Sunsetting the current tax code
Two active Republican presidential candidates have released thoughtful and detailed tax reform plans, and a third has renewed his call for the tax overhaul he promoted in 2008.
Sens. Marco Rubio of Florida along with Mike Lee of Utah released a plan that reduces our complicated tax system to two individual rates (35 percent and 15 percent) and zeroes out several forms of double taxation.
Former Arkansas Gov. Mike Huckabee reiterated his support for a national sales tax scheme known as the Fair Tax as a key element in his May campaign kickoff event.
Sen. Rand Paul of Kentucky released his Fair and Flat Tax plan that creates a 14.5 percent flat individual tax rate and a 14.5 percent “business activity”
tax that some describe as a value-added tax (VAT), removing all deductions except mortgage and charity. The payroll tax on workers is also gone, as are other obscure taxes.
Sens. Rubio and Paul are to be commended for issuing detailed tax reform proposals more than seven months before the first presidential primary contests, and Gov. Huckabee is an effective promoter of his approach.
Other candidates have promised their own plans or suggested simply shutting down the hated Internal Revenue Service — a popular if impractical proposition, but a proven applause line, and it is hoped that other presidential wannabes will follow the lead of those already on record. Read more at Washington Times