Posted on 10/05/2014 9:30:41 PM PDT by 2ndDivisionVet
The tax reform plan from Sens. Mike Lee and Ted Cruz could turn out to be a big deal for Republicans.
Essentially, the plan sets just two rates for income tax - 15% and 35%. It also raises the child tax credit by $2,500 from $1,000 to $3,500. It also reforms corporate imcome taxes.
The Week's Pascal-Emmanuel Gobry says the next Republican to win the White House will have a tax plan very similar to this one, which focuses on building the middle class.
Here are two Tea Party senators, one of whom is thought to be a strong candidate for the GOP's presidential nomination, saying that the Republican Party should stop focusing on cutting top income tax rates and instead focus on helping middle-class families. The plan cuts tax rates a little bit, but most of its "bang" is for middle-class families..."(continued)
(Excerpt) Read more at utahpolicy.com ...
Probably a big nothing. I doubt that today’s GOPe would ever let it happen under any circumstances.
How about the Simple Tax program? Pay 10% to the Feds, 10% to the State and local governments, no deductions, no tax credits/subsidies/welfare (individual or corporate). That’s it.
35% is way too high.
Who pays 15% and who pays 35%? $1M and OVER per year and you pay 35%?
No one making under $100k or even $250k should be paying 35%. Period.
Everyone always wants the other guy to pay the 35%.
Yup, sounds like it.
One tax rate for everybody and I mean everybody, the hell with the multi rate system.
15% I can live with.
It is something better than what we would get from the Democrats or the GOPe whose obsessions with preserving big government inevitably lead to tax increases or the creation of new taxes....
35% is outrageous.
The FAIR Tax is the only way to go. Repeal the 16th amendment, abolish the income tax, abolish the IRS.
The citizen should NEVER have to encounter the federal government face-to-face.
No way optimum growth occurs with a 35% tax on the economy’s successful producers. It’s like trying to lubricate the engine of your car with oily rags.
It’s so sad to see these two adopt a plan that redistributes income, and therefore stifles the dynamism the economy requires.
I’m for a ten year phase-out of all income taxes in favor of consumption taxes. The collection mechanism is already in place. The IRS is slowly put to death, and capital formation is enhanced greatly.
Sure, there are downsides to this, but they are far outweighed by upsides.
Yeah. This plan sux. 35% is way too high.
We need to either go with a flat tax or the Fair Tax.
At what point does the 35% kick in?
It turns out this is Mike Lee and Marco Rubio, not Ted Cruz, and they’ve changed the article to reflect that error. Go look.
How did they make that mistake?
Pretty major one, too, wasn’t it? Maybe someone wanted to taint Cruz? There are a lot of knives out, already, for him, just as there were for Reagan, Goldwater, Dubya, Palin and Nixon. What does that tell us?
That is very possible. Like I said originally even a half-way, watered down measure like that probably won’t get passed McConnell and Boehner.
Thanks for letting us know Ted’s not involved in this. To be honest, I wondered about that when I first read the article.
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