Sounds about right. Not a Paul campaign supporter, but this about the best possible tax plan I can imagine. I would think it would need to be closer to 18%, though, realistically.
The nice things about a flat tax are everyone’s got some skin in the game and those with the best tax accountants don’t get to pay less.
Good idea if there was a way to prevent federal ‘mission creep’ which would keep raising the rates as the pols sought to purchase more votes.
That’s great. I’ve always been in favor of a flat tax. Seems to me to be the only equitable way to do an income tax.
But maybe it’s better without any deductions at all. The reason is that it opens the door to political tampering and eventually the flat tax would end up similar to the one we have now.
I know the real estate/homeowner constituency is strong and very hard to buck. Still, what will work best is a truly level playing field.
Not quite a "flat" tax, is it?
Ok ONE MORE TIME for you STUPID F*CKING PEOPLE who keep listening to the “Siren Song” of the “Flat-Taxers”, IF YOU DO NOT ADMEND THE US CONSTITUTION ABOLISHING THE INCOME TAX AND it’s INFRUSTRUCTURE(IRS)(lotsa luck on this one) THEN YOU WILL END UP WITH BOTH THE FLAT TAX AND THE INCOME TAX! OK got it NOW!
Good stuff man.
14.5% with no payroll taxes is good. ALL of the other flat tax proposals included 7.65% ee and er payroll. This one doesn’t and that’s really good.
Downsides ... this also taxes investment income [double taxation] and businesses [hidden tax in higher prices, lower wages, and/or reduced ROI] - and IIRC it keeps the EITC :(, and it doesn’t tax imports...
But hell I’d jump on this - then follow with an consitutional amendment that all payers must pay the same marginal rate.
I’m so happy that tax reform will be in the conversation this time around.
Paul's rate legitimizes the size and scope of government.
Wow. 1% growth and 140,000 jobs a year. You go, Rand Paul!
No. Seriesly. Go. Take your teeny tiny vision and just go away.
Is he running for dictator?
He needs to get Congress to change the law.
He can advocate for anything he wants, but he can't change the law unless he thinks he is above the law.
Actually a national sales tax is the only way to insure that all folk have skin in the game. Declare only a very few exceptions to the tax like basic necessities (like real, actual food, not simply anything that one can purchase at a ‘grocery’ store) and tax every purchase at the point where it will go to the ultimate consumer.
Repeal the 16th and go with consumption based tax.
Before I sign on, let's see the spending cuts that offset the revenue decrease.
Cutting the Corporate tax rate is key. Unless we do it and re negotiate all of our trade deals we will just continue to languish.
I tell them that the surest way to really get money out of politics is to go to some version of a flat tax.
The money in politics, like money everywhere, is there to make purchases. What the politicians are primarily selling is favorable treatment in the tax code.
Without the ability to tinker with the tax code, politicians will be just like regular people, with nothing to sell. That's why we'll never get politicians in either party to go to a flat tax. It's like asking a supervillian to voluntarily give up his superpowers.
Pass a national sales tax, eliminate all income taxes, and restore the 4th Amendment by removing the government's rights to stick their noses and claws into the financial lives of the citizens.
My solution: A constitutional amendment that does the following:
Why 10%? God only asks for 10%. The government does not deserve more than the Lord.
You must set the rate itself in the amendment, or else you'll see rate creep, the same way we've seen with income tax rates.
People have no idea how bad the income tax has become.
Check out my page on the 1913 income tax.
From that page:
Back in 1913, there were 6 tax brackets.Those making under $20,000 per year paid no tax. According to this inflation calculator, $20,000 in 1913 was equivalent to $435,543.79 in 2010. This first $20k was subtracted from your income so even if you made $30,000, you were only taxed on the last $10,000 of it. The rate was a whopping 1%. So, let's take that hypothetical person who made $30,000 in 1913. He would have paid $100 in taxes on it. If you run that through the above inflation calculator, you'll see that it would be equivalent to $2177.72 today. Well, that sounds like a lot of money until you consider that what that really means is that in today's dollars, someone would have to make $653,315.69 per year to pay that $2177.72 in income tax.
I have Images of the original 4-page form. Wish I could find a copy as a PDF.
14.5% ? Why not 14.875%? And what was wrong with the 15% flat tax. Just askin. ;|
Yeah. Right.
Never happen.