Rand Paul: Scrap the tax code

645X363 - No Companion - Full Sharing - Additional videos are suggested - Policy/Regulation/Blogs

Sen. Rand PaulRandal (Rand) Howard PaulOvernight Defense: Pompeo blames Iran for oil tanker attacks | House panel approves 3B defense bill | Trump shares designs for red, white and blue Air Force One Senate rejects effort to block Trump's Qatar, Bahrain arms sales Senate rejects effort to block Trump's Qatar, Bahrain arms sales MORE (R-Ky.) said Thursday that lawmakers should "scrap" the tax code.

Paul was responding to a question during a Facebook question-and-answer session in which he was asked if Congress should abolish the Internal Revenue Service (IRS).


"The IRS is too big, too powerful, and we absolutely should scrap the code," Paul, a prospective 2016 presidential candidate, answered. "Look for my tax plan later this spring."

Paul was touting his "Audit the Fed" proposal, which has 30 co-sponsors and would allow the comptroller general to audit the Federal Reserve. Fed officials oppose the policy, saying that it'd politicize monetary policy.

"Congress is always 10 years behind the American people," Paul wrote during the Facebook chat. "Support for Audit the Fed has grown steadily over the least few years, especially since the bank bailouts."

He later wrote that "transparency is never a bad thing. We should know what they are doing. If they are doing thing that are harmful, we should know that and address them."

Fed Chairwoman Janet Yellen is scheduled to testify before Congress on Feb. 24 and 25.