Categorized | General Interest

Ted’s Turds

It is constantly a head-shaking opportunity to watch when the serious wing-nuts continue to shop ideas that have either been proven to be just wrong and/or hurt most people–even when the same wing-nuts peddle wacky ideas with promises of a pot of gold at the end of the rainbow for everyone. Ladies and gents, it’s Ted Cruz time.

Yes, the Cruzer is rolling out the same nonsense on taxes we’ve heard time and again. That would be the national sales tax and a flat tax. The reality, per Citizens for Tax Justice:

Looking at the “Fair Tax,” an Institute on Taxation and Economic Policy (ITEP) study found that the bottom 80 percent of taxpayers would see their federal taxes go up by about $3,200 on average annually. In contrast, ITEP found that the top 1 percent of taxpayers would receive an average annual tax cut of $225,000.

On the flat tax, Cruz has not yet spelled out a specific plan that he would like to see enacted, but it’s unlikely that any plan he proposed will be significantly better than the extremely regressive flat tax proposals that have been offered in the past. For example, an ITEP analysis of Senator Arlen Specter’s flat tax proposal found that the bottom 95 percent of Americans would see their annual taxes increase by $2,900 on average, while the top 1 percent of taxpayers would see their taxes decrease by $210,000 on average.

 

Leave a Reply

You must be logged in to post a comment.

Podcast Available on iTunes

Archives

Archives

Archives