All deductions except for a mortgage and charities would be eliminated. I call this “The Fair and Flat Tax.” …establish a 14.5% flat-rate tax applied equally to all personal income, including wages, salaries, dividends, capital gains, rents and interest. The plan also eliminates the payroll tax on workers and several federal taxes outright, including gift and estate taxes, telephone taxes, and all duties and tariffs. I would eliminate nearly every special-interest loophole. …repeal the entire IRS tax code-more than 70,000 pages-and replace it with a low, broad-based tax of 14.5% on individuals and businesses. …We are already at least $2 trillion behind where we should be with a normal recovery the growth gap widens every month. …redistribution policies have led to rising income inequality and negative income gains for families. And every year the Internal Revenue Code grows absurdly more incomprehensible, as if it were designed as a jobs program for accountants, IRS agents and tax attorneys.Īnd he explains that punitive tax policy helps explain why our economy has been under-performing. He has some great info on why the current tax system is a corrupt mess.įrom 2001 until 2010, there were at least 4,430 changes to tax laws-an average of one “fix” a day-always promising more fairness, more simplicity or more growth stimulants. Today, let’s look at the plan that Senator Rand Paul has put forward in a Wall Street Journal column. Our nation very much needs fundamental tax reform, so it’s welcome news that major public figures – including presidential candidates – are proposing to gut the internal revenue code and replace it with plans that collect revenue in less-destructive ways.Ī few months ago, I wrote about a sweeping proposal by Senator Marco Rubio of Florida.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |