Republic Tax Reform Plan

[ALBballer]

Not a half bad plan. Some highlights of the plan:

-IT CONDENSES THE SEVEN CURRENT BRACKETS TO TWO, WITH RATES AT 10 PERCENT AND 25 PERCENT.

Ok, I don't think the amount of brackets is an issue but simplifying the amounts is for the best.

-IT TAXES INVESTMENT INCOME AS ORDINARY INCOME.

This is a start and it would help with the issue of high income taxpayers whose income is classified as "capital gains" and taxed at lower rates. However the current proposal allows a 40% exclusion which I am againt.

-IT CLOSES TAX LOOPHOLES AND ELIMINATES POPULAR TAX BREAKS.

I'm all for this. The government should stop incentivizing homeowning, education, health deductions, state taxes and etc. The government ends up artificially increasing prices for such things by subsidizing them through tax breaks.

-IT ADDS A 10 PERCENT TAX SURCHARGE TO INCOME OVER $411,000 FOR INDIVIDUALS AND $464,000 FOR FAMILIES.

ok.

I think it's a decent start but unfortunately it won't get passed.

http://www.newrepublic.com/article/116750/dave-camp-releasing-his-tax-reform-plan-over-republican-objections

[MightyWhitey]

What a bunch of nonsense. Taxing capital gains as regular income will give no one incentive to want to invest to improve their financial wealth. The whole purpose of a capitalist society is not to punish people for making an honest buck whether at a 9-5 or at the stock exchange. So if anyone makes more money the other comrades will feel bad so they need to be further taxed? :roll:

[Real Men Wear Green]

How does it change overall revenue? Positively, negatively, negligibly, or no idea?

[boozehound]

Not a half bad plan. Some highlights of the plan:

-IT CONDENSES THE SEVEN CURRENT BRACKETS TO TWO, WITH RATES AT 10 PERCENT AND 25 PERCENT.

Ok, I don't think the amount of brackets is an issue but simplifying the amounts is for the best.

-IT TAXES INVESTMENT INCOME AS ORDINARY INCOME.

This is a start and it would help with the issue of high income taxpayers whose income is classified as "capital gains" and taxed at lower rates. However the current proposal allows a 40% exclusion which I am againt.

-IT CLOSES TAX LOOPHOLES AND ELIMINATES POPULAR TAX BREAKS.

I'm all for this. The government should stop incentivizing homeowning, education, health deductions, state taxes and etc. The government ends up artificially increasing prices for such things by subsidizing them through tax breaks.

-IT ADDS A 10 PERCENT TAX SURCHARGE TO INCOME OVER $411,000 FOR INDIVIDUALS AND $464,000 FOR FAMILIES.

ok.

I think it's a decent start but unfortunately it won't get passed.

http://www.newrepublic.com/article/116750/dave-camp-releasing-his-tax-reform-plan-over-republican-objections
you can call this the republican plan, but really it is the plan of one guy. His party wont support this.

[KevinNYC]

NY Magazine says it's been a generation (http://nymag.com/daily/intelligencer/2014/02/republican-designs-tax-reform-plan-thats-good.html) since a major Republican had this impressive and ambitious a policy proposal[QUOTE]The tax-reform proposal unveiled yesterday by Dave Camp, chairman of the House Ways and Means Committee, does something remarkable: It actually reforms the tax code. It doesn

[KevinNYC]

How does it change overall revenue? Positively, negatively, negligibly, or no idea?
Camp's plan is revenue neutral.

Also there is actually an extra 10% on high incomes and for capital gains the first 40% of the revenue is untaxed. So there's three tax brackets. (http://www.washingtonpost.com/blogs/wonkblog/wp/2014/02/26/understand-the-house-gop-tax-reform-proposal-in-four-simple-charts/)

http://www.washingtonpost.com/blogs/wonkblog/files/2014/02/tax-brackets.jpg

[Pushxx]

Or we can get rid of the IRS completely and drop the income tax. Our country is spending too much money while screwing things up.

Wow...all set. Too bad this is against the interests of the lobbyists and politicians that tend to the sheep (US citizens).

[niko]

Or we can get rid of the IRS completely and drop the income tax. Our country is spending too much money while screwing things up.

Wow...all set. Too bad this is against the interests of the lobbyists and politicians that tend to the sheep (US citizens).

Yeah that would work well

[Akrazotile]

Yeah that would work well

Actually it would, the income tax is nothing but a power grab for the government at the expense of the middle class.

We engage in extremely expensive for-profit wars with income tax revenue, that benefits the worlds most wealthy donors, and then we use the rest of the income tax on entitlement spending toward things like multi-thousand dollar medical treatments for 84 year old parapalegics, or welfare payments to single moms with 8 kids, or scholarship grants for students who wanna study french poetry, in order to keep these people complacent enough and voting Democrat so while they might complain about the govt here or there, theyre getting just enough that theyre not going to try and flat out revolt. The public has been gently weaned off intuition and participation and by government opiates ie handouts.

The people who earn an honest income in this country pay for all the old people, pay for all the programs for the poor, the illiterate, the drug addicts, the entitlement defrauders, and the billions that is generally wasted on welfare each year, and on top of that they pay for the contracts given to the companies of the wealthiest lobbies.

The income tax is absolutely a bullshit system. Funny how all these white liberals cry about how the white man had no right to take the indians land for personal use, but he believes the government should be able to take an arbitrary amount of John A's income and give it to John B or John C or whoever it needs to in order to buy votes.


Its a scam built on the ignorance and complacency of the general public. The amount of money the government usurps and wastes on CORRUPT activity is outrageous. But short sighted blind sheep think its necessary to give every man a fish who wants one, or else youre a callous jerk. They have that moral superiority need thing goin.

[ALBballer]

Or we can get rid of the IRS completely and drop the income tax. Our country is spending too much money while screwing things up.

Wow...all set. Too bad this is against the interests of the lobbyists and politicians that tend to the sheep (US citizens).

A form of taxation is necessary to fund government programs, infrastructure and so forth. In theory, I might be against the corporate income tax because it dissuades businesses to set up shop in america and move abroad to countries with lower tax rates but the practical side of me thinks these businesses are more enticed by laxer laws and cheaper wages than the tax rate.

I'm all for tax reform but the bigger issue is government expenditure.

[Pushxx]

A form of taxation is necessary to fund government programs, infrastructure and so forth. In theory, I might be against the corporate income tax because it dissuades businesses to set up shop in america and move abroad to countries with lower tax rates but the practical side of me thinks these businesses are more enticed by laxer laws and cheaper wages than the tax rate.

I'm all for tax reform but the bigger issue is government expenditure.

Whoa. I said get rid of the income tax and abolish the IRS.

How did you go from that to getting rid of taxation? And no shit a big problem is government spending. They spend so the politicians keep their jobs and the lobbyists keep paying.

[ALBballer]

Whoa. I said get rid of the income tax and abolish the IRS.

How did you go from that to getting rid of taxation? And no shit a big problem is government spending. They spend so the politicians keep their jobs and the lobbyists keep paying.

And what do you propose? Some form of consumption and flat rate tax system?

[Akrazotile]

And what do you propose? Some form of consumption and flat rate tax system?


Yes please.