Posted on 03/01/2015 4:25:38 AM PST by DoodleDawg
Sen. Marco Rubio previewed for conservative donors Saturday a tax reform plan that he will roll out in the coming week with Utah Sen. Mike Lee.
The Florida senator, who has made clear to key supporters that he will run for president instead of reelection to the Senate, also told the Club for Growth donor meeting here that he would like to eliminate the U.S. Department of Education, shut down the Export-Import Bank and pass a detailed Obamacare alternative.
Rubio said the bill he will introduce would reduce corporate tax rates from 35 percent to 25 percent, while eliminating both capital gains and dividend taxes. He said we will create parity between C and S corporations so that no S corporation pays more than 25 percent in taxes.
He and Lee will also propose creating two income tax rates, 15 percent or 35 percent, down from the seven brackets that exist now.
“It’s a flatter tax system,” Rubio told the well-heeled crowd at The Breakers Resort. “In an ideal world, it would be a simple one rate for everyone. Hopefully we’ll move in that direction as a nation. We think this is achievable in the short term.”
Rubio projected that his plan could grow the economy by 15 percent and wages by 13 percent over 10 years.
(Excerpt) Read more at politico.com ...
Gang of 8...
That’s all that needs to be said....
Economically speaking, the capital gains tax is double taxation, in that it is a tax on the value created by prospective income of stock. The tax only happens when you sell the stock - which tends to happen when you need money. It also discourages the sale of appreciated stock, reducing the likelihood that you will switch to a stock you think will do better in the future. IOW, not much good to say about it, other than to assuage envy (which Democrats think is everything).Corporate tax imposed on money paid out in dividends is double taxation because that money is taxable to the owner of the stock. It is egregious in that it incentivizes corporations with foreign profits (notably Apple) to avoid paying those foreign profits out as dividends to stockholders here, but invest the money overseas instead. So if that’s what he means by “eliminating . . . dividend taxes,” I heartily agree.
At least he admits he was in error. Not in supporting amnesty but in neglecting to secure the border first.
No he didn’t. Just recently he criticized the House for not funding executive amnesty.
Rubio cannot be trusted.
This con stopped all Illegals alien legislation during his time in the FL State House He must be stopped.
Tax reform without spending reform is a fool’s game.
The real solution is to force fedgov back within the confines of the Constitution.
1. Eliminate Dept of Education, Dept of Agriculture, Dept of Energy, HHS, Commerce, and get out of the environmental business all together.
2. Eliminate the Income Tax model in favor of the Fair Tax Model (without that stupid prebate stuff).
3. Force all government spending to be built on zero-based budgets rather than the current charlatan’s scheme.
4. Implement rules in both Houses of the Congress that each bill be limited to a single subject, and prohibit off-subject amendments; too many are used to garner support for legislation that cannot stand on its own.
5. Eliminate the filibuster.
6. Pass a balanced budget Amendment to the Constitution, with exceptions ONLY for wars declared by the Congress.
7. Shut down the border, completely. Secure the Nation’s territorial integrity.
8. Round up and deport all illegals. No need to send them to Club Med; just drop them off at the border, wet or dry.
9. Return ALL welfare programs to the State and Local level, where it rightly belongs; local even better than State.
10. Scrap Zero-don’t-care. It doesn’t need a replacement. The government has NO business in the healthcare business, at any level.
Not an exhaustive list, but a good start...IMO.
Exactly right.
We need to get Fedzilla back into its Constitutional cage.
Not worth much, I consider Rubio an untrustworthy weasel.
Rubio’s Gang tried to “Comprehensively Screw Americans Out Of Their Country”
I never trust anyone who throws in with Schumer.
Of course he is, but he and Jeb are now pandering to conservatives. That’s important.
Not asking for much, are you?
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