For all my Repub friends who like to claim to know what they like to call “facts”, I just got finished reading a big one. Yup, I read Marco Rubio’s tax plan. No, not an article about Marco Rubio’s tax plan. The actual tax plan. For all of my friends on the Repub side I’ll give you the link so that you can duly ignore it:
It’s actually a strange document, full of commentary about our broken tax system. You’d think that a bill that is to be proposed to Congress would avoid Fox “News” types of editorializing, platitudes and cliche’s and just get to the point, but, et, voila…
It goes on to discuss all the problems with our tax system including its complexity as if that is the fault of someone other than the exact Congress who claims to want to fix it, but alas…
The important parts are as follows.
1. It lets corporations avoid income “repatriation” and continue to hide money overseas for the purpose of paying lower taxes. Amazing that Repubs, who love to refer to themselves as Patriots, would want to avoid something called “repatriation of income”. Sounds ironic, but not surprising.
2. It stops what corporations like to call double taxation. Once to the corporation, then again to the shareholder in the form of capital gains taxes. This means, to those of my readers who are working stiffs and will never have any substantial equity holdings in large corporations, that Mitt Romney will no longer pay the taxes on any of his investments. This further means that investment will not be taxable to anyone, but what you do every day, you know, work, will be. Let that sink in. If you work 40 hours in a job that wears you out and keeps you from your family all day and make, say, $40,000 per year, according to Rubio, you must be taxed. If you’re Mitt Romney or Donald Trump, and you make your money by investing other people’s money and do nothing else, you will be tax-free. Got it?
3. It does offer a few tax decreases for middle-income people, but it has some glaringly interesting added benefits and drawbacks. Currently, if you’re married and make $18,000 per year, (which is about one person earns on minimum wage) you pay 10% income tax. Under Rubio, you will pay 15%! So, McDonalds workers take heart! Marco thinks you’re not paying enough taxes and wants to increase them by 50%. He thinks the poorest of Americans are getting too much of a free ride! Oh, and before you bring up the Earned Income Credit, he says he wants to “reform” that, but doesn’t say how. Can’t imagine that means he wants to increase it, can you?
4. Oh, and he didn’t forget his richest Repub friends either. Currently, if you earn say, over $464,000 per year, you pay 39.6% income tax, which is much, much, much lower than almost all developed countries, even those who don’t support the largest military that has ever existed on the face of the earth. Well friends and neighbors, under Marco’s plan, you will only pay 35%! That’s right! Marco, in contrast to his plans for McDonalds workers paying more, thinks that the CEO of McDonalds should be paying less! I shit you not! To expand that out a bit, outgoing McDonalds CEO Don Thompson will earn about $40 million this year, so, under Marco’s plan Mr Thompson will save $1,840.000 in taxes this year alone! That’s a shitload of Big Macs, ay Mr. Thompson? Especially if he orders off the Dollar Menu!
Marco Rubio will save Don Thomspon, on taxes alone, the equivalent of 1000 times the entire yearly earnings of the McDonalds worker! One thousand workers could be hired, at minimum wage, on this single person’s tax savings alone! But do you think Mr. Thompson will be so generous as to do so? Get back to me when you figure it out…
I know that most people aren’t nerdy enough to actually read the tax proposals of Senators who want to be President. I consider it a service to all my friends who, although they like to brag just how informed they are, rarely look past the TV and a couple of websites for what they so adorably call “information”.
Well, here is it for you. No charge.