Anti Bridenstine ads

[ez bake]

I don't know anything about Bridenstine other than he apparently wants to bite the heads off babies and spit them in the faces of nuns while at the same time raising our taxes to what has been stated as "a crippling" amount.

I felt like asking about him in a place where I could get some meaningful intelligent conversation, but then again - I'm lazy, so what say you OSA'ers?

It's basically a flat-sales tax to replace the income-tax (and presumably, the IRS with all their federal budget requirements) right? I've read that this doesn't necessarily tax everyone fairly (supposedly the middle-class takes the brunt of the taxes somehow?), but I'm almost to the point of discounting everything I read as fiction.

I'm not really for it or against it as I don't have the background in the tax-system, but it seems like it's not as ridiculous as the anti-Bridenstine ads are making it out to be (I will say though, the fact that I see both Dems and Republicans shouting idiotic verbal-poop at his idea, makes me want to vote for it just based on that alone).

 

[sanjuro893]

I've never heard of it. Is there a link to the ads?

 

[ez bake]

I've never heard of it. Is there a link to the ads?

Sorry - mis-spelled it.

This is the one I see most-often: - http://www.youtube.com/watch?v=7h2lVQlD-Tw

Seems like a lot of Republicans are against him as well (they don't use the TeaParty references)

Here's John Olson's ad: http://www.youtube.com/watch?v=3uXZ2sFz95Q&feature=related


Its funny to me that both Republicans and Dems are against it, both citing that he's increasing taxes by 30% (and not stating that he's advocating doing away with income taxes) all while ignoring the fact that in Oklahoma, next year's taxes will go up about $3500 on average for working-class families due to Obamacare (and if you pay less than $35k a year in taxes, you've already been hit with a solid 10% increase.

Again, I'm not for a flat and/or fair tax, but if it's a bad thing, why can't people just point out how its bad instead of spin and mud-slinging?

 

[Fatboy Joe]

I believe he wanted a 30% flat tax on purchased goods. I know there are some different factors but the thought of higher tax on middle/lower income is based on this:

1. Family makes 3,000,000 a year, they spend 1,500,000 on purchases and invest the rest. Their effective federal rate income tax rate is 35%, sales tax rate is 8%. Under the current income tax method total tax is = $1,120,000 under the flat tax = $450,000.

2. Family makes 100,000 a year and spends 90,000 on purchases and invest the rest. Their effective federal rate income tax rate is 20%, sales tax rate is 8%. Under the current income tax method total tax is = $27,200 under the flat tax = $27,000.

3. Family makes 50,000 a year and spends 50,000 on purchases, none to invest. Their effective federal rate income tax rate is 15%, sales tax rate is 8%. Under the current income tax method total tax is = $11,500 under the flat tax = $15,000.

So people see this as a signficant tax break for the upper class. Now the more money they spend the less they will save. On the other hand for low income families under the scenario above they are able to use $38,500 ($3,208.33 a month) under the income tax method and it would be $35,000 ($2,916.66 a month) under the flat tax. Therefore, the high income individuals to invest $1,5 mil which will continue to accumulate annually plus interest and the lower income individuals will be getting poorer because they are seeing $300 less a month to spend.

 

[sanjuro893]

Apparently I don't live in your area so I haven't seen these ads, but here's Bridenstine's blog from his website:
http://www.jimbridenstine.com/blog/
"Our fiscal crisis is a result of out-of-control federal spending, not insufficient federal taxes. I do not support any increase in the tax burden beyond what is already being paid, especially at a time when the economy continues to struggle. Tax increases are desired by the Obama Democrats, not conservative Republicans or conservative Oklahoma Democrats.

My first objective as your Congressman will be to repeal the largest tax increase in history that is to automatically take place on January 1st, 2013. If that increase is allowed to stand, the average tax burden for Oklahoma families in the First District will increase by $3,500. This tax increase will cripple our economy and must be repealed.

My second objective is to work with our next President, Mitt Romney, in lowering tax rates, broadening the base, and injecting more fairness into the current tax code.

My third objective is a complete overhaul of our tax system. There are numerous plans that I could support. Steve Forbes has promoted a plan for a low rate, flat tax on income. Senators Inhofe and Coburn sponsor the Fair Tax, which eliminates the IRS as well as taxes on income, payroll, business, capital gains, dividends, interest, and the death tax. These taxes would be replaced by a low flat tax rate on consumption with protections for individuals and families with lower incomes.

Our current tax system limits productivity, punishes achievement and excessively burdens people and businesses with compliance costs.

While I am for an overhaul of the tax system, I am not for raising taxes on anybody. Tax increases are a policy of the Obama Democrats.

Please share this with your friends. I’m asking for your vote on November 6.

Jim Bridenstine"

 

[Fatboy Joe]

But here is why the high income individuals don't want a flat tax and want to keep Bush era tax cuts. Lets take Romney's 2010 tax return and apply it to the scenario above. He made $21,646,507. His taxes was $3,009,766. Lets say he spent $15,000,000 on purchases, he is running for President. His total tax would have been $4,209,766. His flat tax would have been $4,500,000. Plus he would not get the benefit of his charitable giving, his tax credits, or any other deductions.

 

[sanjuro893]

What they DON'T say in the video is he plans to overhaul the ENTIRE TAX CODE and replace it with the fair tax. I remember when this was brought up like in '04, they were talking about a 21-22% tax rate. Now this guy wants 30%. If the gov't can't subsist on 10% then they shouldn't be governing.

 

[Fatboy Joe]

I agree there needs to be an overhaul of the tax code. I have a copy of just the code on my desk, a lot thicker than the Bible. This doesn't include the Regs, private letter rulings, treasury notices, temporary regs, proposed regs...

 

[Dave70968]

I believe he wanted a 30% flat tax on purchased goods. I know there are some different factors but the thought of higher tax on middle/lower income is based on this:

1. Family makes 3,000,000 a year, they spend 1,500,000 on purchases and invest the rest. Their effective federal rate income tax rate is 35%, sales tax rate is 8%. Under the current income tax method total tax is = $1,120,000 under the flat tax = $450,000.

2. Family makes 100,000 a year and spends 90,000 on purchases and invest the rest. Their effective federal rate income tax rate is 20%, sales tax rate is 8%. Under the current income tax method total tax is = $27,200 under the flat tax = $27,000.

3. Family makes 50,000 a year and spends 50,000 on purchases, none to invest. Their effective federal rate income tax rate is 15%, sales tax rate is 8%. Under the current income tax method total tax is = $11,500 under the flat tax = $15,000.

So people see this as a signficant tax break for the upper class. Now the more money they spend the less they will save. On the other hand for low income families under the scenario above they are able to use $38,500 ($3,208.33 a month) under the income tax method and it would be $35,000 ($2,916.66 a month) under the flat tax. Therefore, the high income individuals to invest $1,5 mil which will continue to accumulate annually plus interest and the lower income individuals will be getting poorer because they are seeing $300 less a month to spend.

...except that basic living allowances are not taxed. Well, kinda--every month, the government mails out a "prebate" to cover the tax that would be paid on essentials. Your family making $50,000 doesn't pay $15,000 in taxes, it pays considerably less.

For those who really want to know how the FairTax works, why not read the "How FairTax Works" page at the FairTax website?

 

[KOPBET]

1. Family makes 3,000,000 a year, they spend 1,500,000 on purchases and invest the rest. Their effective federal rate income tax rate is 35%, sales tax rate is 8%. Under the current income tax method total tax is = $1,120,000 under the flat tax = $450,000.

2. Family makes 100,000 a year and spends 90,000 on purchases and invest the rest. Their effective federal rate income tax rate is 20%, sales tax rate is 8%. Under the current income tax method total tax is = $27,200 under the flat tax = $27,000.

3. Family makes 50,000 a year and spends 50,000 on purchases, none to invest. Their effective federal rate income tax rate is 15%, sales tax rate is 8%. Under the current income tax method total tax is = $11,500 under the flat tax = $15,000.

So people see this as a signficant tax break for the upper class.

That's because they don't question those goofy numbers.