Kanye West Releases Tax Plan Ahead of 2020 Presidential Run
April 1, 2016
The American electorate’s desire is to send a political outsider to the White House in 2016, someone who is not controlled by big money and who can clean up Washington. Kayne West, a fashion icon, legendary recording artist, and now a visionary businessman, is considered by many to be an early frontrunner in the 2020 presidential race after he made it clear that he is serious about his candidacy. In order to get ahead of the other candidates, Kanye has just released the details of his tax plan. Here we have provided you with some of the most important details.
Mr. West’s progressive tax plan is aimed at stimulating middle class growth and bringing people out of poverty (or $53 million in debt). The Kanye Tax Plan cuts the tax burden on those in lower brackets and raises the rates for those with incomes over $1 million. The plan also includes individual tax breaks meant to stimulate some of the United States’ most important domestic industries. Mr. West’s proposals include:
- Increase the personal exemption to $12,000.
- Increase the Earned Income Tax Credit.
- The creation of a new, 40% bracket for all individuals earning over $1 million and a 45% bracket for individuals earning over $1.5 million.
- Taxing carried interest as ordinary income.
- Extensive tax breaks for the fashion industry
- The creation of the Dream tax credit where anyone who has a dream can get a tax credit of up to $50,000.
- Refundable tax credits of up to $100,000 for Maybachs and Bentleys.
- A 100% excise tax on sweaters costing over $5000.
Mr. West also has a number of Business tax reform proposals, including:
- Ending the deferral of corporate income from foreign subsidiaries.
- Enacting a 0.025% financial transaction tax on high frequency trading.
- Tax credits for firms that specialize in producing dope, uh, stuff.
- Allow corporations to deduct donations to heavily indebted rappers, up to $53 million.
- Making it easier to attain tax-exempt status if you can prove that you are a god.
Reactions to the Kanye plan have been varied across the political spectrum. In a press release, the Center on Budget and Policy Priorities said that the plan was a sensible reform of our broken system and applauded Mr. West’s efforts to strengthen the middle class. However, Americans for Tax Reform called the plan “Marxist” and a “major job killer.” The Tax Foundation is currently using our Taxes and Growth Model to evaluate the economic impact of the Kanye plan.