TO-BE-DETERMINED RESHUFFLING …
|| By FITSNEWS || Months ago, former Florida governor Jeb Bush boasted that if elected – economic growth in America would eclipse four percent annually under his administration. That’s a pretty aggressive claim considering the U.S. gross domestic product (GDP) hasn’t grown by four percent since 2000 – and hasn’t even hit the three percent threshold since 2005.
Bush repeated this claim this week in rolling out his tax plan … which he claims is a “complete overhaul” of the existing system.
In an opinion piece published by The Wall Street Journal, Bush described the current code as “a labyrinth littered with thousands of special-interest giveaways, subsidies and other breaks written to favor Washington insiders.”
“The code is rigged with multiple carve-outs for favored industries,” Bush wrote. “It penalizes people for moving up the economic ladder. It gives tax deductions for borrowing costs, thereby encouraging companies to take on too much debt and raising concerns about financial fragility, rather than having them focus on real investment and hiring.”
“Low growth, crony capitalism and easy debt – that’s President (Barack) Obama’s economic agenda in a nutshell, and the tax code has helped make it possible,” Bush added. “It’s past time for a change.”
His alternative? A three-tiered system in which federal tax rates would be set at 28 percent, 25 percent and 15 percent. The current seven-tiered system has a top rate of 39.7 percent and a low-end rate of 10 percent.
Of critical importance? Bush has yet to specify the income levels at which his three-tiered system would kick in.
Kind of an important detail to leave out, huh?
For those of you keeping score at home, here are the current rates (as noted via the Tax Foundation website) …
(Table via Tax Foundation)
How would Bush’s plan change those brackets? We don’t know … because he hasn’t told us. All he’s told us is his plan will have three brackets. That’s it.
UPDATE: MORE SPECIFICS OF BUSH’S TAX PLAN
In addition to reshuffling individual income tax rates, Bush proposes lowering corporate tax rates from 35 percent to 20 percent – while eliminating the death tax and revoking the marriage penalty (a.k.a. the tax imposed on joint filers whose individual incomes would have been taxed at a lower rate if they were single).
Meanwhile Bush would impose a one-time 8.75 percent tax hike on an estimated $2 trillion in overseas corporate profits – giving companies ten years to pay that tax.
At the other end of the spectrum, Bush wants to double the standard deduction and dramatically expand the Earned Income Tax Credit (EITC) – two moves which would benefit low-income earners.
Our view? Bush’s plan – at least what he’s released of it so far – appears to be a boon for those making $200,000 or more. It would also be a boon for 15 million Americans at the low-end of the totem poll … who would pay no federal income taxes.
The rest of us? Eh …
Here’s what we don’t get: Bush’s GDP boast requires a resurgence of America’s consumer economy. There’s simply no way around it. And that is never going to happen unless the U.S. middle class (or what’s left of it) is empowered.
In contrast to Bush’s plan, U.S. Senator Rand Paul of Kentucky has proposed a flat 14.5 percent income tax on all income earners. Meanwhile U.S. Senator Marco Rubio of Florida has proposed a two-tiered system which would tax all single filers who make below $70,000 (and all joint filers who make below $150,000) at 15 percent – while those who make above those benchmarks would be taxed at 35 percent.
GOP frontrunner Donald Trump has yet to release his tax plan, but early indications are that he’s planning to cut taxes for the middle class (and possibly raise them for wealthier Americans).
Our view? Taxes should be flat – and fair – for individuals and businesses alike. Meanwhile deductions, exemptions and other carveouts should be completely eliminated – along with all market-distorting, crony capitalist “economic development” subsidies.
Aside from a limited social safety net, all citizens – individual and corporate – should compete in the marketplace on a level playing field.
Most importantly? This flat, fair tax system cannot be geared toward subsidizing government’s current unsustainable spending orgy. Instead, America’s tax reinvention must be accompanied by a similar reinvention on the spending side – one which undertakes a long overdue reorientation, reprioritization and reduction in the size and scope of government itself.
Bush = full of shit and himself.
I do hope the GOP picks Trump, fastest way they can tank this country yet again so we can get some decent policies in for once.
my mate’s sister makes $98 consistently on the PC………After earning an average of 19952 Dollars monthly,I’m finally getting 98 Dollars an hour,just working 4-5 hours daily online….It’s time to take some action and you can join it too.It is simple,dedicated and easy way to get rich.Three weeks from now you will wishyou have started today – I promise!….HERE I STARTED-TAKE A LOOK AT……aoi….
???? https://googleperfecthomejobssupportverifiednetwork/earn/$98/hour…. ???????????????????????????????????
GOP didn’t put 94 million out of work, 50 million on food stamps, waste Billions on Obamacare, and piss-away $9 trillion in debt, you ignorant fucking bastard.
Well actually, yeah, they did.
To destroy capitalism and “American exceptionalism” you overwhelm the system with spending, entitlements, regulations and debt. The economy comes to halt, full-time jobs are killed, businesses fail in record numbers, the middle class is financially murdered, the debt implodes and the economy is overwhelmed.
Capitalism dies as a majority of Americans wind up hooked on welfare, food stamps, free healthcare and government checks like a drug addict is hooked on heroin, crack cocaine, or crystal meth. Obama is America’s drug dealer. But his drug of choice is government dependency.
I chuckle every time a Republican refers to tax breaks for the poor and middle class as “penalizing people for moving up the economic ladder” because that’s how you know the tax proposals they are trying to trick you into accepting are not going to benefit you at all.
One thing for sure: It ain’t the FUCKING government’s money, you lazy ass piece of shit.The government produces NOTHING, but a TAX Bill.
Get off your ass, and earn YOUR living, instead of thinking it’s OK to TAKE money from the PRODUCING people you hate.
You’re too fucking stupid to get it yourself, and that damn sure doesn’t give to the right to FORCE others to give it to you.
Society has NEVER worked when it aids good-for-nothing bastards like you. Working is GOOD for you. It may keep from being such a GREEDY-ass obnoxious ASSHOLE. Dumbass.
They give you your medicare, don’t they? And they give you your early SS check. And they give you your EBT card that you deny you use, but we all know you do. They probably bought you your trailer too.
The establishment RINO’s must be getting jittery. The Conservatives are supposed to fight each other, spend all their money, and hate each other so much they let Jeb swoop in and get the nomination, like in 08 and 12. Trump has brought a new feature into the race. Someone that isn’t bought and paid for by the establishment, but is free to say and do what he wants . If Trump stays the course till the end he could actually win it all. Then the RINO’s will have to find someone else to buy. COOL !
Couldn’t have stated it any better.Excellent. The establishment and left are losing their minds over Trump.
He sure got the crowd going with that three-minute speech and the non-rally.
Jeb’s plan…….zzzzzzzzzzz – snort – zzzzzzzzzzzz.
You STILL Guaranteeing Hillary is the Next president?..You BLITHERING and colossal Dumbass? (:
I’ll guarentee you’re a complete blithering colossal moron.
So you’ve bail on Hill? THAT’s CLASSIC…. What a Fucking idiot you are. Thanks for the Laugh of the day.
I was never a big fan to begin with.
On serious note, I’m still guessing Bush wins.
Give it up, FITSNews. We’ve learned our lesson from letting Libertarian/Moderates get nominated..,…
You’ve LOST. STFU. This country cannot afford another one of you.
We have way too many of you.
Crap, what happens when I plan a rally and no one really shows up.
What a loser! My plan will be the best…the greatest plan ever.
Ha! I cock blocked you on a photo op with Kim Davis!
I don’t care. I did her in the jail.
Then why do you bring gay porn home every night?
Now see, that’s just how you show how stupid you are. You don’t bring it home dummy – you showed me how to download at home.
Completely screwed by loser Cruz today. Promised huge rally, no one there. Taking him off the list for VP selections. Never again. #DonaldTrumpMakeAmericaGreat
At least he’s not Hillary….he can always take solace in that. Hahahahahahaha…
Read my lips no new taxes.
I would love to see those lips. xoxoxoxoxoxoxo
Someone posted to me earlier under SCblows, wonder who that was.
That was flip.Ignore him.xoxoxoxoxo
I thought so, how’s your day ?
My little Yankee buddy George Bush the First once called cutting taxes and increasing spending Voodoo Economics. I didn’t like it at the time, because I was trying to sell the American people on the boondoggle, but darned it he wasn’t right. Imagine my surprise when little Georgie Bush the Second (or Shrub as we call him) didn’t pull the same stunt as me years later. But, old George the First was proven right, again. Voodoo Economics under Shrub left us with a Doodoo Economy. Now here comes little Jeb Bush trying to sucker the American people for a third round of Voodoo/Doodoo. I ought to sue those boys for royalties.
What else is new? Typical Republican solution to every problem — tax breaks for the rich.
In my NCAA pool you are only allowed two brackets.
So when did Obama write the current tax code? Other than raising the top bracket BACK to 39.6%? You know, where it was under the Clinton boom years?
Bush’s 3 tax brackets and expansion of tax welfare expose him as a Progressive – not at all Conservative.