Trump's Tax Plan Explained

"Lower business taxes.

During the campaign, Trump pledged to slash taxes on companies.

Right now, the US corporate tax rate is 35%, among the world's highest (many firms pay far less). He wants to reduce that to 15%. Another type of business - known as a pass-through entity because profits "pass through" to the owners and get taxed as personal income - would get that same rate. (Real estate firms - including President Trump's - are often organised this way.)

That corporate rate would be lower than Britain's (about 20%) and Hong Kong's (16.5%), but not as low as Ireland's (12.5%), according to a ranking by the KPMG accounting firm. China's corporate tax rate is 20%, but some firms and industries there face a 15% rate.”*

Hosts: Cenk Uygur, John IadarolaCast: Cenk Uygur, John Iadarola

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Young Turk (n), 1. Young progressive or insurgent member of an institution, movement, or political party. 2. A young person who rebels against authority or societal expectations.(American Heritage Dictionary)

[brandonjackson]

How is this "anti establishment" ???? All these Trump supporters keep saying that Trump is anti establishment and he keeps proposing tax cuts for corporations and the rich. An even bigger question is how can someone believe that a billionaire is anti establishment. A billionaire is establishment by definition.

[macross]

If you're wealthy then you're going to love anyone else no matter how you vote, your race or religion, we are all screwed!!

[eliw-phyi]

Less taxes = big wall, big military, and infrastructure. #Trumplogic

[Cangeltibon]

I think we should take a French approach to the ruling class.

[TheSeeker]

Hopefully people will realize trickle down economics just doesn't work after this disastrous tax plan is put into effect.

[gagago]

I literally cried; a cry of laughter or a cry of pain, *WHO KNOWS??*

[amberlylove]

Smh This can't be permitted to happen.

[swagy]

I think "trickle down economics" just means the owner class is going to piss on the labor class.

[citlalie]

How about we stop spending so much on wars..

[jordanevans]

Why do Americans want to have lower taxes wouldn't u want to have higher taxes so you have better public services... (I'm from Canada🇨🇦 )

[wordstodesignby]

Is it possible to impeach an entire branch of the government?

[ShartimusPrime]

So what's the solution? It's bad news, after bad news, with more bad news, and I'd like to know what action as a people we can seriously take to get our government back.

[rayray]

Aren't corporate taxes on net profit, not gross income? It always bothered me about the argument that cutting taxes increases corporate reinvestment in growing jobs. If the company needed/wanted to hire another worker, their wage is tax deductible isn't it? Need new equipment to expand the business? Deductions exist for that too? If a company really wanted to, almost everything they need to grow the business and economy is tax deductible isn't it? So why can't you tax them higher on actual profit.

[BlandAdventures]

I think sometimes when doing this story you should give some perspective on just how much "trillions of dollars" actually is. The average person struggles to comprehend it when they just hear a number. One trillion dollars is ONE THOUSAND BILLION DOLLARS. How much do you make in a year?

[Elizabethcu]

"I don't live in an estate, I live in an apartment like a normal person" 😂 I felt that.

[itsaykay]

The issue is this: these people see a direct correlation between cutting taxes and economic growth. It is not direct!! There are other variables at work here: increasing demand; increasing productivity rate (it's been stagnant); household debt level; demand for credit; stock of human capital; wage rates etc.

[Ryan-ueve]

i can only blame the american people who voted for this man. i mean how could they not see this happening? A rich man looking out for the rich.

[stofder]

6:45... "Genetic lottery" is not quite as adequate of a term as "inheritance lottery."

[Discoursivist]

This is the most terrifying bill from the Trump administration so far.

[shushuyu]

"Be sure to use clarity, accuracy, precision, relevance, depth, breadth, logic, significance, and fairness when tackling the claims of the opposition. Reason will be on your side if you can strike the opposition with any of those nine."