ClydeR
06-18-2015, 09:09 PM
Rand Paul's plan..
First $50k of income exempt from all taxes for family of four
Income in excess of the exempt amount taxed at a flat rate of 14.5%
Eliminate payroll taxes, including Social Security taxes
Social Security and other entitlement programs funded from tax collections before any other programs
Eliminate most deductions, but keep deductions for mortgage interest and charitable contributions
Maintain the Earned Income Tax Credit
Eliminate estate tax
Cut unspecified spending to make up for the $2 trillion reduction in tax collections over 10 years
Tax corporate income at the same flat rate of 14.5%
Allow immediate expensing of capital expenditures, instead of depreciation
Paul predicts it would increase economic growth by nearly 1% per year
http://www.wsj.com/articles/blow-up-the-tax-code-and-start-over-1434582592
http://www.wsj.com/articles/gops-rand-paul-calls-14-5-flat-tax-1434587746
Sounds like a political winner to me. If you don't think an innovative tax plan can dramatically improve a candidate's prospects, then you're forgetting Herman Cain and his 9-9-9 plan in 2012. Cain was not well know until he started promoting his 9-9-9 plan. Then he shot to the top of the polls. He failed to maintain that position for other reasons.
First $50k of income exempt from all taxes for family of four
Income in excess of the exempt amount taxed at a flat rate of 14.5%
Eliminate payroll taxes, including Social Security taxes
Social Security and other entitlement programs funded from tax collections before any other programs
Eliminate most deductions, but keep deductions for mortgage interest and charitable contributions
Maintain the Earned Income Tax Credit
Eliminate estate tax
Cut unspecified spending to make up for the $2 trillion reduction in tax collections over 10 years
Tax corporate income at the same flat rate of 14.5%
Allow immediate expensing of capital expenditures, instead of depreciation
Paul predicts it would increase economic growth by nearly 1% per year
http://www.wsj.com/articles/blow-up-the-tax-code-and-start-over-1434582592
http://www.wsj.com/articles/gops-rand-paul-calls-14-5-flat-tax-1434587746
Sounds like a political winner to me. If you don't think an innovative tax plan can dramatically improve a candidate's prospects, then you're forgetting Herman Cain and his 9-9-9 plan in 2012. Cain was not well know until he started promoting his 9-9-9 plan. Then he shot to the top of the polls. He failed to maintain that position for other reasons.