Posted on 11/10/2015 1:05:03 PM PST by JSDude1
If nothing is certain in life but death and taxes, perhaps it's time to euthanize our tax system.
The current tax system is massively complex and unfair. It discourages entrepreneurship and stunts economic growth. And yet the leading Democratic presidential candidates offer a consistent theme of more taxes.
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Many of the Republican candidates propose tax reforms that promise to change our system from the bottom up to make it simpler, fairer, and growth-oriented.
Of the proposals Senator Ted Cruz's holds the most promise. Cruz's plan would eliminate six categories of taxes: payroll taxes, Obamacare taxes, alternative minimum taxes, overseas profit tax, the corporate tax, and the death tax.
(Excerpt) Read more at dailycaller.com ...
It's a paperwork nightmare.
The 16% business income tax is an improvement over the much higher corporate tax. Those that label it a VAT need to recognize that the amount being passed on to the consumer is much lower than with the current corporate tax, which is also paid by the consumer.
This was a very good article!
- Their plan is a VAT or FAIR type sales tax
- The old taxes won't be eliminated after all .... just added to, "because we need the money" and "think of all the good we could do with an extra two or three trillion in income a year."
Waiting for the other shoe to drop.
Oh, it'll be a thin, thin, really thin tax! (This is called the opening wedge, the sucker bait, and a couple other things.)
All of these plans are meaningless. Congress and the special interests will craft their own version of tax reform. It is just an exercise in futility and hubris for candidates to present these detailed plans that will never see the light of day. The uninformed and the gullible eat these plans up, but they are meaningless.
Vat is a non-starter and abolishing the IRS is a pipe dream and not likely to happen.
How is Cruz’s plan being construed as a VAT when he portrays it as flattening existing corporate taxes?
Anything short of eliminating the income tax and dismantling the IRS is not going to solve anything. Any “reduction” in current rates will only be raised again under a different government.
A national sales tax, collected at the point of purchase by the business is the best, fairest and least corruptible.
Cruz’s plan doesn’t cut it nor do any of the others. Too damned timid. We need REALLY LEADERSHIP! not place holders on a dying country.
The AICPA lobby ALONE would kill all of these plans.
Plenty more behind them.
Cruz recommends a 16 percent business transfer tax which takes total business receipts, excludes investments (allowing for an immediate 100 percent expensing) and taxes business income at 16 percent.
In other words, it's a VAT without the disclosure.
Everybody's piece in the chain gets taxed 16%. Then the customer steps up for the whole load.
The flat tax on incomes is a plus, though. Although Cruz's scheme could allow business owners to escape personal income taxes by identifying with their businesses and claiming no income, the way the Viet shrimpers did when they first came to America. They paid no wages at all, employed family w/o wages, and then ate their profits. No FICA, no income taxes for the family members.
A VAT tax is pure bureaucratic drag.
Please read the whole article before labeling it a VAT.
ANYTHING that tries to tax exchanges all along the path of manufacturing is unwanted.
Cruz also wants to eliminate the IRS, and with it the income tax eventually (and first).
I am sure he can be persuaded to repeal the 16th Amendment too.
I don’t know the VAT argument is a red herring probably that comes from other campaign’s propaganda arms?
It IS a damned VAT !
You go read it again and if still believe that it isn’t, get someone to read and explain it all for you.
More than likely!
How is it a “VAT”, when corporations are already subject to income & payroll taxes? From what I can tell, all Cruz proposes is flattening those into a single 16% tax eliminating credits/deductions/loopholes.
(Serious question. I don’t see the VAT angle.)
“get someone to read and explain it all for you.”
Alright, you’re up. Explain it to us. We’re not stupid, we just don’t see why it’s a VAT when current corporate & payroll taxes aren’t.
My plan? Have Congress rewrite the tax laws, and in the meantime, abolish payroll tax deductions, and require everyone to figure out what they owe, and pay quarterly. There’d be a tax revolt!
I asked one of my friends how much he made, and he said, “I take home,,,,,.” I told him that his “take home” was not how much he made. He was taken aback. I got him to write down all the taxes he paid on everything he paid for. He was in shock. The former Lib is now very Conservative, as he evaluated his opinions on everything. In other words, he grew up, and started paying attention!
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