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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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Rand Paul's flat tax plan

notazbad2000
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Rand Paul's flat tax plan Empty Rand Paul's flat tax plan

Post by notazbad2000 Wed 08 Apr 2015, 10:58 am

Rand Paul's flat tax plan
Rand Paul's flat tax plan CNNMoney-new-logo-27-gif_044803
By Jeanne Sahadi 3 hours ago
       



Rand Paul's flat tax plan 2015-04-07T172402Z_880111394_TB3EB471CBSER_RTRMADP_3_USA-ELECTION-PAUL

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View photo

REFILE: CORRECTING BYLINE U.S. Senator Rand Paul (R-KY) formally announces his candidacy for president during an event in Louisville, Kentucky, April 7, 2015. Earlier on Tuesday, Paul initially announced his candidacy in a post on his website. REUTERS/John Sommers II


Rand Paul wants to cut taxes. Like no one else before.

He also wants to simplify the tax code, eliminate the estate and gift taxes and wipe out investment taxes too.
And he wants to do it by way of a "flat tax."
"As President, I would promote a Fair and Flat Tax plan, known as the 'EZ Tax.' My tax plan would be the largest tax cut in American history, reforming individual, business, and worker taxes," the Libertarian-leaning senator from Kentucky wrote on his new 2016 campaign Web site.
Related: Rand Paul: 'I am running for president'
The big idea behind a flat tax: Move from an income tax system with many rates to one single rate. Kill all but a few tax breaks. And make all investment income tax free. Generally, the goal is to only tax money once: either when it's earned or when it's withdrawn after being deposited or invested.
Not all flat-tax proposals are alike, however. They can differ in how high they set the rate; how big of an income tax exemption they allow for all filers based on family size; how many other tax breaks they include; and whether they eliminate payroll and estate taxes.
Related: Rand Paul-onomics: 4 things to know
Here are the few details we know about how Paul would structure his flat tax:
Single, flat tax rate: 17%

Paychecks: Individuals would pay 17% tax on wages and salaries. The net effective rate they pay would almost certainly be lower assuming they're allowed to take an exemption, which is typical under a flat tax. For example, say you gross $100 in income and get to exempt $20. You'd only pay 17% on the $80 that remains. That works out to be $13.60, or just 13.6% of your gross income.
Business income: Businesses would be subject to the same 17% rate.
Investment income: Capital gains, dividends and interest would be tax free.
Payroll tax: Low- and middle-income workers would get an exemption from the Social Security tax. How much isn't clear.
Estate and gift tax: Eliminated.
Alternative Minimum Tax (AMT): Eliminated.
It's not clear how Paul's campaign proposal for a flat tax differs from the flat-tax proposal he's made in the past two years.
Under that earlier proposal, Paul said he would preserve and increase both the personal exemption and standard deduction. He would also keep tax-free fringe benefits to employees, such as employer contributions to help pay for workers' health insurance. And all capital gains made on the sale of one's primary residence also would be tax-free.
Related: Why the middle class is still getting snared by the 'wealth tax'
A frequent criticism of the flat tax is that it may disproportionately benefit the very rich, since they have so much investment income, which would be tax-free. But given how few details there are about Paul's proposal, it's too early to say what the distributional effects would be.
What can be said is that his flat tax proposals would bring in far less revenue than the current system. Why? If he wanted to maintain the current amount of revenue, that would require a flat rate of at least 25%, said Joseph Rosenberg, a senior research associate of the Tax Policy Center.
Paul's proposal outlined Tuesday would, by the candidate's own estimate, bring in $700 billion less revenue every year than the current income tax system.
At the same time, Paul stressed his disdain for the country's debt when announcing his bid for the presidency. "Stop spending money you don't have," he said.
That goal will be much harder to reach under his flat tax plan.
Paul's campaign did not immediately respond to a request for more details about his proposal.

http://finance.yahoo.com/news/rand-pauls-flat-tax-plan-211200588.html

Would you vote for him?

TAZ
jbowhunter
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Post by jbowhunter Wed 08 Apr 2015, 11:13 am

I like the concept of a flat tax.  Not sure I'm ready to endorse any candidate yet.
notazbad2000
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Post by notazbad2000 Wed 08 Apr 2015, 11:20 am

I'm almost sure...that now since the door has been opened...ALL of the opponents will come out with some sort of similar plan to get elected.  I think it's a bit early in the game to put my money on one pony as well!


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The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.
Martin Luther King Jr., Strength to Love, 1963

fonz1951
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Post by fonz1951 Wed 08 Apr 2015, 12:30 pm

it's a great idea and it could work, provided it was done in a way to where it was a level playing field, not so sure that could be accomplished, unless he could figure out a way to get the fair share out of the rich and super rich population. you can bet on one thing for sure, the man with the pen, wins in the end  hi
Pinoy10
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Post by Pinoy10 Wed 08 Apr 2015, 6:28 pm

If it gets rid of the IRS in the end, I am all for the flat tax. Bring it on....

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