The libertarian Republican commentator in New York opines: "The Republican House of Representatives should adopt this proposal
and send it to the Democratic Senate for its immediate consideration: Cut the 10, 15, 25, and 28 percent tax rates by one-tenth each, to 9,
13.5, 22.5, and 25 percent. (Those rates cover single people up to
$180,800 and married couples up to $225,550.) The two top income-tax rates, 33 and 35 percent, would stay the same.
So, the GOP would sponsor a middle-class tax cut and leave rates intact
for top filers, many of whom own businesses."
More: "How would Republicans pay for this? The GOP should finance this reform by welcoming home corporate
profits stranded overseas. The leaders of U.S. multinationals hate to
pay America’s 35 percent corporate tax, even after they receive credit
for foreign taxes. Thus, Bloomberg News estimates
that 'U.S. companies have more than $1.6 trillion outside the country.'
Every billion that languishes in Brussels or Bangkok is a billion that
is not hiring workers, opening factories, or performing R&D in
Buffalo or Birmingham. Bloomberg surveyed 70 top multinationals in March and found that they
accumulated $187 billion overseas last year. Extrapolating that through
2022 would add $1.9 trillion to today’s $1.6 trillion stockpile. A
long-term, 7 percent 'welcome home' tax on this $3.5 trillion would
finance the GOP’s $243 billion middle-class tax cut."
Deroy Murdock: "Replace The Fiscal Cliff With A Tax Cut"
