Last time we looked at the first of the evil triad of over taxation, over regulation and currency manipulation in general terms. This week we will get specific and study the positions of the top tier Republican candidates. The good news is none of these guys (or gals) would even consider proposing a $500,000,000,000.00 tax increase and calling it a jobs bill and any Republican candidate would support the Bush tax rates at the minimum. However, I don’t in 2012 our goal should be to find the candidate less terrible, we should demand the best of the best and I believe if we ever have a chance to fundamentally change how taxes are levied this its year, thanks to the tea party is it.
“The tax code has become the new version of slavery and the IRS the overseers”
Herman Cain
One candidate who gets it is Herman Cain. Cain’s 9-9-9 plan introduces a revolutionary train of thought. The plan involves eliminating the current tax code and replacing it with a 3 part tax system a 9% flat tax rate, a 9% flat corporate rate and a 9% sales tax. The two theories of tax reform are flat tax (most proposals put this at 15-18%) or a fair tax i.e. sales tax of around 23%. The Cain plan will broaden the tax base make American cooperate rates currently among the highest in the world among the lowest. Would, in theory at least, be a tax cut too all American’s the lowest current bracket being 10%. (I know many people pay less then they get in refunds, but is that really fair? To use an Obamaism). The real beauty of the Cain plan to me is that it does away with the government’s ability to control through taxation and credit. We would pay a relatively small bill and be done with it. At first I was a little hesitant to give whole hearted endorsement as you will be introducing a new tax source in the sales tax. How do we know that the 9-9-9 does not become 15-15-15? The protection against this is that it would take a 2/3 majority to raise taxes, given how hard it is to get 60 senators to agree on a controversial measure we will be assured that a tax increase will only happen at a truly necessary moment. In the new day of American tax attitude the 9-9-9 plan has the power to eliminate a huge percentage of the ill begotten power of the Federal Government and will eliminate most of the 430 billion dollars that the government uses to regulate and enforce the current tax code. Best of all it drives a steak through the heart of the death tax vampire once and for all. Herman Cain’s website gives a great summary of the plan at http://www.hermancain.com/999plan.
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“I lean toward a flat tax. But I want to make it real flat, like zero.” --Ron Paul
On most subjects I have been critical of Ron Paul, consider it the difference between a conservative and a libertarian. When it comes to a bold stand and revolutionary thought on tax and spend policy Rep. Paul is as cutting edge as were Jefferson and Madison and their contemporaries. To appreciate Ron Paul’s position on the personal income tax a few relative points should be made. First America did not always have an income tax, it was not implemented until 1913, (by the way several fundamental changes to our republic were made in 1913, many of which were harmful to the cause of liberty how ironic if in 2012-2013 we would make a fundamental push back to advance liberty once again), secondly remember that the progressive income tax is not an American idea, it is Marxist “2. A heavy progressive or graduated income tax. “This is plank #2 in the Manifesto of the communist party and one of a disturbing number of similarities to modern liberalism. (Read for yourself http://www.marxists.org/archive/marx/works/1848/communist-manifesto/ch02.htm)
Ron Paul’s argument for the complete abolition of the income tax is made wonderfully in an article reprinted at a Ron Paul supporter site http://www.ronpaul.com/on-the-issues/taxes/ in addition Paul is in favor o abolishing capital gains which usually results in a double taxation of money, first when it is earned second after it has been invested., this would benefit both business and individuals
Ron Paul does not propose an alternate form of taxation. As he points out a third of revenue comes from personal income taxes and he would see the government shrink by one third. The only fly in the Ron Paul ointment is that a big part of his down sizing of government would be in defense and foreign relations and these are the only parts of the Federal government that I don’t support radical down sizing of.
For my tax plan, I take a page out of one of my great economists that I admire, Ronald Reagan. And under my tax plan I want to adopt the Reagan tax plan. It brought the economic miracle of the 1980s. Why not go with what works? I want to reinstitute the Reagan tax model from the 1980s.”—Michelle Bachmann.
Rep. Bachman like most of our candidates does see both the social and economic benefits of lowering the tax rates and limiting regulation, but even “Ronaldus Magnus” (to steal a line from Rush) did not completely abolish the progressive system, still he took it from a top rate of 70% to 28%. It has since climbed back to 35%. While any plan based on Reagan is good I feel that we should look forward not back. Bachman would reduce the number of tax brackets and lower a lot of rates and would be a good plan…just not the best. http://www.michelebachmann.com/issues/americanjobsrightnow/ is an overview of the whole of her plan.
I don't think right-wing social engineering is any more desirable than left-wing social engineering," I don't think imposing radical change from the right or the left is a very good way for a free society to operate." Newt Gingrich
The best part of the Gingrich plan is the elimination of the capitol gains tax, and he would oppose any tax increases. For a guy who opposed the Paul Ryan budget plan on the grounds of social engineering he supports allowing the government to continue to control business, as he wants to modify the tax code to urge businesses to invest in research and
Development, but I would prefer the idea of taxing them less and letting them make up their own minds on research and development. Again though Newt’s plan has many good points, it would give an optional flat tax rate of 15%, and would head us into a “good place”, here and now we can do better.
And for the record, I don't believe cutting taxes is the same thing as spending. A spending cap is meant to stop runaway spending, not runaway tax relief. Rick Perry 2/6/7
Very important point made by the Texas
I’m for not taking more people’s money when they die. Rick Santorum 7/3/6
I like Rick Santorum always have, his tax proposals are not yet released in detail however and all we really know is that he doesn’t like Herman Cain’s plan. From his statements and interviews he seems most interested in cutting business taxes to spur economic growth which is good. He rightly points out that as long as American business is overtaxed they will continue to move jobs overseas. He also has indicated that he does not wish to lower the top income tax rates to as low as 25%, as that would cut revenue too much. I think taking more than a quarter of any man’s income is too much. http://www.foxnews.com/on-air/your-world-cavuto/transcript/help-wanted-rick-santorum-talks-taxes
And then you go on to say how are we going to bring down taxation, because we have the highest tax rate, next to Japan
Romney would lower the corporate tax rate to 25%, which is helpful, as the top rate in now 35% and second highest in the world, and he supports the Bush tax rates, as well as being in the death to the death tax crowd. I don’t like his proposal to remove the interest and dividends tax only from those earning under $200k. The last thing I want is to add another graded tax scale to our tax code. Overall Romney’s plan is acceptable but is neither bold nor revolutionary. I would link directly to his plan but that involves a 160 page book, so here is an overview at http://www.mittromney.com/jobs with links to download the full plan or a summary.
It is within the Republican Party that actual ideas are debated and solutions put forth. Here we have a wonderful array of ideas of how to limit taxation and grow the economy. I have listed them from my first choice down. I think only Herman Cain’s plan at this point provides the power to fundamentally change the mechanizations of government and end the Marxist oppression of the IRS. If you think Marxist is too strong a word follow that Marx link and see if I’m wrong.
Until next time keep in the firing line.
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