Posted on 11/09/2015 5:31:13 AM PST by RoosterRedux
Republican presidential candidates are in agreement that tax rates need to be lower, simpler and fair and enacting that kind of reform could be "rocket fuel" according to one of the chief architects the emerging proposals.
Stephen Moore is senior economic contributor at FreedomWorks and has advocated for conservative tax reform for decades through his work at the Heritage Foundation, the Cato Institute and other institutions. He says dramatic action on taxes would quickly change our economy.
"The lower the better," said Moore. "If you do that, I think it will be rocket fuel for the U.S. economy. The only bad news is the Democrats, Hillary Clinton and Bernie Sanders, are talking about running in the opposite direction."
However, Moore is thrilled that there seems to be a consensus throughout the GOP field on the need to lower taxes.
(Excerpt) Read more at wnd.com ...
Good for us and the country.
Ping
The Tax Foundation estimated that in 2014, the combined yearly compliance and economic opportunity cost of the current Federal income tax system to be a frightening US$1 TRILLION per year--and will continue to go up. Something like Steve Forbes' flat tax proposal from 19 years ago would cut that by 75%--freeing up hundreds of billions now spent tax compliance for more productive economic activities.
Ultimately, we should phase out the income tax for a national consumption tax like FairTax (H.R. 25/S. 155)--that change would free up over 90% over the money now spent on tax compliance.
When the US economy was self contained, each dollar of tax reduction was spent to buy US manufactured products, thereby increasing demand for US product and US labor. Today, when taxes are reduced the higher disposable income is used to purchase foreign manufactured goods. The increased economic activity resulting form the tax reduction occurs outside the US.
Unless the money from tax reduction is channelled in to the US economy, there is no “rocket fuel” for the US economy.
Trump is the ONLY one (I’ve heard) talking about corporate tax inversion.
This is YUUUUGE!! It brings back business that has gone overseas.
A business VAT tax, or ANY kind of VAT tax, is a deal killer, imo. Look at Europe....a VAT tax always starts off so innocuously - then GROWS to the behemoth we see in Europe, today. Once a “new” kind of tax gets it’s nose in the tent.....well, we all know what happens, next.
Go Trump!!! Make America Great Again!
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