What the GOP platform says about taxes
What the GOP platform says about taxes
The Republican platform approved yesterday by the GOP convention is an attempt to merge standard party views on taxes with candidate Donald Trump’s less orthodox positions.
By Howard Gleckman, Howard Gleckman July 20, 2016
The Republican platform approved yesterday by the GOP convention is an attempt to merge standard party views on taxes with candidate Donald Trump’s less orthodox positions. In some important areas, it is hard to see how the two mesh.
For instance, the platform calls for a bottoms-up rewrite of the tax code while Trump would retain its basic framework. It endorses a territorial tax system that Trump rejects. It calls for eliminating special interest tax provisions while Trump would retain most. And like many past GOP platforms, it calls for a balanced budget and paying down the national debt. In contrast, Trump’s tax cuts would add more than $11 trillion to the federal debt over the next decade and $34 trillion by 2026.
The document also flatly rejects the idea of a Value Added Tax unless Congress simultaneously repeals the income tax, a concept that conflicts with a tax framework released just weeks ago by House Speaker Paul Ryan and most of his GOP caucus. Without an income tax as a mechanism to provide a rebate for low-income households, it is impossible to make a consumption tax progressive.
READ MORE: http://www.csmonitor.com/Business/Tax-VOX/...
The Republican platform approved yesterday by the GOP convention is an attempt to merge standard party views on taxes with candidate Donald Trump’s less orthodox positions.
By Howard Gleckman, Howard Gleckman July 20, 2016
The Republican platform approved yesterday by the GOP convention is an attempt to merge standard party views on taxes with candidate Donald Trump’s less orthodox positions. In some important areas, it is hard to see how the two mesh.
For instance, the platform calls for a bottoms-up rewrite of the tax code while Trump would retain its basic framework. It endorses a territorial tax system that Trump rejects. It calls for eliminating special interest tax provisions while Trump would retain most. And like many past GOP platforms, it calls for a balanced budget and paying down the national debt. In contrast, Trump’s tax cuts would add more than $11 trillion to the federal debt over the next decade and $34 trillion by 2026.
The document also flatly rejects the idea of a Value Added Tax unless Congress simultaneously repeals the income tax, a concept that conflicts with a tax framework released just weeks ago by House Speaker Paul Ryan and most of his GOP caucus. Without an income tax as a mechanism to provide a rebate for low-income households, it is impossible to make a consumption tax progressive.
READ MORE: http://www.csmonitor.com/Business/Tax-VOX/...
Holy Cow Ron!