Posted on 04/14/2015 11:57:06 AM PDT by SeekAndFind
Florida Sen. Marco Rubio, expected to soon announce his candidacy for president, plans to steal Democrats' thunder and target income inequality by campaigning on a tax plan that he promises will "reward families with children while slashing levies on business and investment income but keeping a top rate personal income rate of 35 percent," according to Politico.
Rubio’s plan, a joint effort with Utah Sen. Mike Lee, pares down tax brackets to just two — 15 percent and 35 percent, while also creating a new child tax credit worth $2,500 and eliminating the estate tax, Politico reports.
For corporations, the top rate would be 25 percent — a 10 percent cut from the current rate — and allows for immediate deductions on investments. It also calls for a "territorial tax system that would not apply U.S. tax rates to foreign income earned abroad by U.S. businesses." "America right now suffers from slow growth, and the growth there is doesn’t seem to be helping most Americans, including the folks who vote in GOP primaries," according to economic analyst James Pethokoukis of the American Enterprise Institute.
"The Rubio-Lee plan would address both issues through sweeping corporate tax reform and cutting investment taxes while also directing immediate tax relief for families."
Rubio’s complex tax plan may not gain much traction within the party, Washington-based political consultant Rich Danker writes in a Forbes column bearing the headline, "Marco Rubio's Economic Policy Needs A Reboot."
"It’s implausible that this tax plan will excite Republican voters because most won’t understand it or see much benefit from it," Danker writes. "There’s little for them to get excited about in a plan that would leave the top rate practically unchanged while adding to the deficit ($414 billion according to the Tax Foundation).
(Excerpt) Read more at newsmax.com ...
There will have to be some agency, but there will be NO contact between the individual and federal government. Retail merchants will collect the FAIR Tax.
Tariffs are good too. Don’t buy don’t pay.
Yes. I think tariffs got a bad reputation after Smoot-Hawley, but I think they are much better than a tax on income.
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.