I still have to make a plan to see my accountant this weekend to do my taxes. I’d use TurboTax, but found that when I make a mistake instead of being nominated to run the Treasury Department, I just get fined and penalized. So like most Republicans – real, like most Americans, tax reform is in my top three as far as actual issues go.
While I appreciate the Democrats wanting to raise taxes on people who make more money then me and not raise my taxes at all…just my fees…and raising the taxes at the places I shop making the items I buy more expensive…and making it harder for the small business I work for to get by…and by making in harder on the states so that my state and local taxes get raised…a tax plan that makes more sense might…well, make more sense.
Enter Paul Ryan and Roadmap 2.0. Instead of just saying “I’ma cut your taxes, son,” he goes into detail how and has numbers to back it up:
Taking a minimalist approach and adhering to free market principles, Ryan has fixed the infamously “unfixable” tax code, provided affordable health care solutions and made the tottering Social Security system secure. His proposals are “enactment ready” (including all the statutory details) and could go to work tomorrow. His numbers — the cost and revenue estimates — are authenticated by the Congressional Budget Office. Ryan eliminates tax impediments to economic growth, paving the way for higher pretax and after-tax incomes for everyone. He also makes the tax code simpler, saving billions of man-hours now wasted on shuffling paper.
Individuals will have the choice of forgoing some deductions and paying taxes at low rates ranging from 10% to 25%. Ryan also eliminates the longstanding double tax on personal saving and investing. He reduces to 8.5% the existing 35% double tax on business income. The additional double taxes that are now levied on the export of American-made products (and on the business capital equipment used to make them) are eliminated.
Under the Ryan reforms, U.S. companies (and workers) are allowed to compete and win in foreign markets. Foreign companies that compete in our markets will — unlike now — pay their share of U.S. tax.
Makes sense, no?