Rand Paul has a tax plan: Blow Up the Tax Code and Start Over
- It cuts $2 trillion in taxes.
- It repeals the entire IRS tax code.
- It introduces a broad-based tax of 14.5% on individuals and businesses.
- It eliminates payroll taxes on workers. [meaning Security and Medicare taxes]
- It eliminates the gift and estate tax on rich people.
Rand Paul calls his plan “The Fair and Flat Tax” — and claims: "My plan would actually reduce the national debt by trillions of dollars over time when combined with my package of spending cuts."
Rand Paul also claims that "the Tax Foundation estimates that in 10 years it will increase gross domestic product by about 10%, and create at least 1.4 million new jobs."
Really, all Rand Paul's plan does it cut government spending for the bottom 99% just so that the top 1% can have more tax cuts. Read the post at Mark Thoma's blog and check out all the reader comments to gain a lot move valuable insight on Rand Paul's tax plan.
Paul Krugman: Voodoo, Jeb! Style ...
"First, he says that if elected he would double America’s rate of economic growth to 4 percent. Second, he would make it possible for every American to lose as much weight as he or she wants, without any need for dieting or exercise. O.K., he didn’t actually make that second promise. But he might as well have.
Mr. Bush’s economic promises reflect more than self-aggrandizement. They also reflect his party’s habit of boasting about its ability to deliver rapid economic growth, even though there’s no evidence at all to justify such boasts. It’s as if a bunch of relatively short men made a regular practice of swaggering around, telling everyone they see that they’re 6 feet 2 inches tall.
Why, then, all the boasting about growth? The short answer, surely, is that it’s mainly about finding ways to sell tax cuts for the wealthy ... low taxes on the rich are an overriding policy priority on the right — and promises of growth miracles let conservatives claim that everyone will benefit from trickle-down, and maybe even that tax cuts will pay for themselves."
Just like Rand Paul's plan (and every other Republican plan), all "Jeb's" plan does it cut government spending for the bottom 99% just so that the top 1% can have more tax cuts. Read the post at Mark Thoma's blog and check out all the reader comments to gain a lot move valuable insight on "Jeb's" plan.