Carson releases tax plan

Carson releases tax plan
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Republican presidential candidate Ben Carson on Monday released his tax plan that includes a 14.9 percent flat tax.

"My flat tax plan has the power to rekindle our nation’s founding ideals by eliminating the needless complexity and treating every American, rich and poor, with or without lobbyists or lawyers, equal in their ability to achieve the American Dream," Carson said in the document detailing his plan.

The 14.9 percent tax would apply to both personal and business income. It would apply only to income above 150 percent of the federal poverty level, though citizens whose income is at or below that level would have to make an annual de minimis tax payment.
 
Carson's plan would eliminate taxation of capital gains, dividends and interest at the individual level. The alternative minimum tax and the estate tax would also be eliminated.
 
The proposal would do away with deductions and other tax breaks — including the deductions for mortgage interest, charitable giving and state and local taxes, which are often thought of as sacred cows. 
 
Sens. Ted CruzRafael (Ted) Edward CruzWhatever you think the Alabama special election means, you’re probably wrong This week: Congress gets ball rolling on tax reform Week ahead: Senators work toward deal to fix ObamaCare markets MORE (R-Texas) and Rand PaulRandal (Rand) Howard PaulHouse bill set to reignite debate on warrantless surveillance Authorizing military force is necessary, but insufficient GOP feuds with outside group over analysis of tax framework MORE (R-Ky.) also are proposing flat taxes on income, though their plans essentially include value-added taxes. Proposals from other GOP candidates — including Donald TrumpDonald John TrumpIvanka Trump pens op-ed on kindergartners learning tech Bharara, Yates tamp down expectations Mueller will bring criminal charges Overnight Cybersecurity: Equifax security employee left after breach | Lawmakers float bill to reform warrantless surveillance | Intel leaders keeping collusion probe open MORE, Sen. Marco RubioMarco Antonio RubioOvernight Defense: Tillerson, Trump deny report of rift | Tillerson says he never considered resigning | Trump expresses 'total confidence' in secretary | Rubio asks Army to kick out West Point grad Rubio asks Army to kick out West Point grad with pro-communist posts GOP establishment doubts Bannon’s primary powers MORE (Fla.) and former Florida Gov. Jeb Bush — keep some deductions and lower the top individual rate without moving to a flat tax.
 
"Unlike proposals advanced by other candidates, my tax plan does not compromise with special interests on deductions or waffle on tax shelters and loopholes," Carson said in the document. "Nor does it falsely claim to be a flat tax while still deriving the bulk of its revenues through higher business flat taxes that amount to a European-style value-added tax." 
 
Carson has fallen in the polls and two of his top aides resigned last week, but he still managed to raise $23 million in the fourth quarter of 2015.