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gachase21
08-12-2015, 06:04 AM
Thoughts?


First, on the personal income tax side:

The code should be no more than three individual income tax rates, instead of the current six.

Reform should include lower tax rates for every American. The top rate should be no higher than the 28 percent set in the last major successful tax reform effort in this country the Bradley-Gephardt-Reagan law signed in 1986. And the bottom rate should be single digit.

The code should reward and not create disincentives to work.

I would eliminate or modify enough deductions, credits, and targeted provisions in the code both on the personal and the corporate side to ensure that the plan combined with other measures I am proposing is revenue neutral and does not materially increase the deficit. One approach in this regard is to cap the total amount of deductions and credits that an individual or married couple could take.

We should seek to keep in place the deduction for charitable contributions and that for interest on home mortgages at least for a first home.

And we should make it so that for the majority of Americans, it should take 15 minutes to do your taxes not days, weeks, or months.

That's it: a simple outline for a tax code that is flatter, fairer, simpler and more pro-growth.

A second major need from any tax reform proposal is to encourage capital formation. If you look at that first quarter GDP report that I mentioned a moment ago, you will see that fixed investment is weak. In fact, that has been a signature feature of this recovery weak business investment.

Today, we have policies that chase financial capital away from our shores and new capital equipment away from our factories.

And when businesses do not invest, productivity lags and wages go nowhere. Just a few days ago the Obama labor department reported that in the first quarter of this year productivity actually dropped at a 1.9 percent annual rate.

Companies are not making capital investments in the United States in part because they are concerned about the anti-growth direction of Washington.

To spur those capital investments that create opportunity and jobs, we should permit the full expensing of corporate investments in capital equipment. This would encourage this type of very important investment and spur the type of growth that will create middle class jobs. It is urgent that we send a clear, pro-growth signal to companies.

Additionally, if a great American company like Apple or General Electric manufactures products overseas and in this global economy many, many companies do our tax code discourages them from taking their profits from abroad and re-investing them in America to create jobs here.

If income generated abroad is brought back to America to create jobs, we tax it at a rate of 35 percent after it has already been taxed in the country where it was earned. If the company keeps the money abroad, it escapes further tax from the United States.

The effect of this is obvious companies are looking for ways to do more things conduct R&D, design innovative products overseas, instead of right here in America. Meanwhile, according to the National Science Board, the U.S. share of global research and development has declined, from 37 percent in 2001 to 30 percent in 2011.

Meanwhile, over two trillion dollars of profits that have been generated internationally are sitting offshore.

This is policy insanity. It's time for those profits to come home. It's time for new jobs here.

So on the corporate side, a second feature of my tax reform proposal is this: we should allow American companies a one-time opportunity to repatriate those profits earned overseas over the last two decades at a much lower tax rate I propose a rate of 8.75 percent for this one-time holiday.

And we should combine this one-time rate on past earnings with legislation to establish a territorial tax system going forward. In a territorial system, profits earned are taxed in the country in which they are generated once, not twice.

As it stands now, America is among a tiny handful of nations, including North Korea, which have a system that taxes profits twice. Once where they are generated, and again when they come home. None of our largest trading partners do this they all have a territorial system.

This small change would unleash a wave of investment capital that would be invested in the United States of America to expand companies in the U.S., build factories and warehouses, improve our infrastructure in short, to create jobs.

And according to the joint tax committee, this change, done in conjunction with larger tax reform, would be a moneymaker for the government, generating revenues from the smaller one-time tax on earnings that would otherwise never be repatriated.

Also on the corporate side, the United States today has the highest tax rate in the industrialized world. While other countries have been reducing their rates to improve their competitive position, the United States has been stuck at 35 percent.

The Republican Party under Ronald Reagan taught the world that high tax rates hurt growth. But ironically, other countries have heeded that lesson while we have forgotten it.

So a third piece of my tax reform plan would be to cut the corporate tax rate from 35 percent to 25 percent. Studies have shown that corporate taxes are the most harmful to growth, and the U.S. has the highest corporate tax rate in the industrialized world.

It is simple: You can't have the highest tax rate in the world and expect to be the most attractive place for investment in the world.

In fact, in 2014, Standard & Poors' Capital IQ reported that cutting the corporate tax rate by ten percentage points could create as many as 10 million jobs over the next five years.

A small but important point on the corporate side of taxes: let's repeal one of Obamacare's tax-related and job-killing provisions the 2.3 percent tax on medical devices. This tax applies to everything from the most advanced, life-saving pace makers to the simplest dentures.

The medical device industry has been a source of growth for the U.S. economy, a source of exports, and a source of innovation. Why would we want less of those things?

There is strong bi-partisan support to repeal this tax. Let's do so today.

Its bias for higher taxes is not the only way in which the current administration has stunted growth and produced a weak recovery.

http://www.nj.com/politics/index.ssf/2015/05/full_text_of_christies_economic_plan.html




also op ed he wrote
http://www.wsj.com/articles/my-plan-to-raise-growth-and-incomes-1431387102

tng83
08-12-2015, 08:25 AM
Seems well thought out. Id only ask to see what evidence he has for making the changes since it states that specific tax figures have show to provide for the most growth. Such as 1986 with Reagan and the 25% corporate tax rate. And how will this effect revenues in the immediate future?

Flakker
08-12-2015, 08:58 AM
1) Didn't mention capital gains.

2) "Revenue neutral" is a lie 100% of the time.

3) "Grow the pie" isn't going to solve our problems. That ship sailed decades ago. Stop listening to the Krugman dinosaur.


Seems well thought out. Id only ask to see what evidence he has for making the changes since it states that specific tax figures have show to provide for the most growth. Such as 1986 with Reagan and the 25% corporate tax rate. And how will this effect revenues in the immediate future?

He'll no doubt reference laffer.

And revenues would of course go down as "deficit neutral" is washington speak for "i'm a ****ing liar," or "ihavenoideawhati'mdoing.jpeg"

Anything other than a complete scrapping of our current system isn't enough. References to "lowering the top rate" with buzzwords like "Reagan" are red meat for the base. He's just trying to make it through the primary. Not a single mention of reducing the deficit, much less paying down the debt was seen that day.

gachase21
08-12-2015, 09:34 AM
Seems like a good "realistic" plan to me.

Some parts I'd rather be different, but not bad.

Not a complete tax system revamp, however let's be real- that ain't gonna happen anytime soon.

Initially I like it.

GhenghisPWN
08-12-2015, 10:59 AM
The complexity in taxation does NOT stem from the amount of tax brackets there are...

p100
08-12-2015, 12:01 PM
Chris Christie wants more government spying and searches without warrants. I don't care how bad or good his tax plan is because he is a fat America hating fuk.

New Jersey laws have become more oppressive, soon it will catch California.

gachase21
08-12-2015, 02:43 PM
Trump supporters might want to take note of this.

Pretty sure this will be close to identical to trumps plan.

Halfway
08-12-2015, 02:58 PM
Chris Christie wants more government spying and searches without warrants. I don't care how bad or good his tax plan is because he is a fat America hating fuk.

New Jersey laws have become more oppressive, soon it will catch California.

this

he could be campaigning on abolishing income tax and I still wouldn't care

muh 9/11

DizzySmalls
08-12-2015, 04:22 PM
this

he could be campaigning on abolishing income tax and I still wouldn't care

muh 9/11
I'd be interested if he campaigned on sacrificing his life to be converted into heating oil for the entire northeast this winter.

kingzamzon
08-12-2015, 06:43 PM
Why can't Republicans be honest? They want to sell you the dream that they will cut taxes for everyone and there will be no sacrifices because somehow more tax cuts = higher growth = more revenue. Just BS!

Just be honest. I respect the argument that says I want everyone to pay less taxes (especially rich people as they will get the most benefit) but that will result in reduction in government revenue and subsequent cuts will be required. Instead we are treated to these crazy tax plans that are not based in reality and just the tools of politicians trying to get elected. These plans are intellectual dishonest and not worthy of any discussion.

gachase21
08-12-2015, 07:32 PM
Why can't Republicans be honest? They want to sell you the dream that they will cut taxes for everyone and there will be no sacrifices because somehow more tax cuts = higher growth = more revenue. Just BS!

Just be honest. I respect the argument that says I want everyone to pay less taxes (especially rich people as they will get the most benefit) but that will result in reduction in government revenue and subsequent cuts will be required. Instead we are treated to these crazy tax plans that are not based in reality and just the tools of politicians trying to get elected. These plans are intellectual dishonest and not worthy of any discussion.


The complexity in taxation does NOT stem from the amount of tax brackets there are...


1) Didn't mention capital gains.

2) "Revenue neutral" is a lie 100% of the time.

3) "Grow the pie" isn't going to solve our problems. That ship sailed decades ago. Stop listening to the Krugman dinosaur.



He'll no doubt reference laffer.

And revenues would of course go down as "deficit neutral" is washington speak for "i'm a ****ing liar," or "ihavenoideawhati'mdoing.jpeg"

Anything other than a complete scrapping of our current system isn't enough. References to "lowering the top rate" with buzzwords like "Reagan" are red meat for the base. He's just trying to make it through the primary. Not a single mention of reducing the deficit, much less paying down the debt was seen that day.
Yep, this pretty much confirms He has a good plan

Flakker
08-13-2015, 07:36 AM
Yep, this pretty much confirms He has a good plan

I have serious doubts that someone can balance a budget when something as simple as energy balance is beyond them:

http://ei.marketwatch.com//Multimedia/2013/05/07/Photos/MG/MW-BC409_christ_20130507085322_MG.jpg?uuid=209ab11a-b715-11e2-9153-002128040cf6

gachase21
02-26-2016, 10:37 AM
Trump supporters might want to take note of this.

Pretty sure this will be close to identical to trumps plan.
It was all a pre planned collaboration.

Christie tested ideas for popularity for Trump.

They were cuddling the entire time.