Who has the best tax plan?

[Benton]

(02-04-2016, 03:17 PM)Aquapod770 Wrote: Tax Foundation ran an analysis of all the candidates tax plans and they're pretty interesting reads. Basically the Republican plans will cut taxes and have less revenue coming in to the government, but will lead to huge growths in GDP, wages, and jobs over the long run. Sanders plan will see a huge increase in revenue coming in to the government, but a substantial drop in GDP and wages.

So I guess the question comes down to: who do you trust with your money? You or the federal government?


Cruz
http://taxfoundation.org/article/details-and-analysis-senator-ted-cruz-s-tax-plan

Rubio
http://taxfoundation.org/article/economic-effects-rubio-lee-tax-reform-plan

Trump
http://taxfoundation.org/article/details-and-analysis-donald-trump-s-tax-plan

Sanders
http://taxfoundation.org/article/details-and-analysis-senator-bernie-sanders-s-tax-plan

As already mentioned, Tax Foundation is a conservative group designed to promote pro-business policies. Normally, if Tax Foundation promotes it, so does the GOP. They're normally critical of any tax plan that raises a tax saying it will lead to less growth and eventually less revenue. To give you an idea of what they promote, they predicted Bush's tax plan of cutting taxes, increasing spending would have the U.S. in some kind of golden age. That didn't work too well, but they stick with that mantra of 'cut taxes, increase tax credits and pump cash into housing.'

I read through their reports on Sanders, Cruz and Rubio. I didn't know they did one on Trump. They're all pretty laughable interpretations. For Sanders, they point out he's planning on paying for things and increasing spending on infrastructure (which leads to jobs and higher overall wages through Bacon), but predict that's going to cut jobs and lower wages. For Cruz, he's cutting something like $4 trillion in taxes and people are going to be taxed less as it's going to switch to a consumer tax instead of an income tax... but somehow they predict that's going to create significant growth in the GDP and wages (even though it makes no sense as you aren't going to purchase more things if the things you have to purchase cost significantly more).

In truth, the plans will probably be the opposite. I'm not opposed to Cruz's tax plan on some levels, but charging people 15% more than they're paying now is going to stop them from buying bigger ticket items. When your $30,000 car costs $35,000 or your $800 tv is suddenly $1,000, you're going to buy less of those items, even if you are saving a couple hundred extra each week. Which leads to less jobs, less growth.