The Brady/Ryan Tax Reform Plan

[Dont Taz Me Bro]

I too am in fabor of the Fair tax and I supported Carson originally because of that and yeah consumption tax would encourage saving and not just buying stuff to buy stuff and would get criminals to pay taxes as well.

The Fair Tax will never be reality

 

[Kosh]

Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.

Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.

Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again

• Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
• Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
• Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
• Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
• Eliminates the individual alternative minimum tax.
• Reduces the corporate income tax rate from 35% to 20%.
• Eliminates the corporate alternative minimum tax.
• Taxes income derived from pass-through businesses at a maximum rate of 25%.
• Allows the cost of capital investment to be fully and immediately deductible.
• Eliminates the deductibility of net interest expenses on future loans.
• Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
• Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
• Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
• Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
• Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.

Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf

Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan

• The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
• Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
• On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.

At first glance it appears certain that their plan would leave even MORE American households paying no federal income tax.

Isn't that one of the Right's most pet peeves?

Wrong! Most far left drones are wrong as they just run religious narratives..

 

[Soggy in NOLA]

A Republican plan that appears based on the thoroughly discredited theory that lowering taxes will increase revenues and pay for themselves is what I would call

fool me thrice, shame on me again.

Nah.. what's thoroughly discredited is that taxing the fuck out of everybody increases growth.

 

[Dont Taz Me Bro]

A Republican plan that appears based on the thoroughly discredited theory that lowering taxes will increase revenues and pay for themselves is what I would call

fool me thrice, shame on me again.

The theory has only been discredited by dishonest Marxists. It has, in fact, worked every time. Kennedy, Reagan, and Bush could attest to that.

 

[NYcarbineer]

Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.

Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.

Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again

• Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
• Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
• Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
• Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
• Eliminates the individual alternative minimum tax.
• Reduces the corporate income tax rate from 35% to 20%.
• Eliminates the corporate alternative minimum tax.
• Taxes income derived from pass-through businesses at a maximum rate of 25%.
• Allows the cost of capital investment to be fully and immediately deductible.
• Eliminates the deductibility of net interest expenses on future loans.
• Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
• Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
• Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
• Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
• Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.

Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf

Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan

• The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
• Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
• On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.

At first glance it appears certain that their plan would leave even MORE American households paying no federal income tax.

Isn't that one of the Right's most pet peeves?

it should be everyone's pet peeve but especially those who whine about "fair shares"

It's a trap that the the tax cuts for the rich zealots built for themselves.

They know they can't cut taxes for the rich without also cutting taxes for the not-rich, aka political suicide, so,

time after time, in order to cut taxes for the rich, they've cut lower income taxes, but they've started to run out of tax to cut at the lower income levels.

Just raising the child tax credit from $1000 to $1500 will put thousands of households into the no-tax category they were never in before.

 

[Kosh]

Not enough smears or logical fallacies? Requires too much thinking? What?

Well we disagree alot, but when I agree im not afraid to say it. I would prefer the elimination of the income tax, but we have to compromise.

I prefer the elimination of the income tax as well, and prefer we have consumption taxes. I lean heavily in favor of the Fair Tax. It has its pitfalls, but it is far better than an income tax.

However, no matter which tax scheme we have, we must first ban tax expenditures, and this Brady/Ryan plan is a big move in that direction.

I understand the political cowardice behind not removing the MID. But it really needs to go sooner or later.

The public must first be educated.

I cant disagree with anything in this post, well said! I too am in fabor of the Fair tax and Insupported Carson originally because of that and yeah consumption tax would encourage saving and not just buying stuff to buy stuff and would get criminals to pay taxes as well.

A fair tax will never come to be in our lifetime..

 

[NYcarbineer]

A Republican plan that appears based on the thoroughly discredited theory that lowering taxes will increase revenues and pay for themselves is what I would call

fool me thrice, shame on me again.

The theory has only been discredited by dishonest Marxists. It has, in fact, worked every time. Kennedy, Reagan, and Bush could attest to that.

No, it never worked. No one has ever shown by legitimate cause and effect principles that those tax cuts increased revenues.

 

[jc456]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

The one main cog inthat thinking is not assuming job growth and more tax payers paying in! More capital, more jobs, more tax payers and less welfare payments

 

[Soggy in NOLA]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

The one main cog inthat thinking is not assuming job growth and more tax payers paying in! More capital, more jobs, more tax payers and less welfare payments

He's a lib.. they haven't even the most basic understanding of basic economics.

 

[Skull Pilot]

Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.

Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.

Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again

• Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
• Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
• Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
• Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
• Eliminates the individual alternative minimum tax.
• Reduces the corporate income tax rate from 35% to 20%.
• Eliminates the corporate alternative minimum tax.
• Taxes income derived from pass-through businesses at a maximum rate of 25%.
• Allows the cost of capital investment to be fully and immediately deductible.
• Eliminates the deductibility of net interest expenses on future loans.
• Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
• Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
• Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
• Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
• Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.

Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf

Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan

• The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
• Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
• On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.

At first glance it appears certain that their plan would leave even MORE American households paying no federal income tax.

Isn't that one of the Right's most pet peeves?

it should be everyone's pet peeve but especially those who whine about "fair shares"

It's a trap that the the tax cuts for the rich zealots built for themselves.

They know they can't cut taxes for the rich without also cutting taxes for the not-rich, aka political suicide, so,

time after time, in order to cut taxes for the rich, they've cut lower income taxes, but they've started to run out of tax to cut at the lower income levels.

Just raising the child tax credit from $1000 to $1500 will put thousands of households into the no-tax category they were never in before.

which is why we need to get rid of ALL deductions and pay one low rate on gross income

 

[g5000]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

the income tax alone will never reduce our debt we have to cut spending

Right now we have a 1.1 trillion dollar discretionary spending budget

We need to do away with all discretionary spending and apply it to the debt while at the same time balancing our annual budgets and in 20 years we will no longer be a debtor nation

After the government is done spending on roads and the military and Obamaphones, it has only just begun.

We then give away $1.2 trillion every year in deductions, exemptions and credits. Literally twice as much as we spend on social welfare.

That $1.2 trillion exceeds the deficit.

The solution is obvious.

We have the high tax rates we do because of these government gifts.

Every dollar you exempt from one special interest's tax bill is a dollar another taxpayer has to make up for. That is the other side of the equation which is deliberately concealed from the rubes.

It's the most blatant wealth transfer there is, and deliberately concealed by alleged "fiscal conservatives". In fact, this scheme is not just protected by "fiscal conservatives", it is promoted.

Republican politicians are the biggest creators of tax expenditures. It's a way to increase government spending without the rubes catching on.

 

[Skull Pilot]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

the income tax alone will never reduce our debt we have to cut spending

Right now we have a 1.1 trillion dollar discretionary spending budget

We need to do away with all discretionary spending and apply it to the debt while at the same time balancing our annual budgets and in 20 years we will no longer be a debtor nation

We give away $1.2 trillion every year in deductions, exemptions and credits. Literally twice as much as we spend on social welfare.

That $1.2 trillion exceeds the deficit.

The solution is obvious.

We have the high tax rates we do because of these government gifts.

Every dollar you exempt from one special interest's tax bill is a dollar another taxpayer has to make up for. That is the other side of the equation which is deliberately concealed from the rubes.

It's the most blatant wealth transfer there is, and deliberately concealed by alleged "fiscal conservatives". In fact, this scheme is not just protected by "fiscal conservatives", it is promoted.

I have always been in favor of getting rid all ALL deductions and paying one low flat rate on gross income

 

[g5000]

Well we disagree alot, but when I agree im not afraid to say it. I would prefer the elimination of the income tax, but we have to compromise.

I prefer the elimination of the income tax as well, and prefer we have consumption taxes. I lean heavily in favor of the Fair Tax. It has its pitfalls, but it is far better than an income tax.

However, no matter which tax scheme we have, we must first ban tax expenditures, and this Brady/Ryan plan is a big move in that direction.

I understand the political cowardice behind not removing the MID. But it really needs to go sooner or later.

The public must first be educated.

I cant disagree with anything in this post, well said! I too am in fabor of the Fair tax and Insupported Carson originally because of that and yeah consumption tax would encourage saving and not just buying stuff to buy stuff and would get criminals to pay taxes as well.

A direct tax on labor is abhorrent... I too favor a consumption based tax, no deductions, no exemptions. I won't however hold my breath.

Yeah it's a bitch, but at least we are getting presidential candidates promoting it, so maybe in a while people will learn about it.

We shall see.... unfortunately, the IRS has TREMENDOUS control over your life, that is not an easy thing to relinquish.

It's not the IRS which has the power. It's all the special interests who have bribed our elected officials to put exemptions, deductions, and credits in the tax structure for them so that the playing field is grossly tilted in their favor.

They are stealing from your pocket.

 

[g5000]

Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.

Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.

Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again

• Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
• Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
• Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
• Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
• Eliminates the individual alternative minimum tax.
• Reduces the corporate income tax rate from 35% to 20%.
• Eliminates the corporate alternative minimum tax.
• Taxes income derived from pass-through businesses at a maximum rate of 25%.
• Allows the cost of capital investment to be fully and immediately deductible.
• Eliminates the deductibility of net interest expenses on future loans.
• Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
• Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
• Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
• Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
• Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.

Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf

Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan

• The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
• Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
• On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.

At first glance it appears certain that their plan would leave even MORE American households paying no federal income tax.

You need some glasses. Glance again.

This plan WIDENS the tax base.

 

[g5000]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

The one main cog inthat thinking is not assuming job growth and more tax payers paying in! More capital, more jobs, more tax payers and less welfare payments

He's a lib.. they haven't even the most basic understanding of basic economics.

I see you are still lying about me being a liberal, despite massive evidence to the contrary, such as this topic. Fascinating.

And I have more understanding about economics than all you tards put together. I've been schooling you for a long time.

 

[g5000]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

The one main cog inthat thinking is not assuming job growth and more tax payers paying in! More capital, more jobs, more tax payers and less welfare payments

I see you didn't bother to read any of the links I provided.

In fact, it appears you didn't even read the whole OP.

I knew that many words would be too taxing (pun intended) for people like you.

Read it, dummy. They DID take into account a wider tax base and an improved economy. The plan STILL ends up running deficits. Albeit smaller ones than we have now.

Now quit with the magical thinking and READ, for chrissakes.

 

[g5000]

Christ, it's right there in the OP:

• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.

 

[g5000]

The analysis of the Ryan/Brady tax plan states that this tax reform plan will still result in annual deficits.

It will not reduce our debt, and will in fact keep adding to it.

That's the price of deductions.

I imagine that's based on an assumption of current levels of spending remaining constant. They could cut spending to offset the deficit.

Tax expenditures ARE spending.

I've spent YEARS trying to educate the herd on this fact.

 

[NYcarbineer]

Enough with the monkeys running the zoo around here, and their shit slinging. Let's talk turkey.

Kevin Brady and Paul Ryan will be holding the fiscal reins going forward, and will thus be the real power in Washington.

Here is a summary of their tax reform plan: Forbes: Speaker Paul Ryan And Chairman Kevin Brady Produce A Tax Blueprint To Make America Great Again

• Increases the standard deduction from $6,300 to $12,000 for singles, from $12,600 to $24,000 for married couples filing jointly, and from $9,300 to $18,000 for heads of household.
• Eliminates the personal exemption and creates a $500 non-refundable credit for dependents who are not children.
• Increases the Child Tax Credit to $1,500 per child, limits the refundability of the credit to $1,000, and raises the phaseout threshold for the Child Tax Credit for married households from $110,000 to $150,000.
• Eliminates all itemized deductions besides the mortgage interest deduction and the charitable contribution deduction.
• Eliminates the individual alternative minimum tax.
• Reduces the corporate income tax rate from 35% to 20%.
• Eliminates the corporate alternative minimum tax.
• Taxes income derived from pass-through businesses at a maximum rate of 25%.
• Allows the cost of capital investment to be fully and immediately deductible.
• Eliminates the deductibility of net interest expenses on future loans.
• Restricts the deduction for net operating losses to 90% of net taxable income and allows net operating losses to be carried forward indefinitely, and increased by a factor reflecting inflation and the real return to capital. Does not allow net operating losses to be carried back.
• Eliminates the domestic production activities deduction (section 199) and all other business credits, except for the research and development credit.
• Creates a fully territorial tax system, exempting from U.S. tax 100% of dividends from foreign subsidiaries.
• Enacts a deemed repatriation of currently deferred foreign profits, at a tax rate of 8.75% for cash and cash-equivalent profits and 3.5% on other profits.
• Modifies all business income taxes to be border-adjustable, disallowing the deduction for purchases from nonresidents and exempting export profits and foreign-derived profits from taxation.

Here is their tax plan from their own pen: http://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-PolicyPaper.pdf

Here is the analysis by the independent Tax Foundation: Details and Analysis of the 2016 House Republican Tax Reform Plan

• The House Republican tax reform plan would reform the individual income tax and would move towards destination-based cash flow taxation of businesses.
• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.
• Although the plan would reduce federal revenue by $2.4 trillion on a static basis in the first decade, much of the revenue loss is one-time. As a result, the plan will cost much less in subsequent decades.
• On a static basis, the plan would lead to 0.7 percent higher after-tax income for all taxpayers and 5.3 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by at least 8.4 percent.

At first glance it appears certain that their plan would leave even MORE American households paying no federal income tax.

You need some glasses. Glance again.

This plan WIDENS the tax base.

If you're a family of four on moderately low income and took $1000 tax credit per child and ended up paying $1000 in federal income tax,

raising that credit to 1500 amounts to another $1000 off your taxes, and all else being equal,

you're now down to zero. And that's without even considering the increased deductions/exemptions.

 

[NYcarbineer]

Christ, it's right there in the OP:

• According to the Tax Foundation’s Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 9.1 percent higher GDP over the long term, 7.7 percent higher wages, and an additional 1.7 million full-time equivalent jobs.
• The plan would reduce federal revenue by $2.4 trillion over the first decade on a static basis. However, due to the larger economy and the broader tax base, the plan would reduce revenue by $191 billion over the first decade.

lol, they always say shit like that.