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Rand Paul calls for 14.5 percent flat tax
The Hill ^
| 06/18/2015
| Bernie Becker
Posted on 06/18/2015 6:13:49 AM PDT by GIdget2004
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To: GIdget2004
Sounds about right. Not a Paul campaign supporter, but this about the best possible tax plan I can imagine. I would think it would need to be closer to 18%, though, realistically.
2
posted on
06/18/2015 6:15:57 AM PDT
by
ilgipper
To: GIdget2004
The nice things about a flat tax are everyone’s got some skin in the game and those with the best tax accountants don’t get to pay less.
3
posted on
06/18/2015 6:17:19 AM PDT
by
grania
To: GIdget2004
My feral tax rate is currently around 17%. 14.5% would be a really good thing for my household. Furthermore, abolish or dramatically scale back the size and scope of the IRS. This would go a loooong way in the restoration of American freedom.
To: GIdget2004
Good idea if there was a way to prevent federal ‘mission creep’ which would keep raising the rates as the pols sought to purchase more votes.
5
posted on
06/18/2015 6:18:37 AM PDT
by
Don Corleone
("Oil the gun..eat the cannoli. Take it to the Mattress.")
To: GIdget2004
That’s great. I’ve always been in favor of a flat tax. Seems to me to be the only equitable way to do an income tax.
But maybe it’s better without any deductions at all. The reason is that it opens the door to political tampering and eventually the flat tax would end up similar to the one we have now.
I know the real estate/homeowner constituency is strong and very hard to buck. Still, what will work best is a truly level playing field.
6
posted on
06/18/2015 6:19:05 AM PDT
by
Paulie
(America without Christianity is like a Chemistry book without the periodic table.)
To: ilgipper
He can call what ever he wants , but we all know it will never happen in DC due to the amount of pork and special interests.
7
posted on
06/18/2015 6:20:16 AM PDT
by
manc
(Marriage =1 man + 1 woman,when they say marriage equality then they should support polygamy)
To: GIdget2004
Paul, whos running for president in 2016, would put into place one 14.5 percent rate for individual, business and investment income, and remove all but a couple of the tax breaks currently on the books. The current top rate for individuals and many small businesses is near 40 percent, while the corporate rate tops out at 35 percent. Taxpayers would get to keep the deductions for home mortgage interest and charitable deductions under Pauls plan, and would also not have to pay any payroll taxes. Plus, the gift and estate taxes would be scrapped, and the first $50,000 of a family of fours income would be exempt from taxes. Not quite a "flat" tax, is it?
8
posted on
06/18/2015 6:22:05 AM PDT
by
Alex Murphy
("the defacto Leader of the FR Calvinist Protestant Brigades")
To: grania
The nice things about a flat tax are everyones got some skin in the game and those with the best tax accountants dont get to pay less. But it won't be the case. After it gets tinkered with, there will be a standard exemption/deduction that will still exempt many from paying taxes.
9
posted on
06/18/2015 6:22:18 AM PDT
by
fwdude
(The last time the GOP ran an "extremist," Reagan won 44 states.)
To: servantboy777
Wouldn’t need an IRS if it was a flat tax.
10
posted on
06/18/2015 6:22:40 AM PDT
by
Bulwyf
To: GIdget2004
Ok ONE MORE TIME for you STUPID F*CKING PEOPLE who keep listening to the “Siren Song” of the “Flat-Taxers”, IF YOU DO NOT ADMEND THE US CONSTITUTION ABOLISHING THE INCOME TAX AND it’s INFRUSTRUCTURE(IRS)(lotsa luck on this one) THEN YOU WILL END UP WITH BOTH THE FLAT TAX AND THE INCOME TAX! OK got it NOW!
11
posted on
06/18/2015 6:24:38 AM PDT
by
US Navy Vet
(Go Packers! Go Rockies! Go Boston Bruins! See, I'm "Diverse"!)
To: Bulwyf
Wouldnt need an IRS if it was a flat tax.Nor as many accountants and lawyers.
So, it ain't gonna happen.
To: Bulwyf
>>Wouldnt need an IRS if it was a flat tax.<<
Unfortunately we would. I hate to hear myself acknowledge that, but there will always be tax cheats.
I think the secret would be to severely limit their ability to accuse a person and seize homes, businesses, bank accounts without a warrant issued by a judge.
No more guilty until you prove yourself innocent.
To: Bulwyf
The estate and gift tax is basically a flat tax and it keeps attorneys and cpas very busy with the IRS. A flat tax would increase the volume of similar issues that all taxpayers would use to avoid or reduce the flat tax.
14
posted on
06/18/2015 6:33:06 AM PDT
by
Raycpa
To: GIdget2004; Taxman
Good stuff man.
14.5% with no payroll taxes is good. ALL of the other flat tax proposals included 7.65% ee and er payroll. This one doesn’t and that’s really good.
Downsides ... this also taxes investment income [double taxation] and businesses [hidden tax in higher prices, lower wages, and/or reduced ROI] - and IIRC it keeps the EITC :(, and it doesn’t tax imports...
But hell I’d jump on this - then follow with an consitutional amendment that all payers must pay the same marginal rate.
I’m so happy that tax reform will be in the conversation this time around.
15
posted on
06/18/2015 6:34:29 AM PDT
by
Principled
(Government Slowdown using the budget process!)
To: GIdget2004
14.5%? Scroo that. God only requires 10%.
Paul's rate legitimizes the size and scope of government.
16
posted on
06/18/2015 6:35:43 AM PDT
by
Texas Eagle
(If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
To: GIdget2004
And he maintains that his tax plan alone would increase the size of the economy by 10 percent over a decade and create 1.4 million jobs, Wow. 1% growth and 140,000 jobs a year. You go, Rand Paul!
No. Seriesly. Go. Take your teeny tiny vision and just go away.
17
posted on
06/18/2015 6:37:19 AM PDT
by
Texas Eagle
(If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
To: GIdget2004
Paul, whos running for president in 2016, would put into place one 14.5 percent rate for individual, business and investment income, and remove all but a couple of the tax breaks currently on the books.Is he running for dictator?
He needs to get Congress to change the law.
He can advocate for anything he wants, but he can't change the law unless he thinks he is above the law.
18
posted on
06/18/2015 6:38:18 AM PDT
by
P-Marlowe
(Saying that ISIL is not Islamic is like saying Obama is not an Idiot.)
To: Paulie
do you know what a business deduction is?
To: ilgipper
Yeah I think it would have to be higher - and if it’s to include payroll taxes then for sure it would be imo
20
posted on
06/18/2015 6:38:25 AM PDT
by
Principled
(Government Slowdown using the budget process!)
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