The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Friday, November 6, 2015

Taxman: GOP Plans Via Politifact (And The Taxman)

Taxman! Cos I'm the taxman, yeah I'm the taxman....




False
Trump
Says his plan would cut taxes without increasing the deficit.
— Donald Trump on Wednesday, October 28th, 2015 in the third GOP primary debate.

Donald Trump's false claim that his tax plan wouldn't increase the deficit

Before we proceed allow a repost of the following to ensure you understand the basics of the so-called "flat" tax.


As you look over the following graphic, you may want to ask,"why would any US politicians espouse and campaign on a flat tax. Moreover, why would the GOP to the person seek to instill such a tax system in our nation?

Flat Tax


DEFINITION OF 'FLAT TAX'

A system that applies the same tax rate to every taxpayer regardless of income bracket. A flat tax applies the same tax rate to all taxpayers, with no deductions or exemptions allowed. Supporters of a flat tax system propose that it would give taxpayers incentive to earn more because they would not be penalized with a higher tax bracket. In addition, supporters argue that a flat tax system is fairer because it imposed the tax on all taxpayers regardless of income.
BREAKING DOWN 'FLAT TAX'
In the United States, a progressive-rate tax system is used. In 2010, for example, people who earned up to $8,375 fell into the 10% tax bracket; people who earned greater than $373,650 fell into the 35% tax bracket.

In a progressive tax system, individuals who make more money are taxed at a higher rate. Many of the countries that have imposed a flat tax rate system on individuals and businesses, including Estonia, Lithuania and Latvia, have experienced economic growth since adopting flat tax rate policies.
Read More at Investopedia.

  No personal income tax   Flat personal income tax
Flat personal income tax.png


The Tampa Bay Times, Politifact, recently published a review of GOP candidate tax plans. We have posted below graphics related to each plan. We highly encourage clicking the link to the Politifact page for much more detail. 

Herewith is a summary excerpt from the piece with brief snippets regarding each plan (with an exception for those who have not detailed a plan).

Excerpt
But many of the candidates’ own claims about their tax plans were not grounded in facts. What’s more, experts said, the idea that you could cut taxes without blowing up the federal debt is mathematically and politically impossible.

Donald Trump’s not-so revenue neutral tax plan

Trump, the GOP frontrunner, released his formal tax plan in September, which aims to (you guessed it) "make America great again" through a variety of tax changes:

The hole in Ben Carson’s tithe-based tax planCarson, the former neurosurgeon, has yet to release a formal tax plan. This is what he has proposed so far:

Marco Rubio’s tax plan and the working classFlorida Sen. Marco Rubio has seen an uptick in the polls thanks to his performance in the CNBC debate. He has proposed the following:

Ted Cruz’s growth promiseDuring the debate, Texas Sen. Cruz touted what his plan would accomplish for the economy. Here are some of its features:

Jeb Bush’s tax plan and the middle classFormer Florida Gov. Jeb Bush’s proposal emphasizes streamlining the tax code. Here’s the plan:


We remind the Politifact link provides a rating for each tax plan claim.  Hint: Not one of the delineated plans rates above half-true.


    Let me tell you how it will be There's one for you, nineteen for me Cos I'm the taxman, yeah, I'm the taxman
    Should five per cent appear too small Be thankful I don't take it all Cos I'm the taxman, yeah I'm the taxman
    If you drive a car, I'll tax the street If you try to sit, I'll tax your seat If you get too cold I'll tax the heat If you take a walk, I'll tax your feet
    Taxman! Cos I'm the taxman, yeah I'm the taxman.....

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