Lee Rubio News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Are i should say some of the many reforms that are included in this legislation. What he talked about is critically important. If america is going to be competitive in the global marketplace, we have to change our tax code, because it is completely outdated, completely antiquated relative to any of the countries with whom we compete. So as the senator from pennsylvania pointed out, the reforms that we make in this bill allow American Companies to compete and win against those other countries around the world. The chinas of the worked the russias of the world, those countries that america has t...

As most americans will. That is our pole that to make sure more americans see more of their hardearned money. That is what we push for and keep working with the house and senate on taxes. Reporter on two no, sir on senate. Bob corker, no for a while. Rubio said he is no unless he gets expansion of Child Tax Credit. Is the president willing to be more generous in the Child Tax Credit in order to get senator rubios vote . Were already doubling the Child Tax Credit, taking it 2,000 per child. Well continue working with senator. We made Great Strides in movement of Child Tax Credit. Well keep work...

Of these tax changes. So no net cost to the government over time. And you have peoples income up about 10 and additional jobs so more people are working. Now that is close to a free lunch as you can get. And thats the damage done by the current tax system. All the neutral tax systems are a means of getting the three layers of tax. Some are collected at business level. Some collected only at retail. Now my favorite, the personal expenditure tax is put down your income subtract your savings pay tax and whats left . That way each year you sit down and fill out a form and you say, they took what ....

Prosperity. And you heard alvin just say over and over again, consumption based tax. My job on the panel is to try to explain why thats important. Its important because the current tax system treats income that you sai and invest much much worse than the income you can consume. Think about it in this very simple fashion. You make some money. You pay tax on that money. Whats left . Disposable income. Aftertax income. You have two choices of what to do tw the aftertax income. You can consume it right away, or you can consume it in the future. Whats consuming in the future . Its saving and invest...

In the 1940s and putting together the concept of income we now use today under the income tax they were neglecting the adverse effect on the labor force and it wasnt unknown. The godfather of the income tax henry simons and one of the two leading godfathers admitted that it would damage the economy and his current disciples dont want you to remember that or theyve forgotten it. Heres what simons said about Income Taxation. Income taxation is broadly an instrument of economic control. A means of mitigating economic inequality which well assume that moderation of inequality is an important objec...