Republican presidential candidate Sen. Rand PaulRandal (Rand) Howard PaulGOP political operatives indicted over illegal campaign contribution from Russian national in 2016 White House debates vaccines for air travel Senate lawmakers let frustration show with Blinken MORE (R-Ky.) released his tax plan to voters earlier this summer. Voters looked at this as another generic Republican tax plan that was used by many different candidates in the past.
But when you look more closely at Paul’s tax plan, there’s an argument that can be made that he has the boldest tax plan by any GOP presidential candidate in the past quarter century.
Senator Paul’s plan calls for a 14.5 percent flat rate on income. It will replace today’s corporate taxes with a new 14.5 percent value-added tax. It eliminates all estate and gift taxes, (most) tax credits, deductions, and loopholes that favor big business.
Americans who identify as poor or in the lower middle class will benefit greatly from this plan. A family of four under a President Paul tax plan would pay no income taxes on the first $50,000 in earned income.
Along with the first $50,000 in earned income being exempt under this tax plan, the payroll tax will also be eliminated. The payroll tax is the largest tax that most Americans pay.
When conservative talk-host Glenn Beck first saw this plan he said, “I’m telling you, this is erotic, it is so good.”
Paul’s tax plan isn’t a flat tax. His plan is a slightly progressive tax system that liberals and conservatives should get on board with. This plan brings a ‘bottom-up’ approach to cutting taxes which many voters haven’t seen before.
Let me ask you a question. How do you build a house? Do you build a house from the top-down? Do you build a house from the middle-out? No. The answer is simple. You build a house from the bottom-up.
This tax plan presented by Paul is simple, fair, reduces income inequality, and promotes more growth for our economy. If you can get on board
Sloan is a graduate of Harvard College and a former radio talk-show host in St. Louis.