Rand's WSJ Op-Ed: Blow Up the Tax Code and Start Over

[Ronin Truth]

Blow up the tax code and burn the surviving pieces.

 

[jeffro97]

I made a little summary graphic if anyone wants something to share. Has some of the key things from the plan.

As for the plan itself, I think it's a good way to go. Personally, I'd like to see 0%, but I know that won't be happening anytime soon. I read it all over last night. Sounds pretty good to me. I can support it.

 

[euphemia]

I think this is such an awesome plan. The one thing I think would make it perfect, would be if it is codified that any proposed future increases must be introduced for the people to vote up or down.

 

[georgiaboy]

love this!

Simple, balanced, fair, and stimulating.

 

[LatinsforPaul]

 

[EBounding]

Rand should also propose removing all withholding requirements and make the tax bill due the day before election day.

 

[Barrex]

Watch 2 videos:


https://www.youtube.com/watch?v=dQw4w9WgXcQ

 

[angelatc]

I think the EITC needs to go.

 

[presence]

Watch 2 videos:
https://www.youtube.com/watch?v=MnDd_M7R6eE

https://www.youtube.com/watch?v=dQw4w9WgXcQ

OMG SECOND ONE IS AWESOME


RAND 2016 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[presence]

I think the EITC needs to go.

Does rand address this? He said in January that it was 25% fraud

 

[LibertyExtremist]

I would prefer blow up the tax code and then stop there. Hey, I can dream right?

 

[fisharmor]

Where can I find out more about this plan? Is there any more?
Does anyone else realize that a "simple" 14.5% here is anything but simple?

The first video posted by Barrex specifically mentions eliminating employee-paid FICA taxes. That's not in the text.
Can I assume that the 14.5% will be the only deduction on my paycheck?
Does it follow then that he's proposing we also eliminate medicare/medicaid payroll deductions, and roll that into the one rate?

If the first $50k is not taxed, does that mean I get a GIGANTIC refund in April now, since I have a mortgage and give charitably?
In order not to tax the first $50k they're either
1) going to not withhold for the first part of the year, meaning that after I hit $50k I will start having withholdings, which I am totally not cool with, or
2) they're going to have to charge 14.5% all year, and if I have (for example) a $60k salary they'll have to withhold $8700. But 14.5% of the taxable revenue is only $1450, so they'll have to refund me a whopping $7250, which they've drawn interest on all year instead of me doing it.

Except.... this is not qualified.

deductions except for a mortgage

Mortgage.... what? Mortgage payments, or mortgage interest?
If it's mortgage payment, I mean, holy shit, I could make $90k in one year, I could totally live off of $50k, and then I'd be putting $40k per year into mortgage payments!
If it's just interest, then that's a whole lot of complication and reporting and accountancy job program built into the system.
In either case, that gigantic refund is getting even bigger!!!

More to the point, how is mortgage anything actually pro-growth? He sounds like he's against creating unnecessary accountancy jobs, but what do YOU call it if you're encouraging people never to pay off their mortgages? I call that a lot of accountancy job creation and not a whole lot of increase of standard of living for the rest of us.

And how about medical deductions? Rand, you wanna clarify that please? There are a lot of people out there who recognize that a large chunk of the problem with our medical system is exactly that true costs are obscured and therefore spiral out of control, and it's all because employers are offering tax-free medical programs as incentives to work for them.
You wanna maybe point out that all that goes away the minute you stop allowing us to deduct medical expenses? I think that's kind of important! You can either phrase it in libertarian terms (that in the long run costs go down and quality of care goes up).... OR, you can allow your enemies to phrase the argument, and it's going to go exactly like this: "RAND WANTS TO TAKE AWAY YOUR EMPLOYER-SUBSIDIZED MEDICAL CARE!!!!"

 

[jllundqu]

Rand should also propose removing all withholding requirements and make the tax bill due the day before election day.

I've always supported this idea! Man, people would be a LOT more attentive to government pigs if they were forced to pay the bill themselves...

 

[RabbitMan]

Watch 2 videos:


https://www.youtube.com/watch?v=dQw4w9WgXcQ

Ugh, not a huge fan of what Rand proposed in the second video. Why didn't he just stop with the first populist one?

 

[Sam I am]

I like the idea of simplifying the tax code, but What I really don't want to see is for the government revenue to go down while the government spending stays the same. Cutting $2 billion from the amount we spend is going to be a hard sell, especially considering that the main objective of the single most powerful lobbyist group is to keep medicare and social security around.

 

[helmuth_hubener]

Rand should also propose removing all withholding requirements and make the tax bill due the day before election day.

How about the day after?

 

[CaptUSA]

Libertarian thought process defined:

OMG SECOND ONE IS AWESOME


RAND 2016 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Ugh, not a huge fan of what Rand proposed in the second video. Why didn't he just stop with the first populist one?

 

[Occam's Banana]

Ugh, not a huge fan of what Rand proposed in the second video.

So ... you're saying you want Rand to make you cry, say goodbye, tell a lie and hurt you ... ?

 

[fisharmor]

Libertarian thought process defined:

I dunno, I like how libertarians generally click through and become at least familiarized with what the actual argument is.
Personally, I think the second video epitomizes libertarian society. A statist system would not - could not - produce a video of such caliber, and bestow on it such lasting utility.

 

[PierzStyx]

Well, this is better than the current model. 14.5% would eliminate loopholes. It has a lot to mollify liberals as well. The rich almost never pay the full 35%. Mitt Romney only paid about 13% during the last Presidential Circus. This would make him, and others like him, pay a higher amount, period. Plus, and this is a HUGE thing, the first $50,000 would be tax free, which would mean most people in the country wouldn't pay any taxes. For conservatives, the cut in corporate taxes, payroll taxes, capital gains taxes, death taxes, income taxes, etc. is a huge boon for personal and economic prosperity. So, yes. Much better than the current model.

That said, the only fair tax is his father's proposed flat taxes of 0-0-0.