jct74
06-19-2015, 11:28 PM
EXCLUSIVE — RAND PAUL ON HIS NEW FLAT TAX PLAN: ‘IT’S THE BOLDEST PLAN OUT THERE’
by MATTHEW BOYLE
19 Jun 2015
Sen. Rand Paul (R-KY) tells Breitbart News he thinks his new tax reform plan—which would institute a flat tax of 14.5 percent for all individuals and businesses, do away with the current IRS tax code completely, and eliminate the payroll tax—is the “boldest plan out there.”
“The current tax code is 70,000 pages and we think it’s been chasing American jobs overseas and chasing American companies out of our country,” Paul said when asked about the new plan, which he unveiled this week.
We thought about whether we could fix it or not, and really we think it’s beyond fixing—so we figured we should just scrap the whole thing, start over and see what we can do with a flat tax for personal income and for business. What’s unique about ours—there have been flat taxes proposed in the past—but what’s unique about our flat tax is we were actually able to eliminate the payroll tax, we eliminate FICA.
I think some of the flat tax proposals have struggled in the past because Democrats have said, ‘oh they’re just for the rich.’ But the interesting thing about ours is somebody making $30,000 gets over a $2,000 tax cut. It’s a significant tax cut for people who don’t pay much already in income tax but their main tax is a payroll tax. I think this would be a great way to have a tax cut that everybody gets a little bit of.
Paul said that putting forward a plan like this allows conservatives and Republicans to go straight after Democrats in a legitimate effort to discredit the argument that a bigger federal government is the way to grow the economy and create jobs.
...
read more:
http://www.breitbart.com/big-government/2015/06/19/exclusive-rand-paul-on-his-new-flat-tax-plan-its-the-boldest-plan-out-there/
by MATTHEW BOYLE
19 Jun 2015
Sen. Rand Paul (R-KY) tells Breitbart News he thinks his new tax reform plan—which would institute a flat tax of 14.5 percent for all individuals and businesses, do away with the current IRS tax code completely, and eliminate the payroll tax—is the “boldest plan out there.”
“The current tax code is 70,000 pages and we think it’s been chasing American jobs overseas and chasing American companies out of our country,” Paul said when asked about the new plan, which he unveiled this week.
We thought about whether we could fix it or not, and really we think it’s beyond fixing—so we figured we should just scrap the whole thing, start over and see what we can do with a flat tax for personal income and for business. What’s unique about ours—there have been flat taxes proposed in the past—but what’s unique about our flat tax is we were actually able to eliminate the payroll tax, we eliminate FICA.
I think some of the flat tax proposals have struggled in the past because Democrats have said, ‘oh they’re just for the rich.’ But the interesting thing about ours is somebody making $30,000 gets over a $2,000 tax cut. It’s a significant tax cut for people who don’t pay much already in income tax but their main tax is a payroll tax. I think this would be a great way to have a tax cut that everybody gets a little bit of.
Paul said that putting forward a plan like this allows conservatives and Republicans to go straight after Democrats in a legitimate effort to discredit the argument that a bigger federal government is the way to grow the economy and create jobs.
...
read more:
http://www.breitbart.com/big-government/2015/06/19/exclusive-rand-paul-on-his-new-flat-tax-plan-its-the-boldest-plan-out-there/