http://market-ticker.org/akcs-www?post=230493
Note: No deductions, no exceptions, period.
Your tax return would fit on a postcard. There would be little to audit (only “how much did you make?”) and thus 90+% of compliance costs would disappear.
Now why isn’t the media focusing on that?
Incidentally, I have not run the numbers to determine if this is revenue neutral..... but shouldn’t that be analyzed and shouldn’t the media take a good, solid look at it?
Why don’t they? Because I bet virtually everyone would like it, that’s why.
The tax code is a tool to reward your friends and punish your enemies. Washington doesn’t like a level playing field.
This is a good one and would solve many problems. Hope the plan reworks the IRS and cut the staff down about half. Trump look so damn good for President.
The accountants’ and tax attorneys’ lobbyists will fight that tooth and nail! As will the IRS, which would be reduced by what, three quarters or four fifths?
I’ve heard Rand talk about taxes but not anyone else.
This would be huge! Trump needs to run with it..especially with everyone still talking about the silly blood comment.
Billary pandering with her free college crap today.
As a life-long bookkeeper, this makes the most sense I have ever seen.
Bookkeepers & accountants would still be needed to run a business. The owner needs to know if they are making money or not-—no matter what kind of tax burden they might encounter.
I would vote for Trump on this item ALONE!!!!!
And if your under $30,000.00 what do you pay?
Look long & hard at the 1%-—most of Social Security recipients would fit into this category.
Obama wanted to charge EVERYONE a percentage of EVERY BANK TRANSACTION—no matter the reason.
1% for every dollar put into my account-—and 1% on every dollar I write out in paying for my insurance, power, and phone bills.
What’s even better is that this replaces other internal costs and as Trump says, frees up money in everyone’s paycheck.
So, if I get paid $30,000, I pay $300 in taxes. When I get a tiny little raise, and now make $30,100, I pay $1,505, so now my $100 raise makes me lose $1,205. It will take me 12 years at that rate to start bringing home any more money.
Years later I’ve been getting these little raises,and a few big ones, and now I’m making $100,000. So, I’m paying $5,000 per year. The next little raise takes me to $100,500, and I suddenly get to pay $10,500 per year, so for my $500 raise, I loose $5,500. At that rate of raises, it takes me 11 years to start making any more money.
I don’t know. Seems like there’s a better way to do it.
(Full disclosure - I’m anti Income Tax, because it’s too intrusive and gives the government too much information about us and too much power over us).
And while we are at it let’s completely eliminate the welfare state for both individuals and corporations - all of it - completely.
It is not the government’s job of taking care of the citizenry. Let the people of America take care of their fellow American.
Government’s real job is providing a safe and just environment in which to allow the rest of us to raise our families and run our businesses with minimal interference.
There is a golden opportunity with tax cuts, that was missed with the Bush tax cuts. It is obvious if you think about it.
Say instead of paying $10,000 in taxes, your taxes are cut so that you only pay $5,000. Instead of having $5,000 more of your own money, it can be mandated that the money go into an untaxed IRA or Individual Health Account. It’s still yours, and still under your control, but it is also to your benefit.
So why do this? So that there is a downgrade and eventually elimination of Medicare and Social Security, the bottomless pits of entitlements. It can be done gradually, so as not to hurt people, but it means that eventually these two money pits will be done.
Congress figured out long ago how to use the Social Security and Medicare FICA tax to double the income tax, and immediately spend money they were *supposed* to save.
They figured out as long as they just paid what was due for that month, everyone would be happy. It was a crude and vicious ripoff of taxpayers.
But this ripoff actually works in the short term, and can be used to get rid of SS and Medicare without screwing their beneficiaries. This is done at first by stopping new enrollees from joining the systems in the first place.
So new enrollees no longer pay the FICA tax, and their paycheck almost doubles. And that extra money goes into their health and retirement accounts, so they don’t seem to gain anything, but they don’t lose anything.
Yet SS and Medicare recipients do not get screwed at all, because they still get their month to month payment of what they are owed, until they die of old age.
This process can be accelerated by offering people who are still working the option of getting the benefits they were due as tax cuts to go into their individual accounts. A *combination* or current tax cuts plus the addition of what they already put into the system. So say they not only get this year’s taxes cut, but they get an additional year’s taxes cut as well, until they are revenue neutral, neither paying in to the government programs nor eventually getting benefits from them — instead getting these benefits from their own accounts.
Nope. How about we move to a consumption tax? The FAIR Tax model (without that silly ‘prebate’ stuff) is the right way to fund government.
He also has been saying that he wanted to separate the Social Security from the general fund...which it is supposed to be.
Trumps plan would be an economic jump start like this economy has never seen and would increase tax revenues due to economic growth. Even if Trump were to be elected President, this tax plan would never happen. Our Byzantine tax code is the product of Congress (both parties) rewarding friends and punishing enemies via the tax code and they will never give up that power.
One thing I like about Trump’s plan is that even if its only a few bucks everyone has skin in the game.
Eliminate DHS, TSA, Dept of education, EPA, IRS.
Layoff 20% of all nonessential gov. employees.
Just for starters.
As long as there is an IRS as currently structured than no tax plan will work, the IRS is a criminal organization and needs to be completely dismantled, this plan as stated still lends itself to vast and massive corruption.
I’m all for building a wall (build it tall and build it long) to deter illegal immigration but just as important is tearing down the wall of government bureaucracies that constrain and viciously punish we the people.
While it sounds good on paper there’s the reality of DC. The tax code is deliberately complicated so that member of Congress can reward donators, lobbyists and significant businesses in their districts and states. Loopholes are their method of saying “I fought for you”, no loopholes, no fighting for you, no buying votes.
I don't know. How many?
Trump’s plan is liberal, progressive taxation. A conservative tax is a flat tax, no two ways about it.