Posted on 12/29/2016 10:10:03 AM PST by Lorianne
President-elect Donald Trump’s goal of overhauling the U.S. tax code in 2017 will depend partly on the work of an obscure congressional committee tasked with estimating how much future economic growth will result from tax cuts. Known as the Joint Committee on Taxation, or JCT, the nonpartisan panel assigns “dynamic scores” to major tax bills in Congress, based on economic models, to forecast a bill’s ultimate impact on the federal budget.
The higher a tax bill’s dynamic score, the more likely it is seen as spurring growth, raising tax revenues and keeping the federal deficit in check. As Trump and Republicans in Congress plan the biggest tax reform package in a generation, the JCT has come under pressure from corporate lobbyists and other tax cut advocates who worry that too low a dynamic score could show the legislation to add billions, if not trillions of dollars to the federal deficit.
“The problem is that the Joint Committee staff has adopted a whole series of assumptions that truly minimize the effects and underestimate the impact that a properly done tax reform could have,” said David Burton at the conservative Heritage Foundation think tank.
(Excerpt) Read more at reuters.com ...
Careful, Trump, tax reform was a promise. If this so called bunch of idiots object, don’t listen to them.
Why not just a flat tax (not the Fair Tax): 15% for both corporations and individuals with no deductions and no prebates. You could file your tax return on a post card.
Bull crap! Just look at what happened after the Kennedy and Reagan tax cuts. This is just another ploy to take money from the productive people in the system and buy the votes of the unproductive people in the system. Cell phones for deadbeats...really? Other than buying votes, it serves no purpose.
Do away with the income tax, COMPLETELY. Go to a National Sales Tax, instead. (NOT a “Value-added” tax.)
If you spend more, YOU PAY MORE TAX. If you SAVE, you don’t pay tax. This is pretty simple.
I think we all remember the “scoring” of Obamacare and Porkulus. Trump won’t pay attention to this nonsense but the media will.
I’m not an economist but I think the key to any tax plan is to stop the spending. No college grants, no money for studies of any kind (let private industry pony up the cash for that crap), no more foreign aid, no more money to the UN. Reduce the redundancy from the Fed Government (no EPA office in any other department except EPA, and so on). Try to eliminate certain departments within the government. Take those people who are on welfare and have them work cleaning streets, painting over graffiti, and so on. Do as much as possible to get private industry to start funding and paying others to do what the government attempts to do. Just my two cents.
Nonpartisan, my eye. Show me a nonpartisan committee in government and I'll eat my hat. But, even given that that's true, the next four, and I hope eight, years may end up being the most interesting and exhilarating in US history. Because of one man, Donald Trump.
I could live with that, too, provided they throw out all of the IRS Tax Code. The problem is that any country that has moved to a national sales tax (e.g., Canada), despite saying they would do away with income taxes, kept the income taxes and added the sales tax. All they got was a token reduction in income taxes that eventually crept back up to old levels. If it’s one or the other, fine. If not, then a Flat Tax.
Is this the same panel that represented before a crucial vote that Obamacare would be a net savings to the government and consumers?
I always wondered why, if the fed can just print billions of dollars whenever they want, why they need to tax anybody in the first place?
>
Do away with the income tax, COMPLETELY. Go to a National Sales Tax, instead. (NOT a “Value-added” tax.)
If you spend more, YOU PAY MORE TAX. If you SAVE, you don’t pay tax. This is pretty simple.
>
That, minus the pre-bate (not a fan of myself), IS the Fair Tax.
Income tax = slavery by tiers...and those at the bottom, paying 0% or EITC (get ‘back’ $ they never paid in) make it worse. *NO* person should pay $0 (or less) for govt.
Fair (ALL pay), simple (line item on each receipt) and VOLUNTARY.
>
I’m not an economist but I think the key to any tax plan is to stop the spending. No college grants, no money for studies of any kind (let private industry pony up the cash for that crap), no more foreign aid, no more money to the UN. Reduce the redundancy from the Fed Government (no EPA office in any other department except EPA, and so on). Try to eliminate certain departments within the government. Take those people who are on welfare and have them work cleaning streets, painting over graffiti, and so on. Do as much as possible to get private industry to start funding and paying others to do what the government attempts to do. Just my two cents.
>
Follow the Constitution and diminish the power and influence of GOVT? Let’s not get C-R-A-Z-Y, now!
Congress is presented, by numerous tax policy\think tanks\groups, w/ a BOOK of theft\graft\duplication\inefficiency\etc....which they quietly, and quickly, put upon a shelf to collect dust.
It matters NOT which party is in ‘power’ (before Jan 20??).
Liberty, once surrendered, is *rarely* restored w/o bloodshed.
>
I could live with that, too, provided they throw out all of the IRS Tax Code. The problem is that any country that has moved to a national sales tax (e.g., Canada), despite saying they would do away with income taxes, kept the income taxes and added the sales tax. All they got was a token reduction in income taxes that eventually crept back up to old levels. If it’s one or the other, fine. If not, then a Flat Tax.
>
No other Country, that I am aware, has the Constitution as we. Abolishing the 16th, govt could not do the same as, say, Canada, has done....Not that I expect any lawyer\judge\’representative’ (I repeat myself) to understand the plain English of the Const.
I agree. The pre-bate injects politicians back into the equation and that's what I don't want. I also agree that everyone should pay some level of Federal income taxes. If for some reason you don't, you don't get to vote in Federal elections. Same for state and local. After all, nothing in the game, why should you have a say?
>
The pre-bate injects politicians back into the equation and that’s what I don’t want.
>
Exactly. EVERYONE pays X% on all NEW\initial purchases. Love the idea, as it entices toward conservatism/repair/barter/trade (vs. the taxes on the re-re-re-..sale of a car). Starves the beast even further.
>
I also agree that everyone should pay some level of Federal income taxes. If for some reason you don’t, you don’t get to vote in Federal elections. Same for state and local. After all, nothing in the game, why should you have a say?
>
The issue I have w/ the no tax = no vote is: the bleeding hearts\Socialists. What matters re: cost/lose of Freedom\Liberty when one doesn’t have to pay (or even a say in the matter).
When one has skin in the game, one WILL make sure its in\for *their* best interest...hence my desire that ALL pay = all WILL care where/why/how much/when.
They already do that even if they don't pay. You might as well make them pay to vote since they are voting now just to get more free stuff.
Unfortunately - and sadly - you are correct.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.