The 2016 Republican Platform - Paper Example

Question 1: The Republican Platform

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The Republican Platform is the outline of all the changes that the Republican government is planning to bring in America upon its election. In other words, its the Republican Partys manifesto and ideals in preparation for the 2016 presidential elections. The platform begins by declaring its overall stand on the American Dream and the peculiarity of the Nation in comparison to the other nations in the world. it is also a collection of all proposals made by the Republican Party for implementation once it takes the lead of the government. The Platform is divided into six chapters. Each chapter addresses several issues under one bracket. Chapter one talks about the Restoration of the American Dream. The American Dream, according to Rifkin (2013), encompasses economic growth, personal wealth, and independence. It also depends on assimilation, meaning that all American citizens should shed their former ethnic practices and forge into one people with a common goal. The Republican Party believes that the Obama Administration has contributed to the erosion of the Dream since it took power in 2008. Therefore, it seeks to reverse this trend by rebuilding the economy and reforming the existing tax policy for the good of all Americans. It is also committed to implement what it calls the winning trade policy aimed at creating jobs for Americans while at the same time improving the countrys exports. The party also proposes a formula for freeing the financial markets that it purports to have been shackled under oppressive Obamas financial policy. Other pledges made in this chapter include making home ownership affordable, building the future through technology, enhancing workplace freedom, and reducing the federal debt.

Chapter two of the Platform is titled as A Rebirth of Constitutional Government. The GOP claims that the Obama administration has abused the constitution at the expense of American people. It plans to uphold the rule of law by following the due process in all judicial proceedings. The GOP is committed to giving the American people their constitutionally granted rights including the right to bear arms under the Second Amendment. Chapter three of the Platform presents the partys agendas on Agriculture, Energy, the Environment, and Natural Resources. One of the key issues discussed in Agriculture is the current governments regulation of genetically modified food. The GOP maintains that GM food has proven to be safe, healthy, and a literal life-saver for millions in the developing world (Nicolia et al., 2013). Its objective is to promote the sale and consumption of this food, since a compilation of 10 years research on its safety has shown that its safe for human consumption. The central idea in the fourth chapter is to make the American government work for its people. The party pledges to preserve Medicare and Medicaid by reversing the Obamas 0.9% Medicare tax on wealthy Americans, as well as balancing the national budget.

The Fifth chapter of the Platform is to uphold and reintegrate the institution of a family through making education and healthcare quality and affordable. The Party also looks forward to bringing justice to all suspects in the country. The last chapter lists all the officials representing the Partys ideals across the country. The overall objective of the Grand Old Party is to restore America to its former glory by capitalizing on individual citizens economic and social welfare.

Question 2: Theoretical 2017 End-Year Planning

The 2016 end-year tax planning will incorporate the proposed tax policies of the Republican Party. The Partys income tax rate will be restructured to reduce the income tax for individuals and families. A maximum of 100$ will be imposed for single filers, while the highest tax for joint filers will be capped at $200. This tax rate assumes that joint fillers are married couples have children to care for, and the Republican Party seeks to reduce tax for families to enable them rise their children more comfortably. The tax brackets will be reformed, and the highest tax will be reduced from 36.9% to about 34% percent. The GOP promised to lower the income rates of all citizens in order to improve their economic and social welfare. All charitable organization will not be subjected to tax in line with the Partys policy of promoting philanthropy for upward social mobility. The energy sector will thrive as the government encourages this sector by scrapping the Carbon Tax that curtails energy producing industry. Net Investments Income tax will be reduced to 3%. The Republican government fosters investment with a purpose of creation of jobs in the private sector. Investors will be encouraged to open up businesses because now the after-tax returns on investment are more. The reduction in corporate tax will breed new entrepreneurs, further supporting the GOPs job creation agenda. The Gross Domestic Product will increase with about 5% by the end of the year. The Republican government will see to it that tax collected abroad from American corporations is repatriated into the country to boost the economy. Since the Republican government pledged to scrap all taxes on education and healthcare, private school and health facilities taxes will be drastically reduced. It is expected that tax on education loan will be reduced as well as that on health insurance premium.

Question 3: Summary of the GOP Tax Proposals

In its Platform, the Republican Party renewed it commitment towards an all-inclusive and unbiased tax code. The Party made clear its intentions to scrap all taxes that penalize thrift and discourage investment. The proposed tax policy is meant to seal all the loop holes for corporate tax evasion and the development of winners and losers. Unlike the tax policies implemented in the current administration, the Republican Party promised Americans the incorporation of their ideas in debate, discussion, challenge and amendment of federal tax laws. The party opposes what it terms retroactive taxation. This procedure of taxation, the party claims, will only reverse the gears of economic progression, and sink the common American into a financial crunch. The party in the Platform condemned all the judicial actions aimed at imposing high taxes to the people, a power it said is bestowed upon democratically elected representatives. Religious organizations, charitable organizations, and fraternal benevolent societies are exempted from taxation in the Republican Partys tax proposal. In case any restructuring of the federal tax system is done, the government must sponsor a simultaneous repeal to the Sixteenth Amendment that establishes the tax code. In this manner, the public will be buffered against hyper-taxation by any government.

The Republican government plans to lower the corporate tax to level of or below those of other industrialized nations. By doing this, the Party foresees a situation whereby the American Corporations will compete with their counterparts in other countries. The party endorsed the recommendation of the National Commission on Fiscal Responsibility and Reform, as well as then current Administrations Export Council to adopt a territorial tax system so that profits made and taxed in foreign nations are recalled to the USA for national development. It also proposes to stabilize federal gas taxes, allegedly because most states are increasing their own funding for transportation. In a move to support the digital revolution, the party is committed to simplify tax on technology and to reduce corporate rates. The Republican government plans to offer incentives for innovators and practitioners of technology. It also proposes the adoption of Resident-Based Taxation (RBT) advocated for by the American Citizens Abroad Inc. that calls for the taxation of Americans Living overseas in the same manner as non-resident aliens.

In the Platform, the GOP maintains its opposition to carbon tax, which it says will increase the cost of energy in the country and beyond. Moreover, it opposes any increase of tax to Social Security Fund, and the governments use of the Internet to propagate its tax misconducts. The party decries the current organization and staffing of the Internal Revenue Service and calls for a complete overhaul of the institution. It also recommends the abolition of the IRS, stating that the federal tax code can serve the purpose if simplified. Other tax proposals in the platform include abolition of marriage tax and the disbandment of tax discrimination against the individual purchase of insurance.

Question 4: President Elects Tax Proposals

Donald Trumps tax reform targets at relieving of middle class of the tax burden that has been placed on them by the previous regimes. He also proposes to simplify the tax code and reduce the intricacies involved when preparing and filing the tax returns. By reducing the corporate tax, the president elect intends to create more jobs through business establishments and eventually grow the economy. Trumps tax proposal is motivated by the observation that the high tax is not reflected in the national revenue since the budget deficit and national debt is already very high.

Under the Trumps administration, the income tax brackets will be reduced from seven to three. In the current administration, the highest tax bracket is 39.6% while the lowest is 10%. Donald Trump proposes a tax plan made up of only four brackets: 0%, 10%, 20, and 25%. For capital gains, Trump does no plan to make amendments to the 0%, 15%, and 20%. He however repeals the 3.8% net investment income tax. Singles earning less than $25000 and those Americans married jointly and earning less than $50,000 will be exempt from tax. This provision informs the introduction of 0% tax bracket. The following is the income tax table under this plan

Income Tax

Rate (%) Long Term Cap

Gains/

Dividends Rate (%) Single Filers ($) Married Filers ($) Heads of Household ($)

0 0 0 to 25000 0 to 50000 0 to 37500

15 15 25001 to 50000 50001 to 100000 37501 to 75000

20 20 50001 to 150000 100001 to 300000 75001 to 225000

25 25 150001 and above 300001 and above 225001 and above

Tax filers will have a one page tax form from the IRS to simplify their tax filing procedure. Trumps government will also eliminate the Alternative Minimum Tax. All the businesses, regardless of their size or location will pay more than 15% of their gross income as tax. Donald Trumps tax plan abolishes death tax for all Americans. Mortgage interest deductions and money for charity will be untaxed under the Trumps administration. This plan will seal all the loopholes used in the past by cartels and special interests groups.

Conclusion

During the 2016 Republican National Convention, the Republicans unanimously endorsed the 2016 Republican Platform that outlines the Partys ideals on proper governance of the country. The platform is organized in six chapters addressing the economy, health, education, energy, and foreign policy. In the document, the republicans highlighted among other things the tax proposals for a prospective Republican government. The Republican National Convention specified that the Platform was not authorized by any presidential Candidate. As a Republican candidate, Donald Trumps tax policy aped the Partys tax reforms in many ways. For example, one of the President elects tax was the simplification of the federal tax code and IRS tax filing procedure. Other tax reforms proposed by Donald Trump in his campaign include elimination of death tax, reduction of corporate tax, and the abolishment of carbon tax. He also reduced the tax brackets from seven to four and introduced the 0% tax bracket. This restricting means that singly filing Americans earning up to 25000 and married coupled making up to 50000 per annum will be exempted from i...