Honestly not feeling the whole "family of four" deal. It's essentially penalizing people who don't want or have a large (larger) family. Seems he could have done without that part. The first $50k should be exempt regardless of how many are in your household.
Part of it might be YouTube's thing of showing a lower view count for awhile after a video is launched.Originally Posted by Crashland
And Facebook just makes it easier to share and get it seen by so many more people. His page has 2 million likes, so there's a good chunk of people that automatically get it right in their feed rather than having to find it on YouTube.
They actually uploaded it twice on Facebook... the first one has over 1.13 million views, 30k+ shares, 25k likes and 2k comments.
And the second version has over 51k views, 2,200 shares, and 7k likes.
The work put in to building up his Facebook reach over the past few years will really pay off now.
-------> Rand Paul Tea Party '15 Money Bomb Thread <-------
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http://taxfoundation.org/blog/econom...ax-reform-plan
More at link(copy-paste screws up format)By
Andrew Lundeen,
Michael Schuyler
Senator Rand Paul (R-KY), a candidate for president, recently announced his plan to reform the U.S. tax code. His proposal, the “Flat and Fair Tax,” would move to a 14.5 percent tax rate on all types of income with a sizable deduction and exemption, eliminate the corporate tax to create a 14.5 percent business transfer tax paid by businesses on profits and wages, introduce full expensing for investments in capital, and eliminate the payroll tax on both the employer and employee.
Our analysis finds that Senator Paul’s plan would grow the economy by 9.4 percent in the long run, create 1.4 million jobs, and cost $2.97 trillion over ten years on a static basis and $960 billion when accounting for economic growth.
Structure of the Tax Reform Plan
Sen. Paul would make a number of changes to the tax code for individuals. He would replace the current seven tax bracket structure with a flat rate of 14.5 percent and apply that tax rate to all income – wages and salaries, capital gains, dividends, interest, and rents.
The plan would include a $15,000 standard deduction (per filer) and a $5,000 per person personal exemption. This means that a family of four would pay no income tax on their first $50,000 of income ($55,000 for a family of five, etc.).
Retirement accounts remain as they currently are and in our modeling we assumed that the exclusion for employer-provided health care remains.
The plan retains home mortgage and charitable deductions, the earned income tax credits, and the child tax credit and eliminates all other tax credits and deductions.
The plan would eliminate the payroll tax, the estate tax, and all customs duties and tariffs.
On the business side, the plan would eliminate the corporate tax, create a territorial type system, and introduce a 14.5 percent business transfer tax. This tax would be levied on a business’s factors of production and tax all capital income (profits, rents, royalties) and all labor payments (wages and salaries). All capital expenses (machines, equipment, buildings, etc.) are fully expensed in the first year, which would do away with current depreciation schedules. This tax would also apply to wages paid by governments and nonprofits.
The Economic and Revenue Estimates of the Plan
According to our Taxes and Growth Model, Senator Paul’s tax reform proposal would increase GDP by 9.4 percent by the end of roughly 10 years (it may be shorter or longer depending on how long it takes business to pull permits for new buildings, supply chains to adjust, etc.). This is equivalent to average additional growth of a little under 1 percentage point per year.
This growth is largely due to a cut in the service price of capital, which is a result of lower taxes on businesses and investment, specifically the tax cut to 14.5 percent on business profits, the 14.5 percent rate on capital gains and dividends, and the shift to full expensing. These tax changes result in an increase of the capital stock of 35.9 percent by the end of the adjustment period and results in higher after tax wages of 5.5 percent.
Additionally, the tax cut on wage income to 14.5 percent also increases the incentive to work and results in 1.5 percent additional private business hours of work. This is equivalent to 1.4 million full-time jobs.
On a static basis, Senator Paul tax reform plan would lose nearly $3 trillion over a ten-year period, with an average annual cost of about $300 billion. If we account for the growth of the economy, over time this would lead to a smaller tax costs. We estimate the revenue loss at about $1 trillion on a dynamic basis.
Distributional Analysis
On a static basis, Senator Paul’s plan would increase after tax income a total of 4 percent across all taxpayers. When not considering growth, it would have little to no effect on after tax income for those making under $10,000 of income and increase after tax income to varying degrees for all other income groups.
The little to no change in after tax income for filers with AGI under $10,000 is due to the elimination of the payroll tax and how that would interact with the change in labor compensation due to the business transfer tax, which has a secondary effect related to the phase-ins of the child tax credit and the earned income tax credit. On the whole, many people in this income group would likely receive a tax cut.
On a dynamic basis, the plan would increase after tax incomes by a total 16 percent for all income groups. Filers with income below $10,000 would see their income increase by over 10 percent. Taxpayers in income groups between $20,000 and $75,000 would see their incomes go up by about 14. Those with incomes above $500,000 would see their incomes go up over 20 percent.
Shared his plan with my social network last night and it got unanimous support. My network is slanted liberal. Its a very good sign.
I imagine it would as it ends loopholes that favor the wealthy. From a populist point of view it appears fair and that's exactly what most people want.
"Not sure why I noticed this, but in Rand's tax video, the kid/laptop clip at 0:19 and of the flag at 1:12 are the same clips from this 2012 Gingrich ad at 0:44 and 0:04, respectively"
I am sure somebody, somewhere will somehow cry plagiarism over it.
Last edited by pao; 06-18-2015 at 11:00 PM. Reason: provide quote credit
Sure, it's right here:
http://www.ronpaulforums.com/showthr...-money-is-done
You're welcome. The Fed is going away, as is the current IRS. This has already been decided and is in the works.
"Let it not be said that we did nothing."-Ron Paul
"We have set them on the hobby-horse of an idea about the absorption of individuality by the symbolic unit of COLLECTIVISM. They have never yet and they never will have the sense to reflect that this hobby-horse is a manifest violation of the most important law of nature, which has established from the very creation of the world one unit unlike another and precisely for the purpose of instituting individuality."- A Quote From Some Old Book
I shared this with some of my Republican friends. They ate it up.
"You see your duty quickly, citizen," said Sideki. "You should do all this before this very day is gone." --R.A. Lafferty, Polity and Custom of the Camiroi
Brawndo's got what plants crave. Its got electrolytes.
H. L. Mencken said it best:
“Democracy is the theory that the common people know what they want, and deserve to get it good and hard.”
"As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
The proposal is $15k exemption per filer (so $30k joint) and $5k per dependent. It's relatively consistent (but with larger numbers) with the current tax code where a single filer gets ~$10k in deduction/exemptions; married gets ~$20k; additional dependents are ~$4k exemption.
Notice the timestamp on anaconda's first post: 3:38 AM CDT (a different hour may be shown for you, depending on your time zone).
RPFs "freezes" every day from about 3:35 to 3:40 AM CDT. I assume that some kind of automated "housekeeping" is being done during this time (cleaning up and compressing databases or stuff like that, I would guess).
If you try to post anything during that time, you are apt to end up with one or more duplicates of your post. This seems to happen when you try to submit a post while the housekeeping process is running. To avoid this, don't try to post anything during this five-or-so minute "window."
If you do try to post something during this time and you get a prompt to "leave the page" or "resend," choose "leave the page" - "resend"ing will result in a duplicate post.
My guess for why this happens - and this is pure, wild-ass speculation on my part (I know nothing about vBulletin internals) - is that when you submit a post during housekeeping, you post is temporarily stored in a queue until the the housekeeping process terminates (at which time your queued post will be submitted). At the same time, the submission process "times out" (because the post database is not available for modification during housekeeping) and asks whether you want to resubmit your post - even though your post is already queued for submission. (Apparently the submission process is unaware of the housekeeping process's temporary queue for submissions.) Or something like that ...
Last edited by Occam's Banana; 06-19-2015 at 03:34 AM.
The Bastiat Collection · FREE PDF · FREE EPUB · PAPER Frédéric Bastiat (1801-1850)
- "When law and morality are in contradiction to each other, the citizen finds himself in the cruel alternative of either losing his moral sense, or of losing his respect for the law."
-- The Law (p. 54)- "Government is that great fiction, through which everybody endeavors to live at the expense of everybody else."
-- Government (p. 99)- "[W]ar is always begun in the interest of the few, and at the expense of the many."
-- Economic Sophisms - Second Series (p. 312)- "There are two principles that can never be reconciled - Liberty and Constraint."
-- Harmonies of Political Economy - Book One (p. 447)· tu ne cede malis sed contra audentior ito ·
30+5+5=40 not 50
It's not $5k per dependent rather $5k per person. 15+15+5+5+5+5=50
Precisely! Make the mouthbreathers aware.
Got a link?
Exciting huh?
Darn, I thought the first 50k I make was exempt. I don't want to pay for a family of four to keep my 50k
https://soundcloud.com/glennbeck/pra...1815#t=1:54:10
and...
Rand Paul for Peace
I have a feeling that it will be more in the range of $30k for individuals.Darn, I thought the first 50k I make was exempt. I don't want to pay for a family of four to keep my 50k
"Freedom, then Pizza!" - Oklahoma State GOP Convention 5/11/2012
Still a nice savings, but it should be 50k exempt across the board and I'd be all over this!
Thanks to everyone that chimed in about the multiple post issue: jurgs01, phill4paul, Crashland, & Occam's Banana.
Last edited by anaconda; 06-22-2015 at 03:20 PM.
Couldn't agree more. Hopefully that was just some type of loose "talking" point, or at least something Rand will "walk back" more sooner than later.
One of the best aspects about Rand's plan is that it keeps personal, business and corporate rates all the same. A separate tax code for personal and corporate taxes is by definition corporatist in nature.
"Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
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"Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
"Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
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