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Old 08-13-2012, 08:28 AM  
oldandslow oldandslow is offline
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John Thune's tax plan...

Mr. Thune is the state Sen from S. Dak and recently proposed eliminating all deductions from federal income tax. Instead, he argues, make the tax rates 8%, 14%, and 23% based upon income.

After giving this a lot of thought, I am not sure I am opposed to such a plan. It would eliminate a lot of fraud, stop rewarding people for having more kids, and make taxes simpler while holding true to a progressive tax plan. One could, of course, play with the numbers when passing the legislation.

What do you think?
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Old 08-14-2012, 07:44 AM   #16
jiveturkey jiveturkey is offline
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Originally Posted by patteeu View Post
I LOVE all of those... with the caveats that (1) the only sin taxes I like are those on energy (especially petroleum products) to more accurately account for the cost of that energy (including the defense costs we incur to keep middle east energy flowing to the world), and (2) I don't care for the progressive rate part of the consumption tax item, but I might be willing to compromise.
I'm with you. I can totally live with all of these.

Putting health insurance in the hands of individuals would also eliminate the need for sin taxes. If you want to smoke you get to pay more for health insurance. If you want to eat a bag of sugar 3 times per day you get to pay more for health insurance.

Take it away from companies and allow individuals to buy into large groups on their own. I believe that this was the McCain solution and it's the only option that makes sense to me.


And cut spending.
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Old 08-14-2012, 07:56 AM   #17
King_Chief_Fan King_Chief_Fan is offline
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Just in case you want names, the panelists from across the political platform who all wholeheartedly agree these are smart policies were: Dean Baker, Center for Economic and Policy Research (self-described left-of-center); Russ Roberts, George Mason University (hardcore free market guy, libertarian); Catherine Baker, Harvard University (professor of health economics, claims to be moderate); Luigi Zingales, University of Chicago ("pro-market, but not necessarily pro business); Robert Frank, Cornell University ("radical pragmatist", Marx scholar).

Interesting to note, these six proposed economic changes are not even HINTED at in the campaign platforms of Obama or Romney.


Eliminate deduction for employer-provided healthcare- Baker: "Some people have too much health insurance. If you have insurance that covers everything with no co-payments, people don't really care about the expense of the care they receive." Drives up cost of insurance for everybody, and really screws over people who don't have insurance through their jobs. The fake presidential candidate actor they had who delivered these policies on his fake campaign speech phrased it as, "I have the solution to your out-of-control healthcare costs, I'm going to tax your health insurance benefits." The exemption is just plain inefficient.
anyone know of companies that provide that kind of coverage...other than the government? I think auto makers used to. In today's environment, I don't see that type of benefit anymore
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Old 08-14-2012, 08:09 AM   #18
jiveturkey jiveturkey is offline
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Originally Posted by King_Chief_Fan View Post
anyone know of companies that provide that kind of coverage...other than the government? I think auto makers used to. In today's environment, I don't see that type of benefit anymore
I'm a corporate recruiter and even though I don't see plans that nice I do see that the larger the company the better the benefit.

Small companies get screwed on health insurance. My wife works for a company of 10 and one of them is busted up so their rates are triple what mine are. Luckily she's on my plan.
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Old 08-14-2012, 10:54 AM   #19
FishingRod FishingRod is offline
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I’m ok with these I could tweak them some but it is a good start.
Obviously, the spending side needs to be addressed as well. A pattern we might take a look at would be Japans defense spending but, in a broader form. When we defeated them in WWII we wrote into their constitution that they could not spend more than 1% of their GNP on defense. Now I’m not suggesting a 1% cap for our own military but, we could pick certain percentages for our various sections of Government give them a cap that would hopefully have some passing resemblance to our revenue and then require an emergency vote passed by 2/3 of both houses to exceed any of those for a temporary time frame. The key to making it work would be to make the vote difficult enough to pass that it would truly take an emergency to get it through. Otherwise it will be like the debt ceiling or the U.K. that has to Vote every year to extend the state of emergency that continues their income tax which I believe was started in the Napoleonic wars.
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