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  1. #11
    Senior Member JohnDoe2's Avatar
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    Bill would increase everyone’s tax bill in name of fair taxation

    February 12, 2015

    By TOM YAMACHIKA , President, Tax Foundation of Hawaii

    Among the many tax bills we are following in the legislative hopper this session, most have generic titles, such as "Relating to Taxation," that say very little about the bills' contents.

    There is one, House Bill 1307, that is titled, "Relating to Fair Taxation." Ten representatives signed on to the bill, so it definitely deserves some attention. The bill's preamble language, which is supposed to give the reader some idea of what is motivating the law change proposal.


    The bill cites the study "Who Pays: A Distribution Analysis of Tax Systems in All 50 States, Fifth Edition" (Institute of Taxation & Economic Policy, January 2015). According to the study, Hawaii households with incomes in the lowest 20 percent spend 13.4 percent of their income on taxes, while Hawaii households with income in the top 1 percent pay only 7 percent of their income on taxes, after factoring in major state and local taxes, including personal and corporate income taxes, property taxes, and sales and excise taxes.


    The bill attempts to correct this imbalance by enacting new income tax rates to go into effect beginning next year. The lowest rate of 6.7 percent applies to the first $28,800 of taxable income earned by married taxpayers filing jointly, resulting in a tax payment of $1,930.


    Our current law has 13 different tax brackets, three of which are supposed to be expiring at the end of this year. The same married couple at the federal poverty line already blows through the first three brackets and is in the fourth bracket at 6.4 percent with a tax bill of $1,363.


    For a couple earning median household income, which was about $68,000 using 2013 numbers, current law imposes a tax of $2,707, plus 7.6 percent of excess over $48,000, leaving a bill of $4,227. The bill subjects these taxpayers to a payment of $3,293, plus the top rate of 7.5 percent on the excess, resulting in a higher tax of $4,793.


    For couples making $300,000, $350,000 or $400,000, the top tax rates are 9, 10 and 11 percent, respectively. These rates are scheduled to expire at the end of this year. The bill subjects those couples to top tax rates of 11, 13 and 15 percent, which would allow Hawaii to reclaim its title of the state imposing the highest income tax rates upon individuals.

    In other words, not only would this bill undo the rollback of rates that were promised to taxpayers in 2009 and increase everyone's tax bill, but it would hoist the top tax rates by more than a third. Is that the bill proponents' idea of tax fairness?


    Why do we care about tax rates? Our lawmakers keep saying that they are working hard to find ways to help our economy grow. But, according to research compiled by the national Tax Foundation in a rebuttal article to the Institute of Taxation and Economic Policy study cited in the bill, nearly every economic study of taxes and economic growth found that tax increases harm economic growth, with the most severe effects coming from corporate taxes, followed by personal income taxes, consumption taxes and property taxes.

    Corporate and shareholder taxes reduce the incentive to invest and to build capital. Less investment means fewer productive workers and correspondingly lower wages.


    Still, it's early in the legislative session. This bill may never see the light of day.


    But the overall concept - adjustment of income tax rates - is likely to come up again, because if there is no legislative action this session the income tax rates enacted in 2009 will sunset.


    Vigorous discussion of such ideas is a necessity, even if it's just to focus our attention on what changes we need to have.


    * Tom Yamachika is president of the Tax Foundation of Hawaii

    http://www.mauinews.com/page/content...on.html?nav=16

    Last edited by JohnDoe2; 03-20-2015 at 08:46 PM.
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  2. #12
    Senior Member Judy's Avatar
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    "The poor are paying over 12 percent of their income in state and local taxes, while for the very wealthy that goes down to about 3 percent." Betzen says the biggest problem is an over-reliance on sales tax. "Whenever you center your taxation on sales tax, it is inherently regressive."
    That's why the FairTax is the fairest of all, because under the FairTax, the poor are paying 0% or less in FairTax, if they sign up for the Rebate. It can't get more fair than that.
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  3. #13
    Senior Member JohnDoe2's Avatar
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    3/20/2015

    The "Economic Growth and Family
    Fair Tax" plan from Senators Rubio and Lee is ambitious and expensive, but it may hurt many low-income families with children, according to new estimates.

    http://www.alipac.us/f19/family-fair...milies-318323/
    Last edited by JohnDoe2; 03-20-2015 at 08:57 PM.
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  4. #14
    Senior Member Judy's Avatar
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    Quote Originally Posted by JohnDoe2 View Post
    3/20/2015

    The "Economic Growth and Family
    Fair Tax" plan from Senators Rubio and Lee is ambitious and expensive, but it may hurt many low-income families with children, according to new estimates.

    http://www.alipac.us/f19/family-fair...milies-318323/
    This bill is not the FairTax Act bill, but another version of the existing income tax system. It seems everyone is liking the idea of using the word "fair" in their tax plan proposals. In any event, this bill of Lee and Rubio's is an imbecile bill, just more of the same twisted bull that's embedded the tragic history of the income tax since its adoption in 1913 by Democrats, with one exception. Lee and Rubio's bill starts to dismantle the income tax by eliminating the capital gains tax, dividend tax, estate tax and Obamacare tax surcharges. I would support it for that reason until 2016 when we elect a Republican Senate, Republican House and 1 Loyal Republican President, at which time the FairTax should pass.
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  5. #15
    Senior Member Judy's Avatar
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    There is one, House Bill 1307, that is titled, "Relating to Fair Taxation." Ten representatives signed on to the bill, so it definitely deserves some attention. The bill's preamble language, which is supposed to give the reader some idea of what is motivating the law change proposal.
    10? So it definitely deserves some attention?

    Well, by comparison, the Fair Tax Act of 2015, HR 25 in the US House of Representatives, has 68 representatives who signed on to the bill, so I guess that means it just deserves to be passed. And yes, of course it does. The people of the United States deserve it, they deserve to go home with all their income and earnings and decide later what to do with it, and they deserve to live free of government mandates to file returns and reports and pay tax. Happy citizens and residents spend on consumption, so the happier we are, the more we spend, which encourages businesses and government to make sure we're happy so we spend a lot so the businesses make money and the government gets its cut. That's the way it should be, that's the way it was supposed to be, and that's the way it will be in the future when the FairTax passes.
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  6. #16
    Senior Member JohnDoe2's Avatar
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    How Presidential Candidate Ted Cruz Would Radically Increase Taxes on Everyone But the Rich


    March 23, 2015 03:10 PM
    By Richard Phillips, Research Analyst at CTJ


    Texas Senator, and now presidential candidate, Ted Cruz is a supporter of radical tax plans that would dramatically increase taxes on poor and middle class Americans in order to pay for huge tax cuts for the wealthiest Americans. While he has not clearly established which he favors more, Cruz has endorsed both the creation of a flat income tax and a bill that would replace the progressive income tax system with a national sales tax, a plan misleadingly called the "Fair Tax."

    While Ted Cruz may portray himself as wanting to lower taxes, the reality is that under the tax plans he has endorsed, the overwhelming majority of Americans would likely see their taxes go up considerably. 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.

    When speaking about the tax system, Cruz has also peddled a patently irresponsible promise to abolish the IRS, without specifying how our country might go about collecting tax revenues (including Social Security and Medicare taxes) without a revenue collection agency. Even though much of Cruz’s rhetoric is likely bluster and contains factual inaccuracies, it's still dangerous demagoguery.


    Cruz's approach on taxes is so unfair that even some conservatives suspect that it will not prove politically popular.

    Making this point, Pew Research recently found that even 45 percent of Republicans believe some wealthy people don't pay their fair share in taxes, meaning a substantial portion of the Republican primary voters may not be able to stomach the massive tax breaks for the wealthy that Cruz is advocating.


    Looking forward, here's hoping that we see other presidential candidates reject Cruz's regressive tax approach in favor of tax reform ideas that ensure that the rich and profitable corporations are paying their fair share.

    http://www.taxjusticeblog.org/archiv...didate_ted.php

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  7. #17
    Senior Member JohnDoe2's Avatar
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    Where They Stand: Ted Cruz on Key Issues of 2016 Campaign

    . . . He'd abolish the IRS and institute a flat tax, ideas that often float in GOP discourse but have never gone anywhere. A simple flat tax can only work by significantly increasing taxes for most low- and middle-income families or by cutting spending far more deeply than most lawmakers are willing to go . . . .

    @ http://www.alipac.us/f9/opinion-sen-...ironic-274460/
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  8. #18
    Senior Member JohnDoe2's Avatar
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    H.R.25 - FairTax Act of 2015

    114th Congress (2015-2016)

    Read @ https://www.congress.gov/bill/114th-...e-bill/25/text
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