Emma Boone

Tax Experts Agree: We Need Tax Reform

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Tuesday, August 11th, 2015, 5:18 PM PERMALINK

Today’s tax system is far too complex and drastically limits opportunities for hardworking Americans. The Tax Council (TTC) recently surveyed 84 business tax professionals on tax reform found only 41 percent believe there will be some type of a tax reform in or before 2017. This is down from 52 percent in January. Recognizing the dramatic need for tax reform to jump our economy, The Heritage Foundation recently hosted a panel on the current, flawed tax system and opened the discussion for means to fix the damaged system.

Daniel Mitchell, PhD., a senior fellow at Cato Institute, sat on the panel and opened with the simple statement, “tax rates matter.” Mitchell explained that anyone who disputes this message is likely to be the product of ill-advisement and ignorance. People work for themselves, not for the government. Taxpayers are more than welcome to write fat, charitable checks to the government after their taxes have been accounted for, yet very few households choose to do so- and for good reason.

Mitchell continued by describing the two ways Americans are likely to consume their income after taxes. One either consumes their income right away, resulting in little federal government interference and additional taxes or they save and invest some of their leftover income. By doing the latter, the federal government may tax these returns as interest, dividends, capital gains, or non-corporate business profits. Furthermore, this saved or invested money may also face the corporate tax, estate tax, and the list goes on.

Also sitting in on the panel was Stephen Entin, a senior fellow from the Tax Foundation. Entin explained that a good tax system is one where multiple levels of taxation cease to exist, leaving Americans with more money in their pockets. 

The Hall-Rubashka flat tax, new flat tax, a national sales tax and a business transfer tax are all popular examples of tax reform plans among conservatives. All four of these plans are economically comparable and would have identical economic effects. These plans aim for reform and a simplification of the tax code. Sen. Rand Paul of Kentucky, who announced his presidential bid in the late spring, pushes for a flat tax in his outline for tax reform.

Presidential hopeful Sen. Marco Rubio created a “pro-growth, pro-family tax reform plan” that would simplify the current tax code in many ways. For starters, the plan would implement a simple two-bracket tax system and reduce the tax rate on capital gains and dividends to zero percent. This reform plan has brought attention to a new string of conservative reform policies promoted by Conservative Reform Network.

As pointed out by politicians, economists and tax policy experts alike the current tax system is dragging down the economy. It's time to simplify the tax code.

More from Americans for Tax Reform


Freedom From Union Bullies: An Update on Fresno Farm Workers

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Tuesday, August 11th, 2015, 11:38 AM PERMALINK

Matt Patterson, executive director of Center for Worker Freedom (CWF), joins Grover Norquist to discuss his work against union bullies. Patterson has done extensive work with farm workers in Fresno, California in their fight against being forced to join the United Farm Workers union. Tune in to hear more about the union bullies' desperate attempts to oppress the rights of these workers and hear what CWF is doing to put an end to these actions.

Articles mentioned in this podcast:

More from Americans for Tax Reform


Grover Norquist Show: Presidential Candidate Mike Huckabee's FAIR Tax Plan

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Thursday, August 6th, 2015, 1:53 PM PERMALINK

Presidential hopeful Mike Huckabee believes the solution to our stagnant economic growth and complicated tax is the FAIR Tax. This type of tax reform moves the U.S. towards a consumption based tax system, which economists admit is crucial to increased GDP growth overtime. A number of taxes including the personal tax, corporate tax, payroll tax, estate tax and gift tax would be eliminated. Tune in to hear more about the FAIR tax and what it could do for the economy and America’s GDP.

More from Americans for Tax Reform


Grover Norquist Show: Marco Rubio's Tax Reform Proposal: Pro-Growth and Pro-Family

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Tuesday, August 4th, 2015, 11:21 AM PERMALINK

Presidential hopeful Marco Rubio has introduced a tax reform plan that simplifies the current tax code and aims to be pro-growth and pro-family. Under his tax plan there would be two personal income tax brackets, the business income tax rate would be reduced from 35 to 25 percent, and there would be a zero percent tax rate on capital gains, dividends and interest- meaning all savings would benefit from tax-free growth. Tune in to hear more about Rubio’s tax plan and how Americans would benefit.

 

More from Americans for Tax Reform


Congress and Ex-Im: It's Complicated

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Friday, July 31st, 2015, 4:16 PM PERMALINK

Conservative free marketeers scored a major victory on Wednesday evening by preventing the Export-Import (Ex-Im) Bank from being re-authorized. Once an important tool for American exports, the Ex-Im Bank is now nothing more than America’s poster child for corporate welfare.

Sunday night, the Senate voted 67-26 to attach an amendment to the “must pass” Highway Trust Fund bill that would reauthorize Ex-Im for another four years. This desperate attempt to revive the bank came after Congress decided to do nothing and let Ex-Im’s charter expire on June 30.

In recent years, public opinion on the Bank has plummeted while opposition to Ex-Im in the Senate has doubled. Ex-Im has become notorious for its ties to crony capitalism, fraud and corruption, and has been behind numerous wasteful taxpayer-backed loans, including a $2 million loan to a fraudulent Florida-based small business conducting a Ponzi-scheme.

The House chose not to take up Highway Trust Fund bill from the Senate, leaving no choice but to force Senators to pass a short term, three month extension for highway funding, without Ex-Im’s amendment attached.

For now, Ex-Im will lie in its grave, with no hope of resurrection until September. The thousands of lost jobs that supporters of the bank warned of has not eventuated. In fact, beneficiaries of the bank will be able to continue their businesses unaffected through private sector loans.

There is no doubt supporters will stop at nothing to reauthorize the bank. But the fact is, American businesses do not need this New Deal relic any longer.  For each day that Congress resists re-authorizing Ex-Im, businesses and taxpayers will realize they are better off without this icon of crony capitalism and corporate welfare.

More from Americans for Tax Reform


What Rand Paul's Tax Plan Would Do For You

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Thursday, July 30th, 2015, 11:41 AM PERMALINK

Senator Paul has put forward a dynamic and exciting outline for tax reform. His plan would replace all current tax brackets with one flat rate of 14.5 percent. A single low income tax rate would be a great incentive to save, work, and invest for all Americans.

Tune in to hear more about Rand Paul’s tax plan, how it would help America’s economy and what his plan would do for America.

 

More from Americans for Tax Reform


Grover Norquist Show: From Texas to Washington: The Case for An Effective, Cost Conscious Criminal Justice System

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Tuesday, July 28th, 2015, 4:10 PM PERMALINK

ATR policy specialist Jorge Marin joins conservative activist Grover Norquist in his latest podcast, “From Texas to Washington: The Case for An Effective, Cost Conscious Criminal Justice System.” The United States has one of the world’s most populated prison systems and an even bigger budget. National leaders on the Left and the Right are calling for major reforms.  Tune in to hear about how Americans for Tax reform and its partners in the Coalition for Public Safety are leading the charge for criminal justice reform across a wide array of areas such as civil asset forfeiture and mandatory minimums.

More from Americans for Tax Reform


Grover Norquist Show: Ending Earmarks and the Ex-Im Bank

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Monday, July 27th, 2015, 2:07 PM PERMALINK

Sometimes doing nothing is better than doing anything at all as conservatives proved on June 30 when Congress decided to simply let the Export Import Bank expire. However, conservative activists must remain vigilant as efforts will be made to reauthorize the bank by attaching an amendment to “must pass" bills. The march to phase out Ex-Im is unstoppable. Grover Norquist, president of ATR, tackles the issue of the Ex-Im Bank in his latest podcastTune in to find out how taxpayers can win the fight against Ex-Im Bank and stop the march towards crony capitalism.

More from Americans for Tax Reform


Senate Digs Up Ex-Im Grave In Dead of Night

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Monday, July 27th, 2015, 12:30 PM PERMALINK

In an unusual Sunday night session, the Senate voted 67-26 to move forward with the attachment of an amendment to the Highway Trust Fund bill that would reauthorize the Export-Import (Ex-Im) Bank of America, which expired June 30. The undisputed poster child of crony capitalism, Ex-Im is behind numerous taxpayer-funded loans and guarantees given to corporations to fund and insure foreign companies’ purchase of U.S. products. Unsurprisingly, many of these million dollar loans have defaulted or have gone to complete waste, leaving taxpayers in the red.

While supporters of the bank claim the reauthorization of Ex-Im will save jobs, the reality of the matter is that Ex-Im never created jobs in the first place. Supporters also mention that Ex-Im helps small businesses. Wrong again. Ex-Im picks and chooses politically connected corporations to loan billions of dollars to, leaving a measly 2 percent of Ex-Im’s funds going to small businesses.

The language of this amendment, expected to be voted on later today, will extend the charter of the Ex-Im Bank for another four years. The banks lending cap will be lowered to $135 billion, still a large sum of money when taxpayers are asked to foot the bill. The amendment is also sure to mention that Ex-Im loans will now increase the percentage of small businesses they assist to a whopping 25 percent. Interesting, considering the bank already claims they help an impressive 90 percent of small businesses.

It’s predicted that a final vote on this bill will take place on Thursday, the deadline for the Highway Trust Fund’s authorization. With heavy support in the Senate, hope lies in the members of the House to strike down this amendment which so clearly supports corporate welfare and the revival of an outdated relic needed to be put to rest for good. 

More from Americans for Tax Reform


Grover Norquist Show: Hillary Clinton's Record On Taxes

Share on Facebook
Tweet this Story
Pin this Image

Posted by Emma Boone on Thursday, July 23rd, 2015, 2:18 PM PERMALINK

“We’re going to take things away from you on behalf of the common good.” These were the words so eloquently spoken by Hillary Clinton at a 2004 fundraiser.

ATR President Grover Norquist examines Clinton’s record on taxes in his latest podcast. As Clinton’s own spokesman has stated, we can expect to see “revenue enhancements” should Clinton become president. Tune in to hear more about Clinton’s big government record on taxes and what kinds of tax hikes Hillary is sure to propose as president.

More from Americans for Tax Reform


Pages

×