And So I Go: Yesterday, Today and Tomorrow

Republican House jobs plan incorporates tax reform – The Hill’s On The Money

Posted on: May 30, 2011

GOP jobs plan incorporates tax reform – The Hill’s On The Money.

The Democrats have kept the Republicans in the House tied up with their lies about Ryan’s plan killing granny.  (Have you seen the ad of a Ryan look alike throwing granny over a cliff?)

Seniors citizens are the dumbest bunch of  people  sometimes.  The townhalls show groups of them yelling ,”Don’t touch my Medicare!”.  Well the Ryan Plan DOES Not touch the seniors Medicare.  If you are over 55 years old you don’t have a dog in this fight because nothing is going to change for you at all.  that is unless Congress does nothing and Medicare completely runs out of money that is and then no one has medical coverage.    The plan only takes effect in 2022 when those who are now under 55 reach retirement and Medicare age.  Now those 55 and under do hav e a dog in the fight and they see and UNDERSTAND that Ryan’s Plan is their only hope of ever having Medicare.

 

Anyhow the Republicans are trying to get back to the jobs issue as hard as they can because they know Americans need jobs before anything else.  Since this is the case you should have some idea what is in the  jobs plan.  BB

GOP jobs plan incorporates tax reform

By Bernie Becker – 05/26/11 06:30 PM ET

As expected, tax reform is a major plank in the package of economic growth proposals House Republicans released on Thursday.

In large part, the GOP rollout contained few new proposals, including when it comes to taxes. The package calls for reducing the top tax rate for both businesses and individuals to 25 percent, and for allowing U.S. multinationals to bring overseas profits into the country without penalty.  ( Right now companies who bring their profits home to the United States are TAXED on these profits made in another country!  Drop this tax and allow them to bring this money home without penalty where it can be used in this country!  BB)

“Obviously, our tax code is broken. It’s too complex, too costly, it’s too burdensome for families and small business owners,” Rep. Dave Camp (R-Mich.) — the chairman of the House Ways and Means Committee, who has been pushing for comprehensive tax reform — said at a news conference unveiling the Republican initiative.

Camp added that the GOP would “look at the various deductions, loopholes, tax expenditures, preferences, whatever you want to call them; it’s very important that we address that.”

For his part, Rep. Sandy Levin (D-Mich.), the ranking member on Ways and Means, said the GOP ideas would raise taxes on the middle class while decreasing them for the wealthy. “We need tax reform, not loose talk from Republicans about reducing the top individual rate to 25 percent,” Levin said in a statement.  (That old song and dance about taxing the “rich” or those who already pay 47% of what is taken in by the Treasury Department already.  And incidentally, those who have the money to build factories and start businesses and give Americans JOBS!  BB)

The GOP rollout comes after Rep. Eric Cantor (R-Va.), the House majority leader, and Rep. Kevin Brady, a senior member of Ways and Means, have pushed for a so-called repatriation holiday that would allow multinationals to bring profits stored abroad into the U.S. at a reduced tax rate.

 

Cantor and Brady have envisioned the holiday as sort of a bridge to tax reform, but Camp said Thursday that he would rather look at treatment of offshore profits within the broader tax reform discussion.

“Repatriation is an important idea. I’m for it. I think it’s also going to be an important part of fundamental tax reform,” Camp said.

The Treasury Department has said that it would look at repatriation only in the overall reform talks.

Still, WIN America Campaign, a group pushing for a tax holiday, said in a statement they thought the GOP plan was a sign their side was gaining momentum.

2 Responses to "Republican House jobs plan incorporates tax reform – The Hill’s On The Money"

Will YOU read and remark on the following?
1. All persons residing in the U.S. shall come together in households for the purpose of reporting all income from any source, each item to be identified by payer’s and payee’s tax number, and for receipt of federal and state benefits. Members of a household need not be related, need not reside together, and a household may consist of as few as one person. With equality as the primary goal, this act established households to be taxed, so that all persons, whether related or not, legally here or not, are taxed equally.
2. Each year congress shall set by legislation a “minimum wage” and a “tax rate”.
3. The following income shall not be subject to taxation:
• An amount equal to a year’s earnings (2000 hours) at the minimum wage rate, for each adult (age 20-65) member of the household, decreasing 10% per year to 50% at age 15, and increasing 10% per year to 150% at age 70. (Family of two adults and two young children would receive exemptions equaling 100% + 100% + 50% + 50% = 300% minimum wage, or $42,000 at a minimum wage of $7.00))
• All payments for what is classified as necessary health care for all members of the household including medical care, any pharmaceuticals prescribed by a recognized health care professional, vision and hearing aids, and membership fees for health-enhancing entities such as gyms or other exercise facilities. Health care insurance premiums may be deducted but not health care expense paid for by such insurance.
• All educational expenses including day care for young children or legally incompetent persons, that portion of state and local taxes identified as spent on education, that portion of parochial school tuition, fees and other expenses identified as going for non-sectarian education, tuition, fees and educational materials for private school education at any level, and a per-diem allowance for students traveling more than 50 miles from primary residence for education.
• All income saved into an identified account from which investments may be made. All withdrawals from this account for the benefit of any member of the household shall be reported as income to that member.
This encourages growth of the tax base, thus growth of the government’s ability to pay for its responsibilities, by fostering health care, education and investment, all of which contribute to growth of income, taxable to support legitimate government purposes, by reducing the cost of these services by the tax rate.
4. The “tax rate” shall be applied to any income over and above the deductions listed above, regardless of amount. It seeks the elusive concept of fairness by taxing at the same rate all “disposable” income.
5. For households whose deductions exceed total income, the Federal Government shall make payment equal to the tax rate multiplied by the shortfall in income, as shall municipalities and states. This addresses aid to the truly needy, replacing the patchwork of entitlement programs.
6. There shall be no federal tax on corporations or other business entities. This tax is paid for, and hidden from, those who pay it, the purchasers of the products of corporations, and is a tax which makes American made products less competitive on the world market.
7. At the request, by legislation duly enacted by a municipality having greater than 100,000 inhabitants or a state, a surtax may be imposed on citizens of that municipality or state which shall be applied in a manner exactly as applied for the Federal tax. It recognizes disparity in cost of living among various locations. It facilitates sufficient sources of revenue for states and municipalities.
8. The Office of Management and Budget shall compute revenues to be expected using the newly set tax rate and minimum wage, applied to the previous year’s reported incomes. No expenses in excess of that amount may be authorized or made by the federal government without approval by 75% of each house of Congress. It sets the Federal budget to produce a surplus in times of economic expansion and a deficit in times of contraction to promote economic stability.
My email is tbeebe6535@yahoo.com

Tom, I have read and will respond when I get my head together. i am on my pre-op Lapp Band surgery diet and it is making me weak as a kitten. couple that with allergies and barometric headaches that make me sick as a dog. I just can’t handle kittens and dogs at the same time!!🙂 Will respond—-I promise. BB

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