Rand Paul's Flat And Fair Tax

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Rand Paul's Flat And Fair Tax

Postby BF004 » Thu Jun 25, 2015 4:08 pm

http://news.investors.com/ibd-editorial ... hanger.htm

Obviously a biased article, but a tax plan I've been supportive of for a long time. Very high standard deduction and a flat tax, should take everyone 5-10 minutes to do their taxes every year and put tons of money back in their pockets. Read or heard somewhere during the last eletion that we spend 400 billion as a country each year simply doing our complex taxes (which is a tax deductible expense in most cases. :messedup)


Overnight, Rand Paul changed the dynamics of the Republican presidential race when he released his "Fair and Flat" tax plan a week ago.

As he said when he unveiled the plan on video, this is the boldest rewrite of the income tax system in 100 years. Even Ronald Reagan — who dramatically improved the federal tax system — didn't perform such a sweeping cleanup of the tax code.

For full disclosure, I spent the last several months helping design this plan with Sen. Paul — so I'm biased. But there is no doubt that this plan, which reduces income tax rates from as high as 40% and business taxes from 35% down to a flat 14.5%, can only be described as explosively pro-growth and pro-jobs.

The 14.5% tax would apply to wages, salaries, capital gains, rents and dividend income. It eliminates the estate tax, telephone taxes, Internet taxes, gift taxes and all customs and duties.

This plan would take America from being one of the nations with the highest income tax rates in the world to having one of the lowest. It would suck capital and jobs from the rest of the world almost immediately to these shores.

America would move from a nation offshoring jobs to one that would start in-sourcing millions of them. It gives U.S. workers a fair advantage.

Under the current tax system, the IRS taxes what is produced in America and sold overseas. Under Rand's plan, when goods are produced on these shores and sold abroad, no tax is applied. But when China brings goods into the U.S. for sale, a 14.5% tax at the border is applied.

This will reward production and jobs here — big time. Industrial unions should love this plan because the business tax is a GATT-legal tariff on all imported goods.

For low-income and middle-class families of four, the first $50,000 of income would be tax-free. Moreover, because this plan eliminates the payroll tax withheld from worker paychecks, the average worker with a $40,000 income would get a $3,000 raise in take-home pay.
At a time of falling wages, that would be a big boost to middle-class financial security.

Perhaps the strongest case for the Fair and Flat tax is that it eliminates all of the special interest loopholes and carve-outs in the tax code.

Tax lobbyists in Washington would become an endangered species — and it couldn't happen to a nicer group of people. The richest 1% get the preponderance of the tax write-offs, so getting rid of the big deductions would increase their taxable income while lowering the rate
.


No word on whether normal tax deductions would still apply, charitable givings, student or home loan interest, etc. I would be in favor of doing away with everything other than chartible givings. Can find other wise to subsidize secondary education that doesn't involve the IRS.


Rand is still a clear cut #1 for me in 2016.
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Re: Rand Paul's Flat And Fair Tax

Postby flapackfan » Thu Jun 25, 2015 5:33 pm

From what I have heard the mortgage deduction on homestead property would still be available up to a certain amount, but I believe that is it.

Just to have to be prepared to be called greedy for wanting to keep what you earn, by people who want it without earning it.
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Re: Rand Paul's Flat And Fair Tax

Postby wallyuwl » Thu Jun 25, 2015 8:32 pm

This is the biggest part for me:

This plan would take America from being one of the nations with the highest income tax rates in the world to having one of the lowest. It would suck capital and jobs from the rest of the world almost immediately to these shores.
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Re: Rand Paul's Flat And Fair Tax

Postby APB » Thu Jun 25, 2015 9:57 pm

How would this plan compare in terms of government revenue generated by the current system?
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Re: Rand Paul's Flat And Fair Tax

Postby BF004 » Thu Jun 25, 2015 11:21 pm

APB wrote:How would this plan compare in terms of government revenue generated by the current system?

I think I saw it would estimate to a 2 trillion dollar tax cut. Time to cut the fat. =)
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Re: Rand Paul's Flat And Fair Tax

Postby get louder at lambeau » Thu Jun 25, 2015 11:42 pm

BF004 wrote:
APB wrote:How would this plan compare in terms of government revenue generated by the current system?

I think I saw it would estimate to a 2 trillion dollar tax cut. Time to cut the fat. =)


Unfortunately, that wouldn't cut the fat. They would just keep spending, and run an even bigger deficit.

Just like they did with Ron Paul, the corporate media will ignore, marginalize, demonize, and otherwise sabotage Rand's campaign.

"Truth is treason in the Empire of Lies."

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Re: Rand Paul's Flat And Fair Tax

Postby Pckfn23 » Thu Jun 25, 2015 11:51 pm

The next question would be, what is the fat? Where would you cut the $2 Trillion from? Keep in mind that the total expenditures for 2014 were $3.5 Trillion in 2014.
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Re: Rand Paul's Flat And Fair Tax

Postby yoop » Fri Jun 26, 2015 2:56 am

BF004 wrote:
APB wrote:How would this plan compare in terms of government revenue generated by the current system?

I think I saw it would estimate to a 2 trillion dollar tax cut. Time to cut the fat. =)


for who? it raises my taxes, and how would that help to reduce the national debt? and how much will that stimulate biz? just asking.
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Re: Rand Paul's Flat And Fair Tax

Postby get louder at lambeau » Fri Jun 26, 2015 3:11 pm

Pckfn23 wrote:The next question would be, what is the fat? Where would you cut the $2 Trillion from? Keep in mind that the total expenditures for 2014 were $3.5 Trillion in 2014.


I'd start with LONG overdue full audits of both the Pentagon and the Federal Reserve.
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Re: Rand Paul's Flat And Fair Tax

Postby Pckfn23 » Fri Jun 26, 2015 5:54 pm

get louder at lambeau wrote:
Pckfn23 wrote:The next question would be, what is the fat? Where would you cut the $2 Trillion from? Keep in mind that the total expenditures for 2014 were $3.5 Trillion in 2014.


I'd start with LONG overdue full audits of both the Pentagon and the Federal Reserve.

Looking at defense spending is a good start. What do mean by auditing the federal reserve. It isn't funded by congressional appropriated dollars, ie tax dollars, it is funded by its own revenue.
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Re: Rand Paul's Flat And Fair Tax

Postby get louder at lambeau » Fri Jun 26, 2015 7:46 pm

Pckfn23 wrote:
get louder at lambeau wrote:
Pckfn23 wrote:The next question would be, what is the fat? Where would you cut the $2 Trillion from? Keep in mind that the total expenditures for 2014 were $3.5 Trillion in 2014.


I'd start with LONG overdue full audits of both the Pentagon and the Federal Reserve.

Looking at defense spending is a good start. What do mean by auditing the federal reserve, it isn't funded by congressional appropriated dollars.


I mean we should start the investigation of the finances of our country from the ground up. Leave no stone unturned, especially the stone that has more power over our money supply than anyone - The Federal Reserve.

The entire system is infamous for being so rife with fraud, corruption, and waste that any investigation into our country's finances should be not set aside the people who hold more power over our monetary system than anyone else. To root out fraud, corruption, and waste, we need to check every dark corner. Few corners are darker than those of the Federal Reserve. I know the author of this tax plan agrees.

We are talking about finding trillions of dollars. We certainly shouldn't ignore these $9 trillion, for example -



Every dolar created is an IOU from the American taxpayer. We are on the hook for all of that money, no matter how it is appropriated.
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Re: Rand Paul's Flat And Fair Tax

Postby Pckfn23 » Fri Jun 26, 2015 8:45 pm

That is all fine and good, but a separate issue, one outside of our governments revenues and expenditures. Auditing the federal reserve would not help alleviate any portion of the $2 Trillion shortfall created by this tax idea. Now taking a hard look at defense spending would.
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Re: Rand Paul's Flat And Fair Tax

Postby BF004 » Fri Jun 26, 2015 9:05 pm

Pckfn23 wrote:
get louder at lambeau wrote:
Pckfn23 wrote:The next question would be, what is the fat? Where would you cut the $2 Trillion from? Keep in mind that the total expenditures for 2014 were $3.5 Trillion in 2014.


I'd start with LONG overdue full audits of both the Pentagon and the Federal Reserve.

Looking at defense spending is a good start. What do mean by auditing the federal reserve. It isn't funded by congressional appropriated dollars, ie tax dollars, it is funded by its own revenue.


Trim any and everything, especially defense spending, we have 662 bases in 38 foriegn countries, that the public is aware of. That just isn't necessary. Don't spend on costly state healthcare exchanges that cost [url]http://watchdog.org/144733/hawaii-obamacare-exchange-2/]$24,000[/url] to sign up members. That isn't $24000 in subsidies, that is the cost to run the exchange per member signed up. How would it not have been better to just give everyone who got insurance 24,000 and then we wouldn't even have to cover the subsidies. Government is inherently inefficient, I'm not going to go around and cite 100's of articles and propose a balanced federal budget off of this tax plan, but I do know every time I have seen a tax cut, I have generally never seen any government function at a lower level, just more efficient.
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Re: Rand Paul's Flat And Fair Tax

Postby Pckfn23 » Fri Jun 26, 2015 9:27 pm

Check your healthcare exchange fact again, you misrepresented it.
You may also want to look harder at what actually is(or the meaning of it) more efficient and what is actually a lower level.
Everything should be on the table, because cutting about 57% of the federal budget is going to take everything being on the table to even be conceivable (it's not anyway, especially all at once).
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Re: Rand Paul's Flat And Fair Tax

Postby flapackfan » Sat Jun 27, 2015 2:02 am

How about doing away with base line appropriations. You know when a bureaucracy like the Education Dept. or HUD or even the Dept of the Interior(take your pick there are hundreds to choose from) gets an automatic budget increase of a certain percentage, i.e. 6%. Then, and if, any member of congress would have the audacity to recommend a smaller increase they are vilified as CUTTING/SLASHING some special interest groups benefits. How about an actual belt tightening?

Another immediate savings could be obtained if bonus money was stopped to every Federal employee. Bonus for being a federal employee, what a joke. No trips, no conventions, no team building seminars. How about do your job of serving the public?
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