Guest post by Michael Strickland
Cut taxes for everyone? Cut corporate welfare? Create jobs? Get the IRS out of everyone’s life? Presidential candidate Rand Paul has announced his new tax plan, designed to “defeat the Washington machine” by way of eliminating the IRS and tearing up the tax code and starting over.
In a new video released via his Facebook page, Senator Paul lays out his plan. “Let’s start with a workers tax cut. For most Americans, the biggest tax they pay is the FICA tax on their paycheck, and all anyone ever tries to do is raise that tax or pretend you aren’t paying it. In my tax cut plan, the first thing we’ll do is eliminate the workers tax. That’s right, it’s gone. Zero, nothing. That means every single working American will keep thousands of dollars more in the paycheck each year.”
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He goes on to talk about eliminating corporate welfare, eliminating the lobbyists and tax lawyers, and getting rid of special tax breaks. “In exchange for one low, flat tax rate of 14.5% that every single business will pay. No more billion dollar corporations paying zero, but also no more mom & pop businesses paying 40% .”
The individual tax rate would be a 14.5% flat rate as well, for everyone, resulting in a simplified tax form.
He claims that the Tax Foundation studied this plan and concluded that it will create 2 million jobs, though it doesn’t appear that study is out yet.