Bernie leads Hildawg in NH

[Belsnickel]

(09-08-2015, 03:16 PM)jakefromstatefarm Wrote: Without getting into any kind of pissing match over the details of this proposal, do you believe this is a more specific proposal than the ones I highlighted from Sanders' website?

My tax plan would blow up the tax code and start over. In consultation with some of the top tax experts in the country, including the Heritage Foundation’s Stephen Moore, former presidential candidate Steve Forbes and Reagan economist Arthur Laffer, I devised a 21st-century tax code that would establish a 14.5% flat-rate tax applied equally to all personal income, including wages, salaries, dividends, capital gains, rents and interest. All deductions except for a mortgage and charities would be eliminated. The first $50,000 of income for a family of four would not be taxed. For low-income working families, the plan would retain the earned-income tax credit.


I would also apply this uniform 14.5% business-activity tax on all companies—down from as high as nearly 40% for small businesses and 35% for corporations. This tax would be levied on revenues minus allowable expenses, such as the purchase of parts, computers and office equipment. All capital purchases would be immediately expensed, ending complicated depreciation schedules.

The immediate question everyone asks is: Won’t this 14.5% tax plan blow a massive hole in the budget deficit? As a senator, I have proposed balanced budgets and I pledge to balance the budget as president.

Here’s why this plan would balance the budget: We asked the experts at the nonpartisan Tax Foundation to estimate what this plan would mean for jobs, and whether we are raising enough money to fund the government. The analysis is positive news: The plan is 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%, and create at least 1.4 million new jobs.

And because the best way to balance the budget and pay down government debt is to put Americans back to work, my plan would actually reduce the national debt by trillions of dollars over time when combined with my package of spending cuts.

The left will argue that the plan is a tax cut for the wealthy. But most of the loopholes in the tax code were designed by the rich and politically connected. Though the rich will pay a lower rate along with everyone else, they won’t have special provisions to avoid paying lower than 14.5%.

I'm curious who this is from. I think I know, but I'm just curious.

Also, I don't actually want to see this from a candidate. Any information they provide here is crap to me because of the bias in the numbers. For one, estimates are estimates. Looking at scenarios like this in a vacuum do little good. For instance, the estimates that showed a decrease in the budget deficit from the ACA. Estimates for proposals don't mean much. The other part of that, and the reason I don't like seeing stuff like that from candidates is the statistical bias of self-interest. Let an independent, non-partisan organization do their own talking about the numbers and point me to their report. Don't give me your interpretation of it.

When a candidate does what you have displayed here it isn't really any more specific because all you're getting is what the candidate is trying to sell to you. You don't have all of the information and you really don't have any more worthwhile information thank you would if they had just said "I am proposing a flat 14.5% income tax rate for businesses and individuals that will help balance the budget and increase out economic growth."