Republican presidential candidate Rand Paul has just raised the bar for his competition, launching a new plan he calls the biggest and boldest tax cut in U.S. history.
And he’s got Americans’ attention.
The “Fair and Flat Tax Plan,” Paul says, will simplify the tax code, eliminate the FICA (payroll) tax, and “drive a stake through the IRS.”
From his website:
President Obama talks about “middle-class economics,” but his redistribution policies have led to rising income inequality and negative income gains for families.
Here’s what I propose for the middle class: The Fair and Flat Tax eliminates payroll taxes, which are seized by the IRS from a worker’s paychecks before a family ever sees the money. This will boost the incentive for employers to hire more workers, and raise after-tax income by at least 15% over 10 years.
Paul points out that there have been 4,430 changes in tax laws from 2001 to 2010, making it harder on everyday Americans while growing an already bloated and corrupt IRS bureaucracy. Paul says the simplified tax plan would essentially shrink, if not eliminate, the need for the “rouge” agency.
Polls show that “fairness” is a top goal for Americans in our tax system. I envision a traditionally All-American solution: Everyone plays by the same rules. This means no one of privilege, wealth or with an arsenal of lobbyists can game the system to pay a lower rate than working Americans.
Paul said he devised his tax plan, which would incorporate a 14.5 percent flat tax on all personal and business dealings with the help of tax experts Stephen Moore, Steve Forbes and Arthur Laffer.
Ultimately, Paul says, the “Fair and Flat Tax Plan” will lead to a $2 trillion tax cut that would repeal the entire IRS tax code.
Is it too good to be true?
Paul’s new plan to “turbocharge” the economy is certainly getting a lot of buzz. According to Facebook feedback, an over-taxed and financially tapped-out constituency sounds ready for something new.
Not everyone is completely sold, but at least the ideas and the conversation is flowing:
But most on Facebook are at least warming up to the idea, and prompting some to take action:
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