Jeb Bush’s new tax plan could cost $3.4 trillion over next decade
Source: Washington Post
Just three tax brackets. No more taxes on death or marriage. Tax cuts for major corporations and small businesses and about 42 million families.
Republican presidential candidate Jeb Bush on Wednesday unveiled a long-awaited tax reform plan that would add trillions of dollars to the deficit, filling in details that he says would help fulfill his promise to restore 4 percent annual economic growth. With a North Carolina factory as his backdrop, Bush married traditional conservative thinking on taxes with some politically viable proposals that already enjoy support on Capitol Hill.
The plan would add $1.2 trillion to the deficit, even when using a system favored by Republicans that takes into account any potential growth the tax changes could encourage, according to Republican economists who reviewed the plan on Bush's behalf. The plan would lose closer to $3.4 trillion using traditional methods.
Given the high price tag and some of the details, Bush's tax plan is fraught with political peril. His brother, former President George W. Bush, focused much of his 2000 presidential campaign on plans to slash taxes and jump-start economic growth. Those tax cuts contributed to the record deficit spending that even Jeb Bush criticized Tuesday night on Stephen Colbert's new late-night talk show. In 2012, GOP presidential nominee Mitt Romney had similar ideas on tax reform that were widely dismissed by voters, who believed he was pushing policies that would mostly help wealthy people.
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Read more: http://www.washingtonpost.com/news/post-politics/wp/2015/09/09/jeb-bush-finally-unveils-tax-overhaul-plan-calling-for-fair-environment/
A bush tax plan that "mostly help wealthy people"?
Who knew?
Gothmog
(144,005 posts)Angry Dragon
(36,693 posts)sofa king
(10,857 posts)Angry Dragon
(36,693 posts)sofa king
(10,857 posts)The evidence is overwhelming that not only did tax cuts not work, the economic theory was deliberately falsified.
But we are all stupid for permitting a criminal such as this man to participate in public life after what he and his ilk have done. We should be hunting Bushes to the ends of the earth, like the Nazis they supported.
ion_theory
(235 posts)Munificence
(493 posts)I mean hell, we've dumped $4 trillion into the market over the past 4 years to keep it propped up. I see no one here crying about that...in just 4 years.
I find it actually funny in this day and age that we even tax people and businesses....why? The Fed has been printing all we need over the past 8-10 years to keep the illusion going.
$4 trillion is not shit when you have a "printing press"....or better yet just presto it into existence with 1's and 0's on a screen, easy as pie and we've been doing it for awhile now. And there is no way out there to collect those taxes. We've got an out of control Federal Reserve and Government when it comes to what most call "money".
Unknown Beatle
(2,672 posts)The next crash is going to be a doozy and it's going to financially wipe out millions of people.
jmowreader
(50,453 posts)No Republican tax cut is ever intended to grow the economy. They are ALL intended to defund the government.
bucolic_frolic
(42,676 posts)about Obama's trillion dollar deficits
sofa king
(10,857 posts)lastlib
(22,981 posts)ie, we won't--"they'll pay for themselves"--remember?
sofa king
(10,857 posts)... But a larger part of me awaits the endless series of "coincidences" that leads to exactly this two years from now.
SoapBox
(18,791 posts)I wouldn't trust them to hold my lunch bag.
chapdrum
(930 posts)From just another non-entity in the tirelessly ongoing Bush Syndicate fraud.
Thanks to the Bezos-owned WaPo for the boost.