Okay, so taxes are an important issue in the GOP. Tax plans, as a Presidential candidate, are important. It serves to show people what you plan to do, and how you would like to go about it. Let’s look at Randal’s, which was recently released.
Flat rate of 14.5%
Applied to both personal income and businesses
Major cuts in deductions
Would mean $2 TRILLION in spending cuts
Grow the economy
The tax rate for personal income would be set at 14.5%. That’s it. This would apply to:
There would only be two deductions left to be claimed. The rest would be completely eliminated. They are:
Things that are good to know:
The first $50,000 of income for a family of 4 would not be taxed
The Earned-Income Tax Credit would be retained for low-income families
The rate would still be set at 14.5%. Here’s how it’d work:
Levied on revenues
There would be allowable expenses (such as parts, computers, office equipment) that would be subtracted from the revenues.
Capital purchases would be immediately expensed, ending complicated depreciation schemes
What Would It Do?:
These are the Senator’s own words now:
“The immediate question everyone asks is: Won’t this 14.5% tax plan
blow a massive hole in the budget deficit? As a senator, I have proposed
balanced budgets and I pledge to balance the budget as president.
why this plan would balance the budget: We asked the experts at the
nonpartisan Tax Foundation to estimate what this plan would mean for
jobs, and whether we are raising enough money to fund the government.
The analysis is positive news: The plan is an economic steroid
injection. Because the Fair and Flat Tax rewards work, saving,
investment and small business creation, the Tax Foundation estimates
that in 10 years it will increase gross domestic product by about 10%,
and create at least 1.4 million new jobs.
And because the best
way to balance the budget and pay down government debt is to put
Americans back to work, my plan would actually reduce the national debt
by trillions of dollars over time when combined with my package of
Let me put up a few possible objections, and then go ahead and address them.
“But the rich will be taxed less than everyone else!”
To quote the Senator, “Though the rich will pay a lower rate along with everyone else, they
won’t have special provisions to avoid paying lower than 14.5%.” Even though they won’t be paying as much as people thought they were before, they won’t be able to pay lower than that 14.5%.
“But what about deductions?”
As stated, there will only be the two stated earlier in the post. There won’t be any other deductions then. Those two will be it. There wouldn’t be any special one’s for rich people, corporations, etc…
“But what about the special interests!?”
Steve Forbes ran with a flat tax idea in 1996. t was liked by voters for it’s simplicity it’s capacity to help the economy. Cronyists didn’t like it. But this isn’t 1996 now. The GOP of then isn’t the GOP of now. Now, Conservatives are a lot more anti-corporate welfare than before, and I see it becoming more popular within the party too.
This plan relies on two things: electing competent people to office who are willing to stop the expansive growth in government, and their constituents making sure they do what they said they were going to do. Without either of those two, this plan may seem nice, but it’d be bound for deep troubles.
“Why should we do follow along and support this?”
Because it’d mean more money in your pocket for you to control at the end of the day. It means people will be able to build their savings, plan for retirement, set money aside, not worry as much, and be able to live a better life. That’s what it means. At the end of the day, it means you being able to live and do more as you please.
Noteworthy people to mention in bringing this to life:
Income segregation has increased over the past three decades in 27 of the largest 30 metropolitan areas across the U.S., according to a 2012 Pew Research Center report. In Dallas and many of the other metro areas we mapped, there were clear divisions between low-income neighborhoods and middle- and upper-income areas, as well as divisions along racial lines.
The article is a good one — it points out the fact that CEOs are raking it in thanks to a combo of high pay and sweet stock options — but it largely skirts one glaring issue, which is that all of these folks have one thing in common:
^^Image: The Seattle Times.
Why yes, they’re all men.
And not only that, of the 113 Pacific Northwest-based CEOs the Times did the math on, just four — FOUR — are women. And all of those women are white women.
Four. Out of 113.
That’s about 3.5%, which is lower than the percentage of female CEOs in the S&P 500 (they’re about 4.8% of those top companies, which is, sadly, a historic high).
It’s interesting that, at no point, does the Times consider pointing this out. But then again, maybe it’s so stark that it’s hard not to notice.
However, the Times does deserve props for their other coverage of CEO pay today; in a different piece on the subject CEO (apparently, they have a lot to say about public filings), the Times, went out of their way to bring up how it relates to the wages of regular people.
“The average CEO pay for public companies based in Washington, Oregon and Idaho increased 23 percent,” writes George Erb, who adds later that, “the average annual wage for all workers in the Seattle area increased 8 percent to $59,130 from 2011 to 2014, according to the federal Bureau of Labor Statistics.”
We should each identify our “enough number”. The amount of income that is sufficient to support the ourselves or our family, our current and planned lifestyle, and provide reasonable savings for the future. The number helps to provide perspective on our life decisions around careers, spending, and other factors. The number can change over time, but we need to move away from the default answer of “more”, which can never be satisfied.
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