Posted on 10/31/2017 1:37:23 PM PDT by TBP
he long-awaited Republican tax reform plan may be doomed to failure before its unveiling due to a proposed elimination of certain tax-deductions.
What does the bill propose?
The bill proposes a lower tax rate for both individuals and businesses, but also suggests the cuts will be “paid for” by eliminating tax deductions such as the popular 401(k) deduction.
Dana’s take —
“You’re not paying for a cut, it’s your own money … maybe they could spend less,” said Dana to GOP Consultant John Hart, guest on today’s show. She added, “The next time — so help me — I hear another Republican say ‘we gotta pay for these people’s tax cuts,’ I’m gonna get mad. I don’t riot but I might go to The Gap and knock over a sweater set tower, I don’t know.”
“The question we have to ask ourselves is: do we want to use the tax to pick winners and losers?” said John. “Or should the tax code perhaps be used to raise the absolute minimum amount of revenue necessary to perform government’s essential functions?”
Watch the video clip above to get the whole scoop.
eliminating tax deductions such as the popular 401(k) deduction.
I favor a constitutional amendment that repeals the income tax and institutes representative apportionment. Take last years spending, divide it down to a per Senator and per Representative charge. Then the federal government will bill the states for the taxes required.
Let each state figure out how best to meet it’s tax burden. As an enforcement, prohibit the states from spending any money until the federal tax bill is paid.
how about a flat tax of ten percent for everyone, eliminate the IRS, start cutting feral gubmint.
All I know is from the rumors of what the tax reform are gonna entail, my taxes are gonna go up....and I’m in a red state too. Not good. It’s gonna be a tough sell to mark this as a win when 1/3rd of the middle class has their taxes go up....especially when gazillionaires taxes are going down.
True. Coolidge’s, JFK’s, Reagan’s, Bush’s. But you can’t get taht through politicians’ thick (and empty) heads.
There is serious talk about putting a cap on how much people can put into their 401(k)s and it's tiny; almost not worth it.
Raising import tarrifs to 20% would genrate $500B in revenue and would repatriate industry like crazy. Why more than regulaton and tax reductions(which still needs to happen),
That’s essentially how they did it in the early days of the Republic.
Yup, that is what they should do. Would be the equiv of their VAT taxes anyway they place on our goods.
Lou Dobbs tweeted Rino’s won tax battle
In all seriousness, the only way we are getting “significant” tax reform is through the barrel of a gun, which is highly unlikely to happen.
So I just see taxes as something that will change little for the good, but slowly change for the worse until said gun(s) come into play.
Tariffs and head taxes.
Dana is a peacock. She basically makes her money on mood swings, bitchy dark sttitude, her chronic and hyper-bad temperament about everything, large or small... a walking temper tantrum over anything.
Stick to the beet juice and forget the economic advice.
United States
A poll tax, also known as head tax or capitation, is a tax levied as a fixed sum on every liable individual.[1]
Prior to the mid 20th century, a poll tax was implemented in some U.S. state and local jurisdictions and paying it was a pre-condition before one could exercise their right to vote. After this right was extended to all races by the ratification of the Fifteenth Amendment to the Constitution, many Southern states enacted poll tax laws as a means of restricting eligible voters; such laws often included a grandfather clause, which allowed any adult male whose father or grandfather had voted in a specific year prior to the abolition of slavery to vote without paying the tax. These laws, along with unfairly implemented literacy tests and extra-legal intimidation,[12] achieved the desired effect of disenfranchising African-Americans, as well as poor whites. Often in US discussions, the term poll tax is used to mean a tax that must be paid in order to vote, rather than a capitation tax simply. The Twenty-fourth Amendment, ratified in 1964, prohibits both Congress and the states from conditioning the right to vote on payment of a poll tax or other types of tax.
--Wiki
Which, by the way, will end the 401K.
Not immediately, but within a few years. The first thing to be dropped will be matching funds by the employer (within MONTHS of this passing).
And after the Dems sweep the 2018 elections, the remainder will be seized.
IF the fools pass this tax hike.
Head taxes as in apportionments made on the states, with teh states figuring out how to pay. Whenever the Feds needed more money.
You don’t “pay” for Tax Rate Cuts.
You promote Economic Activity and Individual Freedom with Tax Rate Cuts.
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