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Cutting taxes is 2nd to getting rid of the direct levy system that was imposed in 1914. Further, I would enjoy seeing excise and import taxes lifted also since it makes our domestic production more competitive as well as imports cheaper. I don't expect most of the candidates to understand the perpetual damage a direct levy system has. Not that they cannot understand at an Intellectual level but on a ethical level. In a nut shell it adds a multitude of bureaucratic levels from the IRS, to enforcement, to administration, to xyz. Look its 8:20 am in the morning and I just don't feel like nit picking.
Current as of 1/29/2008 @ 8:21 am
“I’ve seen how pro-growth policies lead to broader prosperity. We’ll not only keep the current tax cuts in place or their equivalent, we’ll enact additional tax relief and give the Death Tax the death penalty. High tax rates hurt business and destroy jobs. I know that tax cuts are good for the economy. It’s not just theory for me because I cut taxes and got results as Mayor of New York City. As President, I will cut taxes further.”
- Mayor Rudy Giuliani
CUT TAXES TO KEEP AMERICA’S ECONOMY STRONG & CREATE JOBS
Lower Marginal Tax Rates
Rudy will permanently lower marginal rates to the current level and possibly further.
Give The Death Tax The Death Penalty
Rudy will commit to ending the Death Tax so wealth passed on to future generations is not subject to this punitive tax while preventing double taxation. The current Death Tax sets the tax rate at 45% through 2009, drops to 0% in 2010, and reinstates the pre-tax cut rate of 55% in 2011.
Yes, nix this tax. We are so heavily taxed that we are almost in the same league as the British. And we tax you if you die! Does this sound like America or some punative action you would see in Oceania. I agree with Rudy on this one.... Kill the death tax
Prevent An Unprecedented Tax Increase
Rudy will commit to preventing the American public from facing a $3 trillion or more tax increase over the next 10 years by making the current tax provisions – like the marriage penalty relief and child tax credit – permanent and reining in the growth of the Alternative Minimum Tax.
No....that is favoring a class of citizens. Its unconstitutional and unethical to favor specific classes of people, in this case married people with children. Want tax relief....get rid of the IRS and stop almost all government spending.
Tie Alternative Minimum Tax To Inflation
Under Rudy’s plan, the Alternative Minimum Tax will be indexed for inflation to prevent it from unintentionally raising taxes on 30 million Americans – nearly one-fifth of all taxpayers.
uh?....It already is. Do you mean changing the index to move down as inflation moves up? Interesting concept. So as we spend, lets say, 50 billion and we collect 30billion and borrow the difference from China. Now we are going to collect less which means we borrow more....which means we print more money to pay off our debates....which leads to more inflation. You know Madagascar did that.....last I heard they were on the very edge of absolute chaos after a single decade of run away inflation, absolute destruction of the private sector, country wide starvation.
I don't think I can get behind this one.
Ensure Lower, More Competitive Corporate Tax Rates
Rudy believes that ensuring lower, more competitive corporate tax rates will solidify a strong and growing economy that creates jobs for Americans. America’s effective corporate tax rates are among the highest in the world and should be lowered from 35% to 25%.
Sure.....as long as we lower the spending. Lowering a capital gains taxes has an affect on the capital side of the economic model. It allows a greater magnitude of investing...which is the fancy way of conveying the concept that business put money into new companies or old companies with new ideas that could earn them a return on their investment. Typically you see that in new jobs opening up to support a new business product or innovation.
ENCOURAGE SAVINGS & CREATE NEW SAVINGS INCENTIVES
Expand Tax-Free Savings Accounts
The expansion of tax-free savings accounts will encourage Americans to save and eliminate the double taxation of individuals’ current savings.
Triple taxation Rudy....we are triple taxed. Income tax, capital gains tax, and sales tax. Yeah....that's right. When you earn your money you are taxed, when you save your money you are taxed, and when you take that money that you saved to go buy something you are again taxed. There are a lot of under tones in Rudy's statement above. If its like the 401(k)s or IRA's we have now then I am not for it. The rules behind these tax deferral plans is so prohibitive that I cannot generate adequate savings. My 401(k) is already under performing and I cannot move it to a stable gold back IRA or mutual funds which have out performed the last five years to a level that my 401(k) is embarrassed to talk about....... going on the theory that my 401(k) is sentient and can talk.
REFORM THE TAX TREATMENT OF HEALTH CARE
Expand Health Care Choice Through Tax Code Reform
Rudy proposes an income exclusion of up to $15,000 for families without employer-based health coverage to make insurance more affordable.
Le sigh.... You wanna lower health cost. Revise the employer health insurance act to end the current system and move to a health account model. Employees put money in their health account and employers match it up to a certain percent. And this money stays in the account from fiscal year to fiscal year. Now what does this do....ok, pay attention Rudy.
First, with limit funds in your account that you monitor, you take greater care not to spend that money. Most Americans will take a on a greater sense of their personal health. Knowing that you level of personal care is directly tied to the use of your limited health care funds is a proven model for conservation, in this case taking care of your fat ass.
Second, it promotes competitive shopping. When was the last time you asked your doctor how much your [whatever you come in for] costs? Do you know in South America Hospitals rival ours? Just as clean, the doctors are just as smart and they are 1/4 of the cost at worst, typically 1/8 the cost. Did you know that you can do a series of round trips to a Brazilian doctor and it will still cost about 1/2 of a series of doctor visits here? So don't think that health care cost are high just because. That's idiot thinking. We are in an uncompetitive market with absolutely no market index on health care costs. You start making consumers demand an index and you'll see medical cost shed.
In addition, make the health care account a personal account. Meaning that it is not owned by the company. If you quit or whatever, that account and the money needs to follow you.
Assist Low-Income Americans To Secure Health Insurance
Rudy will commit to a Health Insurance Credit for low-income Americans that can be coupled with other revenue sources such as Medicaid and employer contributions to make coverage more affordable to millions who are uninsured.
I just read that as my taxes are going up. Thanks d*ck
THE F.A.S.T. FORM – MAKING YOUR TAXES FLATTER, FAIRER AND SIMPLER
When the federal income tax was first introduced in 1913, you could file on one page. The federal tax code is now over 9 million words (the Constitution is roughly 5000 words by comparison[1]), and Americans spend nearly 6.5 billion hours each year filling out tax forms, keeping records and learning tax rules, according to the OMB. The costs of complying with federal income taxes is $200 billion each year.[2]
Mayor Giuliani’s plan: the Fair and Simple Tax (FAST) form – will give all American taxpayers the option of filling out their taxes on a single page again. It has three rates – 10-15-30 – cutting the current 6 tax brackets in half. It will offer all Americans the opportunity for a tax cut while preserving the major deductions that people have come to depend upon: mortgage interest, charity, state & local taxes, the child tax credit, the personal exemption and the new Healthcare exclusion. The FAST form would allow people to opt between it and the regular federal tax code every year, depending on which made the most economic sense for them.
To view a draft form please click here: http://www.joinrudy2008.com/pages/taxform
Take a second here everyone....the IRS started small but was built upon over 95 years of government. All Rudy is going to do is hit the rest button and in 95 years we will be in another "oh shit" situation. Oh I won't see it but it will come around to screw my children over. I don't understand the logic behind making the paperwork easier will fix our tax problems. It will just make our tax problems faster to deal with. Yay! I get to pay faster! Whoopie!
CUT THE CAPITAL GAINS TAX TO REWARD SUCCESS
Some Democrats seem to want to penalize success. Rudy Giuliani wants America to be a country that rewards success. That’s why we should cut the Capital Gains Tax from 15% to 10% and index capital gains for inflation – spurring private sector investment in a growth economy.
Win! on the capital gains tax but then there goes Rudy on indexing to inflation.
REINSTATE THE R&D TAX CREDIT
One of the secrets to America’s historic success is that we’re an engine of innovation – we pioneer new technologies and create new industries. But this Democratic Congress recently allowed the research and development tax credit to expire, choosing higher taxes over a commitment to America’s innovation edge in the global economy. We need to reinstate the Research & Development Tax Credit to help American companies find solutions to the great challenges we face – like achieving energy independence.
[1] Steve Forbes, “Flat Tax Revolution,” 2005, page 5.
[2] Chris Edwards, CATO Handbook on Policy, CATO Institute, 2004, Page 114
Le sigh.... just move on to the summary
Summary on The Don's Tax strategy.
Its clearly obvious he doesn't understand macro economics or econometrics. Not that I expect him too but I would expect his advisor's to know this. I would also expect his advisor's to put a better platform together.
Look if you want to improve the economy and fix the tax situation you need to do it at the same time. There are really two major themes to this 1) Lower or eliminate taxes and 2) lower or eliminate spending. I am for the latter on each of those. If you lower taxes you are just cutting you revenue while still spending the same and we are already at a point where we borrow a majority of the budget. So cutting taxes just means you borrow more from the Chinese or whoever.
If you just lower spending then you get a surplus, as with Clinton, but your citizen don't get to feel the effect of a lower federal budget, i.e. keeping their own damn money.
And when it comes to taxation there are actually FOUR forms of it that we currently face.
- Direct Levy, aka personal income tax
- Capital gains, what the government takes when your savings gives you interes. I.e you retirement account or your savings account.
- Consumer taxation, all sales taxes are found in the cost of the product you buy. From the raw materials, to the production plant, to transportation, to the imposed taxes at the retail store. All of those costs and the TAXES that come with them are in the cost of the goods you buy
- Inflation. Inflation is a tax on your income. Remember money is just a physical representation of the value of your overall purchasing power. Every day that dollar bill that you hold loses more and more of its value as the government prints new currency to pay its debtors. Ever wonder why we could buy a Coke for 25 cents when you where a kid and now its a dollar. Why phone calls were 25 cents and now they are 50 to 75 cents. Your money loses value as the government makes more of what you have in your hand to pay of the debt that they generate from their grossly upside down budget.
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