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Posted on 02/05/2016 9:22:38 PM PST by JSDude1
With the first real votes being cast in the presidential race Monday, this is an opportune moment to do some last-minute comparison shopping on the candidates' tax reform plans. On this issue there's a lot to cheer about. All the Republican candidates have crafted plans that would slash tax rates for everyone and most would vastly simplify the thousands of pages of IRS tax code.
Ted Cruz and Rand Paul have endorsed flat-tax plans that, for full disclosure, were designed by Arthur Laffer and myself. These plans have drawn some criticism from the Right of late, though these attacks are mostly baseless.
Ben Carson wants a low-rate flat tax, too, and he would heroically eliminate all special interest deductions and carve-outs. Mike Huckabee is pushing a national sales tax to entirely replace the income tax. Jeb Bush, Chris Christie, John Kasich and Donald Trump want to cut personal income tax rates 20 percent to 25 percent while eliminating indefensible loopholes.
One common goal of nearly all these plans is to turbocharge growth by dramatically lowering the business tax rate (now the highest in the world) and reducing the punitive double taxation of investment income. Most GOP plans would cut the corporate/business tax to 15 percent to 25 percent.
(Excerpt) Read more at townhall.com ...
I think Carson’s plan is the best. No tax exemptions for anyone.
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The Huckster had a great tax plan, when he was not shucking and jiving.
The payroll tax is a hidden tax. People do not realize that they might be paying over 20% in payroll taxes.
Taking a quick look at those 3 plans, Cruz’s is the best for income taxes (10% flat). Trump’s is 2nd best (4 brackets: 0% / 10% / 20% / 25%). Rubio’s is a distant 3rd (15% / 25% / 35%).
Rubio, however, has the only plan to eliminate the capital gains tax. Trump’s and Cruz’s plans mimic their income tax plans.
On deductions, Trump’s and Cruz’s plans are identical: NO deductions except for charity and mortgage interest. Rubio’s is a little more complicated.
Cruz is the only one with a plan to eliminate the IRS, so big points to him on that score. That thing needs to be exterminated.
Cruz’s plan also eliminates the corporate income tax. Trump’s is 15% and Rubio’s is 25%.
All three plans rescind the estate, Obamacare, and alternative minimum taxes. Let’s hope whoever wins follows through. I’ve heard estate tax repeal promises too many times to count over the decades.
I give Cruz’s plan a 1% chance of passing congress.
Depends on the make up of congress. If he can win the Presidency with robust conservative coattails, it has a better than 50% chance of passing. Trump’s a little higher, and Rubio’s a little higher than that. But Cruz definitely has the best plan.
I forgot to mention, thanks for posting those comparison charts.
Third, because the Cruz and Paul plans are "border adjustable": Imports are taxed at the flat rate when they are brought into the U.S., but American products sold abroad are not taxed at all.
What is the manner by which imports would be taxed? As an example, wouldn't a Toyota's price increase by the amount of the corporate rate? And nearly everything purchased at Walmart? I'm ok with taxing imports and reducing taxes on exports, clearly more domestic jobs there, can someone explain this a bit further?
Irrelevant.
Who has the plan most likely to get through the Congress they’ll have to deal with?
That’s reality.
“No tax exemptions for anyone.”.....
Does “anyone” include all the politicians?
How does the Tax Foundation know how much red ink each plan would produce. Haven’t they heard of cutting spending? I know the Republicans haven’t. Steven Moore doesn’t answer the question.
Let’s see Shrillary’s and Burner’s.
Can you provide a link to the data/graphs you posted here, please?
None of them.
Mr. Moore mentioned the FairTax only in passing, since Mike Huckabee, the only candidate who was promoting it has dropped out of the race.
HST, the appropriately named FairTax certainly should be in EVERY tax reform discussion.
Go to the FairTax website at https://www.fairtax.org and see for yourself.
We will never be a FRee people so long as we have an income tax and an IRS!
The issue is FReedom, folks!
Under the FairTax you will be rewarded for your hard work, thrift and savings. Check it out at https://www.fairtax.org.
Not easily. I found them in google images after googling “Trump’s tax plan”, Rubio’s tax plan, etc. The trump/sanders one isn’t completely accurate. Trump’s plan imposes a 0% tax rate on single filers making less than $25,000 according to his web site.
Huckabee has the best:
“The Fair Tax”. Abolish the federal income tax , replace it with the more fair consumption tax. Your tax is based on what you use and consume.
But a small minority of people in the country will want to keep the IRS, because they have a vested personal interest: They make money doing taxes for people.
But we can’t let a minority of people hold the majority hostage to their personal vested interest.
Big buisness will also not like it cause they won’t be able to have those tax code loopholes.
You could be right.
The lobbyists will rip their owned congressmen to shreds over this.
The most similar to Reagan’s and Bush’s that did pass a democrat Congress is Trump, iirc. A few levels and adjustments elsewhere. Those have succeeded in the past.
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