Jeb Bush proposes 'simple, fair and clear' tax code

Discussion in 'Politics Discussion' started by BerndFoll, Sep 9, 2015.

  1. BerndFoll

    BerndFoll Well-Known Member

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    Republican presidential candidate Jeb Bush's tax reform plan calls for a lower corporate tax rate and immediate tax deductions for business investments.

    The former Florida governor also wants to cut personal income tax brackets from seven to three, with the lowest rate at 10 percent.

    He outlined the proposal in an op-ed published Tuesday on The Wall Street Journal's website.

    "Today, the tax code is a labyrinth littered with thousands of special-interest giveaways, subsidies and other breaks written to favor Washington insiders," wrote Bush. "At 80,000 pages, it's a tax code only an army of tax accountants and lobbyists could love — because they've written it."

    Bush said he wants to create a tax code that is "simple, fair and clear," and predicts it will help the U.S. economy grow faster.

    Bush, who trails in the polls nationally and in early primary states, has offered up several policy proposals in recent weeks to combat the bombastic campaign of front-runner Donald Trump. The billionaire businessman has lambasted Bush with a flurry of personal attacks.

    Under his tax reform plan, Bush would reduce individual tax rates to three: 10 percent, 15 percent and 25 percent. Currently, there are seven tax brackets, ranging from 10 percent to 39.6 percent. Bush said 15 million people would not pay any tax under his plan.

    He proposes doubling the standard deduction, eliminating the marriage penalty, expanding the Earned Income Tax Credit and ending the estate tax and Alternative Minimum Tax. He also would end the employee's share of the Social Security tax on earnings for workers 67 and older.

    Bush wants to reduce the corporate income tax from 35 percent — among the highest in the world — to 20 percent and give businesses the chance to deduct new capital investments immediately. He also wants to eliminate the interest on business loans.

    Democrats called the plan "more trickle-down Bush economics."

    "Bush is embracing a disastrous economic agenda that benefits himself, and those like himself, while leaving the middle class out to dry," said Holly Shulman, a spokeswoman for the Democratic National Committee.

    Bush will offer more details on his tax reform plan during a trip Wednesday to North Carolina, where he will visit a manufacturing firm to show how small businesses would benefit from his proposal.

    Code:
    http://finance.yahoo.com/news/jeb-bush-proposes-simple-fair-003841057.html
     
  2. Corzhens

    Corzhens Senior Investor

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    That is a noble plan by Jeb Bush. However, politics is about numbers but not numbers on the ledgers but numbers on the survey and eventually the numbers on the tally board. Taxation is intangible to some people particularly those in the lower bracket income so the impact of his financial plan does not have a high impact on the public. It's still Trump's candidness that caught the fancy of the Americans. Not much of the lower taxation but more of the problems in migration.
     
  3. JR Ewing

    JR Ewing Super Moderator Staff Member

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    All things considered, I think Jeb would be a huge improvement from where we are at, and would certainly be better than any of the Dems. He takes a lot of crap because of the whole "Bush" thing, and his stances on common core and immigration are concerning, but I think he'd do a pretty good job overall - he's got a good track record.
     
  4. norms options

    norms options Well-Known Member

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    I like Rand Paul's tax plan much better. Do away with taxing income completely and derive all revenue from a user tax in the form of a federal sales tax rate. Of course, we would pay higher taxes on what we buy, but we would get to keep all of the money we earn originally, which puts each consumer in control of how much he pays in taxes based on purchases.
     
  5. JoshPosh

    JoshPosh Guest

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    I agree. That way there is no loop hole or tax shelter big businesses can get away with. Everyone will be on the same playing field and everyone will be more conscious on what they buy for their daily needs. Get rid of income tax and make real simple that everyone can understand. When you buy, you pay more. Simple as that.
     
  6. walta

    walta Member

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    With all due respect, when you start messing with someone's taxes (no matter the bracket), it is everyone's issue. Let us say, a candidate says they plan to get rid of a deduction that effects families with children or educational credits. The masses will rise. Well, that is IF the media covers it.

    The media covers Trump for the ratings (my opinion). What if the media went out and asked the public how they felt about the proposed tax changes or covered it positively on news channels like Entertainment Tonight or afternoon Talk Shows, like Ellen?

    The time will come when issues like taxes will come more to the forefront once the GOP nomination occurs. Right now, it is convenient for the media to let Bush sit in the background. Soon enough, he will get his time in the spot light. Yep. I think he is our next U.S. President.
     
  7. Warhead14

    Warhead14 Guest

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    Jeb Bush is a non starter, he is full of shit, beginning to end. Like his brother, he will say whatever it takes to get elected. I will vote libertarian before him
     
  8. My401K

    My401K Well-Known Member

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    Thank you Walta! So the plan is to flatten the tax class from seven to three, yea there's no problem with that unless you happen to be in one of the lower brackets, what do you suppose happens then? No small surprise that several states now think that $15 an hour minimum wage is a great idea. Wonder what sort of advantage that will have budget wise? Could it have anything at all to do with the new health care system? Hmmmm wonder how that could come into play. I would say there is something getting flattened all right.
     
  9. mooray

    mooray Well-Known Member

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    I would rather have Jeb Bush as the next president than Donald Trump. Matter fact, I am not even rooting for any republican. All of them are just saying anything to get in office especially Donald Trump. I would put my vote on Hillary Clinton or 'Deez Nuts'.
     
  10. SteakTartare

    SteakTartare Senior Investor

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    Jeb's tax plan wouldn't be my first pick of those being proffered. However, it is not a bad one and a heck of a lot better than the nightmare that is the current tax code. While there are some issues of concern, I think he gets unfairly tarred with being "another Bush" by the media and even some within the party.
     

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