private room, and, closing the door, pray to your Father, Who is in secret; and your Father, Who sees in secret, will reward you in the open.
– Matthew 6:6

I have come to realize over the years in my experience with God that we are not very good at keeping things secret that should be kept secret. The verse for today indicates that what we pray about is between us and God and does not need to be done as a display for others. We want to hear from God, yet the moment we feel that He does tell us anything, we cannot wait to tell others what He has said. Perhaps that is all right at times, but there are also times when things between us and God need to be kept secret.

When Joseph had a dream that his father and brothers would someday bow down to him, perhaps it was childish foolishness that prompted him to tell them about it. Perhaps it was that very foolishness that God had to work out of Joseph before He could trust him with the responsibility He had in mind. Very often our unwillingness to keep secrets is a symptom of immaturity. I think we might well see more of God’s rewards manifested in our lives, as the verse for today says, if we could learn to discern the difference between what to tell and what to keep secret.

God will reveal more to us if He can trust us. Let us learn to hold things in our heart until God gives us permission to release them.