Paul Ryan's Tax Plan

[g5000]

Okay, it is really the Brady-Ryan tax plan. Kevin Brady is the Chairman of the House Ways and Means Committee.

Here's Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again


Here's the Tax Foundation's analysis: Details and Analysis of the 2016 House Republican Tax Reform Plan

Here's the actual plan: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf


Forbes:

Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.

As a fiscal conservative who has been railing against tax expenditures for many, many years, this warms the cockles of my heart.

Tax Foundation:

Consolidates the current seven tax brackets into three, with rates of 12 percent, 25 percent, and 33 percent (Table 1).

Tax Foundation:

According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.

(applause)

"9.1 percent higher GDP over the long term" is a rather implausible pill to swallow, though.

If fully enacted, the proposal would reduce federal revenue by $2.4 trillion over the next decade on a static basis (Table 4). The plan would reduce individual income tax revenue by $981 billion over the next decade. Corporate tax revenue would fall by $1.2 trillion. The remainder of the revenue loss would be due to the repeal of estate and gift taxes.

On a dynamic basis, the plan would reduce federal revenue by $191 billion over the next decade.

They are heavily counting on that 9.1 percent higher GDP to reduce the $2.4 trillion deficit to $191 billion. Caveat emptor.

 

[bendog]

Okay, it is really the Brady-Ryan tax plan. Kevin Brady is the Chairman of the House Ways and Means Committee.

Here's Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again


Here's the Tax Foundation's analysis: Details and Analysis of the 2016 House Republican Tax Reform Plan

Here's the actual plan: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf


Forbes:

Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.

As a fiscal conservative who has been railing against tax expenditures for many, many years, this warms the cockles of my heart.

Tax Foundation:

Consolidates the current seven tax brackets into three, with rates of 12 percent, 25 percent, and 33 percent (Table 1).

Tax Foundation:

According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.

(applause)

"9.1 percent higher GDP over the long term" is a rather implausible pill to swallow, though.

If fully enacted, the proposal would reduce federal revenue by $2.4 trillion over the next decade on a static basis (Table 4). The plan would reduce individual income tax revenue by $981 billion over the next decade. Corporate tax revenue would fall by $1.2 trillion. The remainder of the revenue loss would be due to the repeal of estate and gift taxes.

On a dynamic basis, the plan would reduce federal revenue by $191 billion over the next decade.

They are heavily counting on that 9.1 percent higher GDP to reduce the $2.4 trillion deficit to $191 billion. Caveat emptor.

He's a RINO (-:

Seriously, it's a serious view. Personally I was not swayed because it weights taxes away from investors and towards consumers, which imo is completely ass backwards in terms of where the economy is right now. Longterm, consumption taxes is probably something we have to look at, but simply making it more expensive for people, who have no surplus income to save, to survive is not the direction we need to look at.

But still, neither Trump nor Hillary has put up anything beyond what we have done before, beyond both promise to blow up the debt even more.

Gore correctly premised a payroll tax cut that depended on savings. Greenspan discredited it by saying "it would skew the equities' markets," when, as we later painfully learned, Greenspan was skewing the equities' markets by not regulating mortgages.

 

[ScienceRocks]

Honestly, knowing that most rich and big busineses cheat and pay about 10-12% in taxes...Well, I'd meet them half way with doing away with the loop holes and cutting taxes to 18%. We'd bring in more revenue.

 

[CowboyTed]

Honestly, knowing that most rich and big busineses cheat and pay about 10-12% in taxes...Well, I'd meet them half way with doing away with the loop holes and cutting taxes to 18%. We'd bring in more revenue.

Honestly Matthew,

Do you think Republicans are going to get the Rich to pay more money? Seriously...

 

[bendog]

Honestly, knowing that most rich and big busineses cheat and pay about 10-12% in taxes...Well, I'd meet them half way with doing away with the loop holes and cutting taxes to 18%. We'd bring in more revenue.

Honestly Matthew,

Do you think Republicans are going to get the Rich to pay more money? Seriously...

Well Donald said he would before he released his plan cutting their taxes. LOL