Posted on 04/14/2015 11:57:06 AM PDT by SeekAndFind
Florida Sen. Marco Rubio, expected to soon announce his candidacy for president, plans to steal Democrats' thunder and target income inequality by campaigning on a tax plan that he promises will "reward families with children while slashing levies on business and investment income but keeping a top rate personal income rate of 35 percent," according to Politico.
Rubio’s plan, a joint effort with Utah Sen. Mike Lee, pares down tax brackets to just two — 15 percent and 35 percent, while also creating a new child tax credit worth $2,500 and eliminating the estate tax, Politico reports.
For corporations, the top rate would be 25 percent — a 10 percent cut from the current rate — and allows for immediate deductions on investments. It also calls for a "territorial tax system that would not apply U.S. tax rates to foreign income earned abroad by U.S. businesses." "America right now suffers from slow growth, and the growth there is doesn’t seem to be helping most Americans, including the folks who vote in GOP primaries," according to economic analyst James Pethokoukis of the American Enterprise Institute.
"The Rubio-Lee plan would address both issues through sweeping corporate tax reform and cutting investment taxes while also directing immediate tax relief for families."
Rubio’s complex tax plan may not gain much traction within the party, Washington-based political consultant Rich Danker writes in a Forbes column bearing the headline, "Marco Rubio's Economic Policy Needs A Reboot."
"It’s implausible that this tax plan will excite Republican voters because most won’t understand it or see much benefit from it," Danker writes. "There’s little for them to get excited about in a plan that would leave the top rate practically unchanged while adding to the deficit ($414 billion according to the Tax Foundation).
(Excerpt) Read more at newsmax.com ...
I spose I need not say this won’t fly.
If the child credit had kept up with inflation it would instead be over $10,000 per child.
Postcard?
TED CRUZ ON TAX REFORM
http://www.tedcruz.org/
ADOPT A SINGLE-RATE TAX SYSTEM.
Ted Cruz signed the Contract from America.
Contract from America, clause 4. Enact Fundamental Tax Reform: “Adopt a simple and fair single-rate tax system by scrapping the internal revenue code and replacing it with on that is no longer than 4,543 words —the length of the original Constitution.”
(source: The Contract from America, 7/8/2010.
REPEAL TAX HIKES IN CAPITAL GAINS AND DEATH TAX.
Cruz signed the Taxpayer Protection Pledge against raising taxes:
“I pledge to the taxpayers of my district and to the American people that I will: ONE, oppose any and all efforts to increase the marginal income tax rate for individuals and business; and TWO, oppose any net reduction or elimination of deductions and credits, unless matched dollar for dollar by further reducing tax rates.”
OPPOSES INCREASING TAX RATES:
Cruz supports the CC Voters Guide question on the inheritance tax. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: “Permanent elimination of the “Death Tax.”
(source: Christian Coalition Voter Guide (10/31/2012)
SUPPORTS ELIMINATING THE INHERITANCE TAX.
Cruz supports the CC Voters Guide question on the inheritance tax . The Christian Coalition Voters Guide summarizes candidate stances on the following topic: “Permanent elimination of the “Death Tax.”
(source: Christian Coalition Voter Guide (10/31/2012)
From: http://www.ontheissues.org/2016/Ted_Cruz_Tax_Reform.htm
Tax reform which is complicated is not worth attempting.
Get rid of the IRS. Have a flat consumption tax. The Fair Tax is worth considering. There are some other opions. But if it’s not simple, don’t do it.
RE: Postcard?
Not the Rubio-Lee tax plan.
Love it, but prefer a FAIR tax.
RE: Get rid of the IRS. Have a flat consumption tax. The Fair Tax is worth considering.
OK, what agency collects this?
The states. They forward to big brother.
The IRS is like the Waffen-SS. There is no good in there.
Get rid of the IRS. Scorched earth.
Now, if we need some bureaucrats to process some paperwork, that’s fine. Small number of new people.
Personally, I would like the federal taxes to be gathered by state governments. State-level bureaucrats. I don’t want to talk to Washington. Who does?
A move to a fair tax would be great for people in debt. They won’t get extra taxed on money they already spent. It would be awful for people who saved. People who already paid taxes on income they have earned and saved would then get to pay taxes again on the outflow as they spent it.
Rubio is OUT
>> tax brackets to just two — 15 percent and 35 percent
The only way that will work is to push the dividing threshold deep into the middle-class-income region. The resulting tax hike — and it can’t be anything BUT a huge tax hike — will piss off Americans in the millions.
And it won’t do jack to the one per cent that everyone loves to hate. They don’t pay it now, and they won’t pay it when Rubio is done. Two-income-earning families with wage income, and no way to manipulate their income to avoid it, will pay.
Guaranteed one-term president in the unlikely event he gets there.
I will just say this — EVERY plan affects some people for the good and affects some people for the bad.
People in debt? People who save? Not my focus.
I want a tax system which has simple rules and treats everyone the same and which cannot be “gamed” by high-priced accountants.
Anything else is not tax law — it’s social engineering.
Agreed. Do away with all deductions and exemptions. Flat or consumption.
Speaking as a person with many children (grown) and will use whatever is in place to keep from paying I never understood the child deduction as fair? We hear people say “you have them you pay for them” when it comes to welfare, what about taxes?
So-called “fair tax” is a bad idea.
Flat tax — ABSOLUTELY flat, NO deductions AT ALL for ANYTHING or ANYONE at ANY income level — is a good idea.
In my humble opinion. My CPA hates the idea though. :-)
This plan sounds more complicated than the mess we have now. It’s typical of government fixes. The fix is worse than the problem.
Back in early 09 my first TEA party rally meeting at a pub in downtown Ft. Lauderdale, Rubio speaking, got heckled by a hard-core woman in the audience and she was escorted out.
Apparently when he was speaker of FL house, he was against AZ’s Immg law. And we don’t like that.
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