Page 1 of 2 1 2 LastLast
Results 1 to 15 of 16

Thread: Rand Paul Proposes 14.5 Percent Flat Tax, No Tax On Low-Income Families

  1. #1
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts

    Economics Rand Paul Proposes 14.5 Percent Flat Tax, No Tax On Low-Income Families

    By Nathaly Pesantez - Opposing Views




    In an op-ed published by The Wall Street Journal, Sen. Rand Paul, a Republican presidential candidate for 2016, proposed a 14.5 percent flat tax to personal income and businesses that would make “the economy roar.”

    Paul’s “Fair and Flat Tax” plan is in response to what he calls the “incomprehensible” Goliath that has become the IRS. He notes that in a nine-year period, “an average of one ‘fix’ a day” has been made to IRS tax codes.

    The 14.5 percent tax would be applied to wages, salaries, dividends, capital gains, rents and interests of individuals. It would also eliminate deductions, save for mortgage and charities. Furthermore, a family of four’s first $50,000 of income will not be taxed, according to the plan.

    For businesses, the 14.5 percent tax would apply to all business transactions across all companies, eliminating the almost 40 percent tax placed on small business and the 35 percent tax on larger corporations.

    With his tax plan, Paul plans to “blow up the tax code and start over.”

    In the op-ed, Paul outlines balanced budget plans that address the potentially worrisome “massive hole in the budget deficit,” calling his tax plan “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 percent, and create at least 1.4 million new jobs.”

    “My plan would actually reduce the national debt by trillions of dollars over time when combined with my package of spending cuts,” he claimed.

    Paul’s tax plan is by far one of the most thorough and comprehensive, according to Bloomberg.

    Yahoo Finance Columnist Rick Newman also weighed in on the plan: “It sounds like a great idea, it’s irresistible — blow up the tax code,” he told Yahoo.

    Jeremy Hill, managing partner at Old Blackheath, also told Yahoo News that changing tax codes requires a more wholesome evaluation, as $2 trillion is still being removed from the government.

    “Where are we going to stop spending,” Hill said. “It’s not a fulsome proposal until you detail the other side of the balance sheet.”

  2. #2
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    I like the idea, but I think it ultimately rewards the rich more then the middle class. I would like to not have to fill out a tax return that is an inch thick every year.






  3. The Following User Says Thank You to PorkChopSandwiches For This Useful Post:

    RBP (06-22-2015)

  4. #3
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts
    He would still be allowing for deductions in mortgages, so I think this would be pretty fair. And without any other deductions, it would be hard for the wealthiest to hide things with all kinds of deductions, so I think it would actually be pretty fair.

  5. The Following User Says Thank You to Teh One Who Knocks For This Useful Post:

    RBP (06-22-2015)

  6. #4
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    There are some interesting arguments. Though I can see where they would be able to save a ton of money by gutting the IRS, since a flat fee would mean you don't need near the amount of people

    http://americablog.com/2015/06/criti...-tax-plan.html






  7. #5
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts






  8. #6
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts
    Quote Originally Posted by PorkChopSandwiches View Post
    There are some interesting arguments. Though I can see where they would be able to save a ton of money by gutting the IRS, since a flat fee would mean you don't need near the amount of people

    http://americablog.com/2015/06/criti...-tax-plan.html
    Not only would they save money by gutting the staff at the IRS, it would also remove all the power the IRS has over people and a simple tax law also means a LOT less ability for fraud.

  9. The Following 2 Users Say Thank You to Teh One Who Knocks For This Useful Post:

    PorkChopSandwiches (06-22-2015), RBP (06-22-2015)

  10. #7
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    I like the idea, I spend close to $300 filing taxes and its a shit ton of useless paperwork. But, I doubt it would ever happen.






  11. The Following User Says Thank You to PorkChopSandwiches For This Useful Post:

    RBP (06-22-2015)

  12. #8
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    Also, I want it to be 10%






  13. #9
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts
    Well, the first $50K wouldn't even be taxed under his plan.

  14. #10
    mr. michelle jenneke deebakes's Avatar
    Join Date
    Mar 2011
    Posts
    55,327
    vCash
    12000
    Mentioned
    7 Post(s)
    Thanks
    1
    Thanked 19,022 Times in 11,474 Posts
    nice try, see you in four years

  15. #11
    Forever Alone! Loser's Avatar
    Join Date
    Jan 2011
    Location
    Surrounded by amish Q.Q
    Posts
    5,490
    vCash
    3000
    Mentioned
    0 Post(s)
    Thanks
    3,738
    Thanked 1,286 Times in 869 Posts
    Quote Originally Posted by PorkChopSandwiches View Post
    I like the idea, but I think it ultimately rewards the rich more then the middle class. I would like to not have to fill out a tax return that is an inch thick every year.
    How would it reward the rich?

    Why would or should they have to pay more?

    14.5% on 10,000,000 is significantly more than 14.5 % on 50,000.

    Quote Originally Posted by Hal-9000 View Post
    I already have your name on my butthole...too bad the tattoo artist couldn't spell
    Looser
    Quote Originally Posted by Hal-9000 View Post
    murder my ass..shove it up my ass....both are beautiful terms of endearment

  16. #12
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    Quote Originally Posted by Loser View Post
    How would it reward the rich?

    Why would or should they have to pay more?

    14.5% on 10,000,000 is significantly more than 14.5 % on 50,000.
    People who make money through capital gains would be getting a huge tax cut






  17. #13
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts
    Quote Originally Posted by PorkChopSandwiches View Post
    People who make money through capital gains would be getting a huge tax cut


    The 14.5 percent tax would be applied to wages, salaries, dividends, capital gains, rents and interests of individuals.

  18. #14
    Shelter Dweller PorkChopSandwiches's Avatar
    Join Date
    Jan 2011
    Posts
    77,135
    vCash
    5000
    Mentioned
    15 Post(s)
    Thanks
    47,197
    Thanked 29,254 Times in 16,488 Posts
    Quote Originally Posted by Teh One Who Knocks View Post
    Yeah, but currently the "rich" pay something like 35% on capital gains

    *edit

    https://en.wikipedia.org/wiki/Capita..._United_States







  19. #15
    #DeSantis2024 Teh One Who Knocks's Avatar
    Join Date
    Jan 2011
    Location
    5280' Above Sea Level
    Posts
    256,044
    vCash
    10966
    Mentioned
    20 Post(s)
    Thanks
    23,810
    Thanked 113,085 Times in 59,902 Posts
    But it gets rid of all other deductions (except mortgages) so they have no way to offset those now with other deductions elsewhere. They will end up paying more in a flat tax that's uniform across the board than they have been paying with the higher capital gains tax coupled with a bazillion different deductions that they can use to offset those taxes owed. I guarantee that anyone wealthy that gets most if not all their income thru capital gains doesn't pay anywhere even close to the effective 35% tax rate.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •