g5000
Diamond Member
- Nov 26, 2011
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- #61
They will stand for it if he gives them the rest of his package. No taxes on capital gains, dividends, or estates.The wealthy will never stand for that. Just one more reason Marco won't get major GOP support.From Rubio's tax reform white paper:
By simplifying the structure of the tax code, this proposal will also reduce the burden of confusing choices and excessive paperwork. Most itemized deductions will be removed, and those that remain will be accessible to all filers.
See, it isn't the lack of a flat tax that causes your tax returns to be bigger than a post card. If it all those tax expenditures you have to wade through. Exemptions, deductions, credits.
Those tax expenditures mask a gross inequality. Americans allow themselves to be bought off with a child tax credit (which is no different than an Obamaphone) while other players get much, much bigger advantages given to them.
Rubio is new enough to national politics that he isn't afraid to expose the rigging which has legislatively tilted the playing field.
The Internal Revenue Code includes an abundance of carve-out tax provisions that create advantages for special interests and distort the free market. Many of these tax provisions help certain industries to the disadvantage of others. Some of these tax provisions are included in permanent law, and others are temporary tax provisions that are regularly renewed. Despite remaining in the code for long periods of time, the temporarily renewed provisions are known as “tax extenders,” because Congress regularly reauthorizes these measures. Legislation maintaining “tax extenders” typically includes narrow, distortive tax provisions along with some tax provisions that are important to economic growth and do not create a market distortion.