U.S. Senate candidates unveil new proposals (WI)

JS Online ^ | 4-9-12 | Don Walker

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While the Scott Walker recall election has dominated much of the political news in Wisconsin, U.S. Senate candidates have begun firming up their positions on taxation and tax cuts, term limits and reducing the nation's deficit.

On Monday, Republican candidates Tommy Thompson and Mark Neumann unveiled new proposals. And on the Democratic side, U.S. Rep. Tammy Baldwin (D-Wis.) released a letter calling for the House of Representatives to take an up-or-down vote on the so-called Buffett Rule.

Baldwin's bill would ensure that middle-class taxpayers would not have to pay a higher tax rate than those earning more than $1 million a year.

Senate Majority Leader Harry Reid has said the Senate will vote on the measure April 16. The Sen ate version was written by U.S. Sen. Sheldon Whitehouse (D-R.I.).

In her letter, Baldwin writes: "The American people deserve to know where their representatives stand on this critical opportunity to restore fairness in our tax system."

The "Buffett Rule" is named after billionaire Warren Buffett, who has argued that taxes on the wealthy are too low.

On Monday, during an appearance on "On the Issues With Mike Gousha" at Marquette University's Law School, Baldwin said many Wisconsin taxpayers are paying at a rate higher than Republican presidential candidate Mitt Romney.

Asked if the Buffett Rule was a deficit-reduction issue or a fairness issue, Baldwin said, "I would describe it as a serious first step. It is not a substitute for reforming our entire tax code and making it more fair and making it more simple."

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FTA: Neumann, meanwhile, called for a term-limits plan in which members of Congress would not serve more than 12 years.

And he proposed that former members of Congress should have to forfeit their pension if they become lobbyists.

“This would end the revolving door where politicians trade out a congressional office for a lobbyist’s office,” Neumann said. “If a former congressman becomes a millionaire lobbyist, taxpayers shouldn’t have to pay for their retirement.”

Neumann also called on Congress to approve what he called an “Enumerated Powers Act,” which would require all legislation to cite the section of the Constitution that gives Congress the authority to pass a law, create or maintain a program, or impose a tax.

Also on Monday, Thompson unveiled various tax proposals. They include:
Making the Bush tax cuts permanent.

Those cuts are scheduled to expire at the end of this year.
Phasing in a flat tax.
Thompson said a flat tax would initially offer taxpayers the option of filing a single-page tax form with a 15% tax rate.

Or individuals, under Thompson’s proposal, could choose the current tax form with its menu of exemptions.

After two years, Thompson said, he would then move to an across-the-board flat tax.

Repeal federal taxation on Social Security benefits.

Lower corporate tax rates to two tax rates: 10% and 25%.

Thompson has backed the budget developed by U.S. Rep. Paul Ryan (R-Wis.).