Posted on 06/18/2015 7:16:27 PM PDT by Olog-hai
Republican presidential candidate Rand Paul called Thursday for a “fair and flat tax” that would “blow up” the nation’s tax code, offering a proposal his campaign said would cut taxes by $2 trillion over the next decade.
The first-term senator from Kentucky released the outline of a plan to institute a 14.5 percent income tax rate on all individuals, as well as a tax of the same rate on all business revenue. It was among the first major policy proposals released by Paul’s presidential campaign, although he did not make the full plan available for review. […]
In a column describing highlights of his plan published Thursday in The Wall Street Journal, Paul called for the outright elimination of payroll taxes on workers and of several other federal taxes, including those on gifts and estates, telephone service and all duties and tariffs. He also proposed eliminating all corporate tax subsidies and personal tax deductions, except those for mortgage interest and charitable donations.
Paul says the first $50,000 of income for a family of four would not be taxed and the earned-income tax credit would be preserved. …
(Excerpt) Read more at hosted.ap.org ...
YES!
But who cares if everyone will be better off, will it increase income inequality?
Paul says the first $50,000 of income for a family of four would not be taxed and the earned-income tax credit would be preserved.///
why? then its not a flat tax.
Doesn’t he realize that the tax code “is woven into the fabric of America?”
I don't disagree. However, this would not occur without consequences. There are a lot of people/businesses who exist just to untangle the tax code for their clients. They'll be SOL without a transition.
I could care less.
“and the earned-income tax credit would be preserved”
Once people start getting a handout, it is almost impossible to find a politician with the courage to take it away.
Imagine 12 million people who are already here coming out of the shadows to become new taxpayers. …The AP article also takes a jab at Cruz over his proposal to get rid of the IRS, thereby stressing in a left-hand manner that Paul intends to keep that corrupt agency; you know, probably useful for harassing “social conservatives” in the future in his book.
Not hard to get the courage if you aren’t already addicted to big government.
12 million aren’t all working. Most are mothers and kids on entitlement programs. Some others are gang members, like MS13.
Besides, how many with a family of 4 out of these 12 million are making more than 50k? AND they will MAKE money under his plan.
Just wow. And bashing Cruz is all the rave these days, of course.
The only thing he “blew up” were his chances of being the nominee by bashing the Second Amendment on the other thread.
Where can I sign up for a 14.5% flat rate tax??
By extension, he bashed the entire Bill of Rights.
A total simplification or elimination of the income tax (replaced by sales tax) would power up this economy like nothing else. There would be the greatest economic boom in history as capital poured by the trillions of dollars into this country.
bla bla bla bla
What else has rand paul said he would do?
Of course you don't. You're not one of the people affected.
agree, but only the National Sales Tax (Fair Tax) proposal frees us from the oppressive yoke of the corrupt politicized IRS. Any other tax which requires the citizenry to report their income does allow the IRS to exist in present form, and continues the financial burden of keeping records, reporting income, and paying tax at risk of prosecution.
The sales tax would boost the economy like nothing else !! Unfortunately that also takes away the power of the politicos to order society by tweaking the tax code with more and more impossible to know regulations !!
In his Wall Street Journal article he refers to a business activity tax defined as a tax on business revenues less allowable expenses. He cites investments in equipment as an example. It would be interesting to know if those allowable expenses also include wages, SG&A, etc. For example, Herman Cain’s 9-9-9 plan allowed deductions for cost of goods sold and capex, but not employee wages and benefits. For labor intensive industries, then lower rate on a wider base may make them worse off.
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