Equality: Like other politicians before him, Donald Trump promises to remove millions of taxpayers from the rolls entirely. Sounds great, generous even, but it isn't. Everyone should have to pay at least some taxes.
Trump's plan would lead to some 22 million current taxpayers being excused from any income tax liability. Already in 2013, some 53 million people, or about 36% of all filers, didn't pay taxes.
So that means under Trump's proposal 75 million, or roughly half of all tax filers, will no longer pay any taxes.
Sure, it's natural to be sympathetic to those who earn little. Why not be generous and take them off the tax rolls? And it's not just Democrats who think this way.
The two most prolific nontaxers ever — removing literally tens of millions of Americans from the rolls — were Ronald Reagan and George W. Bush. (Not that they ever get credit for it, of course.)
Even so, it's a very bad precedent — one that makes us less fiscally sound and distorts economic incentives.Read the rest of this IBD editorial HERE.
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