Skip to comments.House GOP Budget to Target Tax Rates [two individual brackets of 10% and 25%.........]
Posted on 03/19/2012 4:36:10 PM PDT by Sub-Driver
House GOP Budget to Target Tax Rates By NAFTALI BENDAVID
House Republicans, seizing on what they hope is a potent campaign issue in the midst of a muddled political and economic landscape, will introduce a 2013 budget Tuesday that cuts tax rates and provides for two individual brackets of 10% and 25%.
The budget would end the Alternative Minimum Tax, which was originally aimed at the wealthy but which ensnares a growing number of middle-class taxpayers each year. The plan would nearly eliminate U.S. taxes on American corporations' earnings from overseas operations.
The proposal, to be offered by Rep. Paul Ryan (R., Wis.), who has become the Republicans' leading figure on budget issues, has little chance of becoming law soon. While likely to be welcomed by House GOP rank-and-file members, it would be rejected by the Democratic-controlled Senate.
But with Republicans struggling to settle on a presidential nominee and a coherent campaign theme, party leaders hope the easy-to-understand tax-cut proposal will give Republican candidates a clear and popular message.
"We don't expect to make law this year, but we expect to give the country an alternative choice for the future," Mr. Ryan, who chairs the House Budget Committee, said in an interview. "We're going into this election with a specific plan and showing how we could realize it and get it done."
(Excerpt) Read more at online.wsj.com ...
Why do you get a free ride, when you are simply a parasite living off others as a lifestyle?
If we had more than the current 50% paying taxes, isn't it about "fairness"?
You'll NEVER get that past the Liberals, because vote-buying via the Taxes others pay is half their voterbase.
I don’t understand, this helps? Can someone explain to me?
“The plan would nearly eliminate U.S. taxes on American corporations’ earnings from overseas operations. “
Am I reading this right? .... The plan would nearly eliminate U.S. taxes on American corporations’ earnings from overseas operations.
Great, lets just move it all overseas to avoid US taxes
It’s pretty simple. US companies would no longer be at such a huge disadvatage. The economy would take off like a rocket.
98% to 99% of all individual tax payers would NEVER pay any federal income tax.
Where did you people get the idea income tax was supposed to be levied on the working poor by the federal government? It's a preposterous thought really ~
I think this is good timing considering it is tax season. Each year more taxpayers are snared by the hideous AMT even though they declare few deductions. The AMT should have been repealed long ago.
I would like to see President O-bysmal argue against that.
I don’t see where the plan says it would eliminate taxes for corporations stateside earnings.
I don’t understand some of this but it would seem we would want to ensure stateside is the cheapest place to do business?
Maybe I am misunderstanding or I don’t understand business enough...
END CLASS WARFARE.
Flat Tax rate of 13% No deductions whatsoever.
No corporate taxes, EXCEPT on money made OUTSIDE of the US by US corporations. Make it in the US..... No taxes.
“The economy would take off like a rocket.”
And so would the jobs. Us corporations would send every job overseas to a cheaper labor force.
I would say flat 10%, but otherwise agree.
Progressive tax rates are not a conservative solution! Democrat lite!
Now, my 9-9-9 plan...
Newt’s “mind boggling” tax plan features an optional 15% individual flat tax after deductions and a 12.5% corporate rate. Also phases out social security and medicare. Returns welfare functions to the states and the people per the constitution.
And will actually gut the bloated federal government:
Romney (Obama-lite) will tinker around the edges, but actually raise taxes on the “wealthy.” Will not reduce government.
Santorum likes the 28% top rate. Says if it was good enough for Reagan, it’s good enough for him. Will tinker but not drastically reduce government. Will continue funding the monster at current rates.
I’ll take Newt’s plan please.
Newt’s plan is much bolder. Romney’s and Santorum’s plans are status quo plans.
The reason is simple: by eliminating all those complicated and corrupting tax loopholes (except for a very generous initial earned income exemption for wages and pensions), it would cut the cost of yearly tax compliance by 75%, freeing up as much as US$322.5 BILLION per year for more productive economic activities. And because we no longer have the alternate minimum tax, estate tax, possibly the FICA tax, marriage penalty and taxes on bank account interest, capital gains and stock dividend payments, it would result in banks overflowing with liquid assets and companies clamoring to expand business operations in one of the most tax-friendly environments in the world.
Romney’s plan is basically a federal revenue maintenance plan. By lowering the rates but cutting deductions, there is little net effect. Democrat lite.
Newt’s plan also includes 0% on capital gains and eliminates the death tax. The economy would explode.
Agree completely. Romney has absolutely no intention of downsizing the government. Some of his advisers have backed off on repealing Obamacare, and many are big government types. He has no serious plan to deal with entitlements.
No, I made a mistake. You make a good point...