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Favre4Ever

Rand Paul Proposes Largest Tax Cut in US History

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Highlights:

Rand Paul proposes largest tax cut in American history. Its a plan that is simple, fair and cuts taxes for every single American.

- The largest tax cut in American history: an estimated $2 trillion will be returned to American families in the first 10 years
- Flat: one 14.5% rate for all individuals and businesses
- Fair: completely eliminates FICA tax on workers
- A plan to eliminate all corporate welfare: no more subsidies or handouts
- A real stimulus: boosts GDP 10% over the first 10 years, creates over 2 million new jobs

You can get more detailed information on his website or, I am sure, a variety of other websites.

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I'm not well versed in economics to know whether this would work, but at least it's bold.

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I'm not well versed in economics to know whether this would work, but at least it's bold.

I know there are a lot of people, especially on here, who hate the idea of a flat tax... Lol. So I am expecting some not so friendly comments later .

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Flat tax is great if you're rich. It's bad if you're not.

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Flat tax is great if you're rich. It's bad if you're not.

Feel free to expand on your thoughts, Phail.

 

Yes and No. The rich people who actually pay what they are supposed to under our current system will love it, because they are paying less. The rich people and major corporations though... The ones who don't pay what hey are supposed to anyway because of loopholes in the tax code would hate it, because those loopholes would be closed and they will actually end up paying more.

 

If you make 10x more then me, you're going to pay 10x more in taxes than me. That's the way it should be... Why we feel like the rich should carry us to the promised land on their backs is absurd. It's a horrible mindset, IMO. Do your own work, and stop counting on handouts from everybody. This welfare state needs to stop.

 

High tax rates on items reduce the purchasing power of those items (smoking and tobacco for example).. Would it not make sense if we tax people less, that maybe there is going to be a benefit? I think that is a logical conclusion.

 

Also, screw the IRS

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If you make 10x more then me, you're going to pay 10x more in taxes than me. That's the way it should be... Why we feel like the rich should carry us to the promised land on their backs is absurd. It's a horrible mindset, IMO. Do your own work, and stop counting on handouts from everybody. This welfare state needs to stop.

 

 

While I totally agree that the flat tax is the fairest, in principle, I can definitely see an argument for taxing the rich a higher percentage. For example:

 

Let's apply Paul's 14.5% tax rate to two people: the first earns $45,000 in a year, the other $4.5 million.

 

14.5% of $45,000 = $6,525

14.5% of $4,500,000 = $652,500

 

While these two are mathematically the same, the 14.5% hurts a lot less to the guy making seven figures.

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While I totally agree that the flat tax is the fairest, in principle, I can definitely see an argument for taxing the rich a higher percentage. For example:

 

Let's apply Paul's 14.5% tax rate to two people: the first earns $45,000 in a year, the other $4.5 million.

 

14.5% of $45,000 = $6,525

14.5% of $4,500,000 = $652,500

 

While these two are mathematically the same, the 14.5% hurts a lot less to the guy making seven figures.

I understand this concept and what you are saying. But here is what we should really be asking. Why should it 'hurt' more?

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Because we need money to get out of this debt. Rich people paying higher taxes will still be rich. They won't have to struggle to eat. Heck, of poor people paid less taxes it might get them to spend some money to help the economy.

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At 14.5% flat I don't think anybody would be too unhappy as a citizen. Rich pay less. Poor pay less. Happy fun time in murica.

Edited by Chernobyl426

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Because we need money to get out of this debt. Rich people paying higher taxes will still be rich. They won't have to struggle to eat. Heck, of poor people paid less taxes it might get them to spend some money to help the economy.

We're not going to pay off the debt simply by taxing rich people an absurd amount of money. All that would do is foster the poor spending habits of our national government -- further spiraling us down into a pit of fire and brimstone.

 

Poor people will pay less under this system. Keep in mind, I am a server so my paychecks comes with a starling 4.35 wage and I will get taxed on

 

In a 2 week pay cycle this is what my pay stub looks like.

 

79.5 hours | 408 dollars earned

315 Dollars are taken out by the government.

Part of that is my taxes on tips, So adjusted for those...

 

The government is getting 265 of my 408 dollars, leaving me a net of 143.

 

Under Rand Paul's flat tax... The government would get 59 of my 408 dollars leaving me 349, a startling 206 dollars MORE.

 

Over the course of a year, Rand Paul's tax system would save me FIVE THOUSAND DOLLARS. And again, this is making 4.35 an hour. Think about what this could do for people making even minimum wage. Crazy. Insane. Ridiculous.

 

And I will pose the same question to you that I did to Stevo.. Why are we out to 'hurt' rich people? That doesn't make sense. They make more money than me, so I am counting on them to solve our national debt?

 

How about we look towards the real culprits of our debt to solve that problem -- the national government. Spending is out of control, our money is fiat in nature. Fix the system, don't try band-aiding by taxing the upper class to death.

 

Punishing the rich is not the answer to inequality and it never will be.

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Why is it always spend less or tax more in politics? Doing both is an option you know.

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Oh look, a Republican who wants to take care of the wealthy before those who actually need it.

 

You want to look at how to tax the wealthy, check out Mark Dayton in Minnesota

 

How about 25% for the top 1%, no loopholes. 15% for anyone who makes over $500,000, and 11.5% for everyone else. Sounds fair to me.

 

Punishing the rich is necessary so long as they don't openly invest in the idea of trickle down economics. Trickle down has been proven to be a farce time and time again, but only because the wealthy take advantage of ideal situations and decide to be greedy before taking care of their employees.


The wealthy, because most of them are business owners, get to deduct so many things that they don't even come close to paying what they should pay, anyway. Maybe it's not about upping the percentage so much as it's about taking away all these loopholes where they can get around paying their fair share.

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Why is it always spend less or tax more in politics? Doing both is an option you know.

 

Why are you avoiding the questions and heart of the debate and just spinning it along with more questions? We don't need to tax more. We need the rich to pay their taxes, period. This plan makes that it happen.

 

Bware, you are absolutely correct. The rich, right now... Not only don't pay more, they hardly pay anything at all because of those loop holes.That's both corporate and personal wealth. Have a good accountant and lawyer and if you're wealthy you are by and large escaping taxes. The government, by installing this plan, would actually get MORE money from the rich than what is already collected because those loopholes would be closed.

 

Equality is fun and prosperous.

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14.5% isn't high enough for the 1%. Taxes should bone them for the years to come just like they've been boning the middle class for years.

 

Man, fuck Rand Paul. Typical silver-spoon white man who has no clue what other people go through. We don't need him leading us.

Edited by BwareDWare94
  • Downvote 2

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14.5% isn't high enough for the 1%. Taxes should bone them for the years to come just like they've been boning the middle class for years.

 

Man, fuck Rand Paul. Typical silver-spoon white man who has no clue what other people go through. We don't need him leading us.

Maybe it's not about upping the percentage so much as it's about taking away all these loopholes where they can get around paying their fair share.

 

There is literally no reason we should purposefully 'bone' anyone. If I knew loopholes in the tax code, I'd use them. Why not?

 

 

EDIT:

Although, to be fair, your plan earlier wasn't ridiculous. Your 25% on the 1% is a massive tax break for them. They love you and your silver-spoon white man mentality, Bware.

Edited by Favre4Ever

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The Rich canadians pay about 50% on taxes depending on what province you are in. 38% federal and another 10-15% provincial depending. Don't talk to me about being boned by taxes, lol.

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Maybe it's not about upping the percentage so much as it's about taking away all these loopholes where they can get around paying their fair share.

 

There is literally no reason we should purposefully 'bone' anyone. If I knew loopholes in the tax code, I'd use them. Why not?

 

 

EDIT:

Although, to be fair, your plan earlier wasn't ridiculous. Your 25% on the 1% is a massive tax break for them. They love you and your silver-spoon white man mentality, Bware.

 

25% with no loopholes? Not a massive tax break. Most of them don't even end up paying taxes.

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Uh... I just saw F4e's paystub breakdown... nevermind, how the fuck do the States get away with that gouging?

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Uh... I just saw F4e's paystub breakdown... nevermind, how the fuck do the States get away with that gouging?

 

gullible voters

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25% with no loopholes? Not a massive tax break. Most of them don't even end up paying taxes.

 

I don't think there is anyway to know how many people actually use the loopholes though.. Maybe there is, I don't know.. lol. If you have those numbers, please share them.

 

The current taxc bracket though tops out at just under 40%... Also, the Wall Street Journal did a piece a couple years back that found that people making over 100K already pay 95% of the federal income tax. That's WITH those loopholes, lol. You dropping the tax rate to 25% is going to be a MASSIVE cut in that. The overall % of money that the 1% will pay will actually decrease because the more money you make the more options are available for said loopholes. There are only 7000 people in this country who make 30M or more while there are 6 million millionaires.

Edited by Favre4Ever

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Slightly off topic, but I had to post this.

 

1797489_10152976084650197_80712907667456

  • Upvote 1

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I just want someone who is gonna get all these lazy people living off the system working or out on the streets. Everyone hits a rough patch in life and needs help. But too many people abuse it.

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I just want someone who is gonna get all these lazy people living off the system working or out on the streets. Everyone hits a rough patch in life and needs help. But too many people abuse it.

 

This is a generalization that can't be proven.

 

And I'm completely disinterested in attacking those people in favor of ignoring the way the wealthy find ways to make sure the middle class gets boned time and time again.

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I'm really eager to see Phail get involved in this thread, because this has the makings for a really educated discussion on economics. Will probably devolve into insults tho. :coffee:

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For one, Phail says he has stopped with the political discussions. Secondly, he's already here.

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