Wednesday, January 09, 2008
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Club for Growth Praises Rudy's Tax Plan
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Posted by:
Matt Lewis at
2:37 PM
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I'm scheduled to be on Cavuto in a little while to talk about Rudy's excellent new tax plan. Here's what the Club for Growth has to say about it:
Washington – Club for Growth President Pat Toomey praised Mayor Rudy Giuliani’s new comprehensive tax reform and reduction plan, unveiled today in Florida, calling it “a bold and innovative proposal that will reward hard work, encourage investment, and promote economic growth for Americans across the economic spectrum.”
The Giuliani tax cut plan would extend the 2001 and 2003 tax cuts immediately; eliminate the Death Tax completely; lower the capital gains and dividends tax rate to 10% and index capital gains to inflation; lower the corporate tax rate from 35% to 25%; and permanently index the Alternative Minimum Tax to inflation with a plan for eventual elimination.
The Giuliani tax cut plan also contains a particularly bold pro-growth tax simplification strategy that would give taxpayers the option of opting into a simple tax plan in which their taxes could be done on one page. Instead of the current tax behemoth, the voluntary tax plan would constitute across the board cuts in marginal tax rates by proposing three simple rates of 10%, 15%, and 30%.
“Giuliani’s tax cut plan will encourage capital formation, and capital is the key driver of productivity, higher wages, and a better standard of living for all Americans,” Mr. Toomey continued. “He does that by not only lowering the capital gains and dividends rates, but also by indexing capital gains to inflation. Also, the Mayor’s plan dramatically lowers marginal tax rates at the personal and corporate level, which will encourage a significant burst of economic activity and growth.”
“The current U.S. tax code is a monstrosity of inefficiency and deterrence, with some of the highest corporate tax rates in the developed world and a tax code that totals more than 66,000 pages. Mayor Giuliani’s tax cut proposal today would dramatically move the American tax code and economy in the right direction. This is exactly the kind of plan economic conservatives should embrace.”
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There is no such thing as a death tax. Dead people don't pay taxes. The survivors are liable, as they should be. The tax-free portion is enormous, and accountants usually shelter the rest.
It's no wonder the Evangelical voters are finally seeing the folly of their association with economic conservatives. Greed ain't Christian. |
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That "No Child Left Behind" boondoggle would be a good start. The Medicare Drug Entitlement program could use a little elimination too. How about an across the board budget cut of 5% for administrative budgets? Eliminate federal funds to sanctuary cities? It's not just tax cuts, it's the size of the government and budget deficit. |
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Guiliani's Tax Plan is almost as good as Mitt Romney's. Too, death taxes should have been eliminated decades ago. Overall, the best tax plan would be a flat tax of 10%. The Lord has it right in Malachi, chapter 3, although His plan is called, 'Tithing.' |
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There is a "death tax" it is also called the "estate tax." You liberals love to say it only hurts a small percent of the population. Truth is it has ruined many family farms. Out in the Hampton's there use to be potato farms all the way up the beach. Thanks to the "death tax" that land is now $20 million dollar homes of hedge fund managers. The farmers could not pay the estate tax on their farms when they inherited the land. Considering the money people earn in their life is subject to income tax, sales tax, capital gains tax and dividend tax it is hardly greedy to be opposed to the "death tax." |
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"Greed ain't Christian."
So True.
So why are liberals always trying to take more of my money? |
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If I could give 10% of my income to the government and 10% to my church, I would still fare better than I am faring now!
And, hey, I bet nothing would drive Mike Huckabee out of politics faster than to see 10% of everyone's money going to churches. He's be back in the ministry faster than we could blink.
Where do I sign up? |
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HA HA HA HA!GREAT!
YOU MEAN OL POOR HUCKABEE..WOULD GET UP OFF THAT DIRT FLOOR HIS MOMMA HAD TO DEAL WITH...AND GO TO THAT LESS IMPORTANT JOB..COMPARED TO POLITICS!
AND PREACH HOW THE MORMONS ARE GOING TO FIX IT UP
SO EVERYONE BECOMES A GOD....EXCEPT HIM AND MC CAIN! SINCE THOSE TWO DONT RESPECT THE LAWS OF IMMIGRATION..THEY WOULD PROBABLY TRY TO SNEAK THE DEVIL INTO HEAVEN!
ELVIS |
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The big lie is that this is a plan that conservatives should embrace.
It is better than what we have now but it is a moderate plan, it's not conservative. Conservatives believe in individual freedom and smaller, limited Gov't.
Tax cuts such as this one reduces tax rates which in turn generates economic growth, which in turn generates more earnings which in turn generates more revenue. More revenue facilitates greater spending which facilitates more votes and more power for the Gov't which then uses it to control and further consolidate it's power.
This tax plan is moderate because while it stimulates economic growth it does not limit the governments reach - it grows it.
This plan only facilitates the growth of big business, and worse big gov't. More revenues = more gov't growth. The problem is fiscal responsibility, how do you limit the reach of gov't and not expand it? How do you make gov't more accountable, more responsible? Conservatives don't believe you help poor people with handouts - that only enables their irresponsibility. But income tax revenues are welfare entitlements for the gov't. Greater revenues encourage and facilitate irresponsible gov't. The gov't did not work for our money it just takes it. The more we earn the more the gov't takes, the more it takes the more it spends and wastes - it's wrong.
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Rudy's plan is also unfair. First it separates Americans into 3 classes of people those making less than $50k a year, those making between $50k and $150k, and those making over $150k. It punishes those who would move from the lower class to the middle with a 50% tax increase (from a tax rate of 10% to 15%), and it would punish those who move from the middle class to the upper class with a 100% tax increase (from 15% to 30%). But there is no further punishment for those already making over $150k a year if they should double, quadruple or better their income. There's no further punishment if he should become a millionaire, multi-millionaire, or even a billionaire the gov't still takes just 30%.
Now, ask yourself if you were smart enough to make a million dollars a year, who do you think would do a better job deciding what to do with $300 grand? You or the Fed Gov't? Who could do more good with that $300 grand? You, your favorite charity or cause or the Fed Gov't? Is it fair that the Gov't should control 10, 15, or 30% of your earnings at all?
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Now take your ordinary American who makes less than $50k a year, how much does he have in savings, a cd, a 401k, in life insurance? Do you think he even has an investment portfolio a second home or an investment property? How much is he going to benefit from a reduction in the capital gains and dividends tax rates, or the elimination of the death tax?
Now take your above average corporate executive who makes over $150k a year, how much do you suppose he has in his 401k or IRA's? In his life insurance policies? How much does this guy make from his investment porfolio(s)? Do you figure he probably owns more than one oversized house and/or has multiple income generating properties? How much do you think he going to benefit from these cuts in capital gains & dividends? How much will his heirs benefit when he passes on?
Who benefits most? Hmm? Is that American? Do the rights to life, liberty and the pursuit of happiness apply more to one class of Americans than to the others? Do you think elites like the CFG care much for ordinary folks like you and me who are in the lower or middle class? Now ask yourself why so many establishment types and the CFG praise Rudy's plan but ruthlessly attack Gov Huckabee who supports the far more conservative FairTax?
Is it any wonder why Huckabee continues to surge despite tremendous opposition and is currently leading the polls nationwide? I think it's because a growing number of ordinary people are tired of getting stiffed by the Gov't, and it's would be ruling class. Wasn't the Declaration of Independence largely worded the way it was to prevent the rule of a "ruling class"?
It's time for conservatives to actually limit the gov't and give some of that power/freedom back to the people. It's our money and we're responsible for it - not the gov't. With a simple consumption tax we can hold the gov't responsible and accountable - keep it limited and in-check as our founders rightly intended.
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The FairTax BENEFITS ALL Americans equally it does not discriminate by class, it does not punish hard work or success, it rewards frugal conservatism, and it does not enable and facilitate the uncontrollable and unaccountable growth and expansion of the Fed Gov't.
Please go to http://www.fairtax.org and get familiar with the basics.
http://www.mikehuckabee.com |
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