Voluntary taxes - a new political model

jibba · Jan 22, 2014

http://www.youtube.com/watch?v=QYGO5tepBLY
An interesting take on fixing current democratic issues

Vilhelmo · Feb 4, 2014

This is one of the dumbest ideas I've ever had the pleasure of hearing.

FrankCapua · Feb 14, 2014

Foolish idea. It would not change the nature of elected politicians as he states, they would just be indebted to a smaller number of wealthier voters.

smevins · Feb 14, 2014

I think it could be a starting point, but would need some major changes, like a baseline tax. Pay what you currently pay and then you get the additional votes with additional taxes beyond that. If revenues exceed expectations, then start lowering the base rates.

waltky · Mar 1, 2014

Granny says no tax would be a good tax...

Republican Rep. Dave Camp Proposes 'Simpler, Fairer Tax Code'
February 27, 2014 -- Rep. Dave Camp (R-Mich.), chairman of the House Ways and Means Committee, says the debate about tax reform is over: 'We must enact real, meaningful tax reform to get this economy back on track."

On Wednesday, he announced a "simpler, fairer tax code" that would eliminate the need to itemize deductions for 95 percent of Americans. Americans "have an obligation to debate the big issues of the day," Camp told reporters. "I put out this detailed discussion draft so we can engage the American people on this. And I think that this is something that, as I've traveled the country and through the hearings and all the meetings with folks I've had, this is something that people very much want to see move forward."

Camp's plan includes items that Republicans and Democrats both like and dislike, but the general reaction in Washington on Wednesday was, let's talk about it. "The fact that Congressman Camp has put forward a proposal is a positive development," White House spokesman Josh Earnest said on Wednesday. House Speaker John Boehner called Camp's plan "a discussion draft" that will begin the "conversation" on tax reform. "We all know our tax system is broken. We all know that it, frankly, gets in the way of economic growth. And we've talked about this and Chairman Camp's worked on this for years." "Chairman Camp and his staff are to be commended for putting pen to paper to produce a detailed tax reform plan," said Americans for Tax Reform. "The Camp draft has many commendable elements, but other features are less compatible with a pro-growth model." ATR analyzes some of the pros and cons on its website.

Camp offered some details of his plan at a news conference: "We flatten the tax code by reducing rates and collapsing today's seven brackets into two brackets of 10 (percent) and 25 percent for virtually all taxable income, ensuring that over 99 percent of taxpayers face maximum rates of 25 percent or less." He said the plan also reduces the corporate tax rate to 25 percent (from 35 percent), and it makes "commonsense reforms" such as increasing the standard deduction and the child tax credit. "What that means is that 95 percent of the country no longer has to itemize," Camp said. "Now they can get the lowest possible tax bill just by filing the basic 1040 -- no more itemizing, no more keeping track of all those receipts and no more filling out all those extra schedules, forms and worksheets."

Camp's plan also eliminates "special special-interest handouts" and "hidden provisions that only benefit a favored few." "We close a lot of loopholes, and we got a lot of -- a lot of the junk out of the code. Our plan repeals 228 sections of the tax code, and we cut the size of the income tax code by roughly 25 percent." Camp wants to tax long-term capital gains and dividends as ordinary income, but exempt 40 percent of such income from tax. His plan would completely repeal the Alternative Minimum Tax; consolidate education tax benefits; make the research and development tax credit permanent; and it imposes a new "bank tax" on financial services firms with more than $500 billion in assets. ("This new bank tax will come out in the wash in higher ATM fees, fatter commissions for stock brokers, and more nickel and dime-ing for average investors," Americans for Tax Reform said.) The plan "generally leaves Obamacare policies untouched," Camp said.

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