Speech given in the Finance CommitteePat Roberts
Senator of Kansas 1) I am a co-author of the AFRO Act and I am in full support of it. Being in support of the AFRO Act: a) Allowing the Bush tax cuts to partially expire by cutting the increases in taxes by ½, b) By removing the Mortgage Interest Deduction, also known as (MID) c) By changing the age for receiving Medicare and Social Security Benefits to age 68 over a period of time, d) By placing a cap on the income tax deduction at 15% of taxable income and extending the capital gains tax and Payroll Tax, 2) This will result in increasing our country’s revenue and reduce our country’s debt/deficit in our economy. Through cutting the increases in taxes by ½, a) This offers a more gradual transition. You don’t immediately start paying 3% more in taxes right away. The process happens over a period of several years, resulting into 1% of a tax increase each year until the tax rates are met. b) By removing the MID this will allow the home owners who are buying an inexpensive house to pay full price, resulting in increasing the revenue for the federal government. c) By extending the age of Medicare and Social Security Benefits to age 68, it will lower the percentage of people on Medicare. d) By reducing the amount of individuals on Medicare, the money that would potentially be used on individuals from 65 yrs. of age and older would then be used to benefit and help the economy. e) Placing a cap on the income tax deductions at 15% of taxable income will allow the only loop holes and tax deductions that are given to upper income families a limit to only 15% deducted. This would cause the upper class to pay more income tax then they would without a cap on the tax deductions. The 15% cap on income tax deduction will be achieved by 2017. If this bill is passed, it will result in increasing our country’s revenue and reduce our country’s debt/deficit in our economy. Thank you. |
The AFRO ACT:Animas High School Model
Senate Committee: Finance Principal Authors: John McCain (Brock Ontiveros), Pat Roberts (Ryan Maloney) and Jim DeMint (Elliot Saslow) Bill No: Submission Date: 12/13/2012 Title of Bill: Americas Fiscal Responsibility Act Be It Enacted By The Animas High School Model Senate 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 5152 53 54 55 56 57 58 59 606162636465666768697071727374 Preamble: Whereas, on January 1st 2013 there is going to be large tax hike and spending decrease unless congress votes on a balanced budget, the Bush Tax Cuts will expire, meaning a 5% tax increase for nearly all-working Americans, while the Democratic and Republican parties must come to a conclusion to ensure that the American Economy stays on its growth track, the Democrats are proposing tax increases for the wealthy Americans and these tax hikes will slow the economic growth, as the Republicans are looking at a spending decrease on domestic policies, but this will also slow economic growth, therefore, it will be necessary to find a compromise that includes more revenue and less spending to ensure economic growth continues and the following bill outlines the necessary steps to close the deficit through cutting government programs while raising taxes throughout the American population with a slight emphasis on those whose income put them into the top 1%, with cutting entitlement programs and to ensure that the economy does not become affected by an enormity of changes, the Payroll Tax and Capital Gains Tax cuts will stay in effect until at least 2015 when the congressional members will revisit the needs of the American People, the debt crisis, and the economy after parts of this bill have taken effect, due to the effect that these policies are not implemented immediately, SECTION 1: To appease the senators affiliated with the Democratic Party, allow for the Bush tax cuts to partially expire by cutting the increases by ½. Sub-SECTION A: Those whose income tax rate would go from 10% to 15% would instead go from 10% to 12.5%. The tax rate of 15% will stay stable at 15%. The tax rate of 25% will become 26.5% The tax rate of 28% will become 29.5% The tax rate of 33% will become 34.5% The tax rate of 35% will become 37.3% Sub-SECTION B: Enactment for this would progress over a period of multiple years. Each year the income tax level would increase by 1% until the new tax levels are met with 2013 starting at 0%. In 2017 the rest of the Bush tax cuts will be removed. SECTION 2: To appease the senators affiliated with the both parties, remove the Mortgage Interest Deduction. Sub-SECTION A: Allowing for increased revenue for the federal government by removing a deduction that benefits those who spend more. The higher the house price, the higher of a deduction the individual (or family) receives. This allows for individuals to spend outside their means. Sub-SECTION B: Enactment for this section would take place over 4 years. Those who are already receiving the deduction will be grandfathered in and will continue to receive this deduction until the mortgage is paid. For 2013 new homeowners will receive 75% of the current allocation for the Mortgage Interest Deduction. For 2014 new homeowners will receive 50% of the current allocation for the Mortgage Interest Deduction. For 2015 new homeowners will receive 25% of the current allocation for the Mortgage Interest Deduction. For 2016 new homeowners not receive the Mortgage Interest Deduction. SECTION 3: To appease the senators affiliated with the Republican Party, change the age for receiving Medicare and Social Security Benefits to age 68. Sub-SECTION A: Those who are older than 50 years will receive benefits at age 65. Those between the ages 40-50 will receive benefits at age 66. Those between the ages 30-40 will receive benefits at age 67. Those between the ages 20-30 will receive benefits at age 68. SECTION 4: Cap income tax deductions at 15% of ones income. Sub-SECTION A: This will go in effect over a period of 4 years. For 2013 the deductions will be capped at 80%. For 2014 the deductions will be capped at 60%. For 2015 the deductions will be capped at 40%. For 2016 the deductions will be capped at 20%. For 2017 the deductions will be capped at 15%. SECTION 5: Extend the Capital Gains Tax and Payroll Tax (a 2% tax increase for workers) cuts until January 1st 2015. SECTION 6: This bill will go into effect January 1st 2013. |