July 21, 2006
Can you briefly outline your plan to guarantee Social Security?
All FICA taxes would be segregated. After current recipients are paid, all excess funds (currently $150 Billion per year would be invested in Mortgage Paper equivalent to Ginnie-Maes, etc. Real $ earning real interest for future retirees.
In response to the question about the FairTax proposal you responded that we "need more of an overhaul than H.R. 25." Given that H.R. 25 calls for eliminating all federal taxes on personal and corporate income and replacing them with a tax on consumption, eliminating the IRS as well as FICA and Medicare withholding, what would you propose that represents more of an overhaul?
Tax Simplification: Eliminate AMT, eliminate most deductions and tax credits and passive income treatments. All income other than cap gains and dividends would be taxed at lower rates. Estate Tax eliminated and folded into Cap Gains for income that has never been taxed. Cap Gains and Dividends taxed at lowest rates that are possible. All proposals combined shall be revenue neutral.
You stated that you would recommend a 50% reduction of U.S. Troops in Iraq within 12 months. How do you respond to those in both government and the military who argue that troop reductions should not be based on the calendar but on conditions in Iraq?
What course of action would you recommend if there were not sufficient Iraqi forces to replace 50% of the current U.S. troops within 12 months?
You answered that you are undecided as to the U.S. becoming a signatory to the Kyoto Protocol. Do you believe that the science surrounding Global Warming is settled and that the U.S. should be taking steps to significantly reduce production of greenhouse gasses?
Given that it is Friday night, I do not make too much of the unanswered questions. Hopefully those questions will be addressed soon.
Technorati Tags: Politics, Republicans
Posted by: Stephen Macklin at 03:15 PM | Comments (3) | Add Comment
Let's hope that we don't end up with both an income tax AND a national sales tax. That is what the politicians want, so be careful what you wish for.
Posted by: Wayne at July 22, 2006 03:19 PM (ybsGR)
His Taxation answer is a bit less impressive.
Tax Simplification: Eliminate AMT,
I'm not even sure exactly what the AMT is as I've never qualified for it. Whatever...
eliminate most deductions and tax credits and passive income treatments.
No idea what "passive income treatments" are. I'd like to know specifically what deductions he would eliminate. Interest on mortgage?
All income other than cap gains and dividends would be taxed at lower rates.
Fine by me, but...
Estate Tax eliminated and folded into Cap Gains for income that has never been taxed.
Six of one, half-dozen of the other? Perhaps he means that real property will not be taxed as cash income, only actual capital will be taxed? Could be promising.
Cap Gains and Dividends taxed at lowest rates that are possible.
Well, yeah, but...
All proposals combined shall be revenue neutral.
Tax cuts galore but will be revenue neutral? By that I presume that he's not implying that the lower taxation will naturally be offset by higher revues from the resultant growth, but that the lower taxes here will be made up in higher taxes there. That'd be a neat trick.
Then again, we really shouldn't expect a comprehensive plan to come from a would-be freshman senator from a small state.
Granted, it was a Friday night, but I suspect he didn't answer the last three questions because he has no answer to them. Those questions were pretty incisive. Good job.
Posted by: Tuning Spork at July 22, 2006 05:10 PM (WD/+N)
Posted by: Random Penseur at July 27, 2006 10:08 AM (LlPKh)
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