Question: Richard, Las Vegas
People keep saying they want more revenue coming in, great! If they abolish the IRS and put in a fair tax, they could save Billions and have more revenue coming in right away. Do you support this position?
Richard, Thanks for your question about taxes at the Federal level. We need total re-write of the code with a revenue neutral goal. Here are my rules: (A) simple--We ought to be able to read it. (B) fair with marginal rates as low as possible (C) eliminate the Alternative Minimum Tax and the Marriage Penalty (D) Index the current Estate Tax levels set by President Bush so that they would be protected from inflation. (E) Have a Corporate rate lower than the developed world (suggested at 15 percent in my speeches) so that we would attract the world's capital. We need the capital to develop and we need to stop the bad habit of parking capital off-shore. (F) Eliminate the loopholes and deductions and special provisions in the code and sharply lower marginal rates for all. (G) Lower capital gains and savings to 10 percent to reward these activities which create jobs. (H) I particularly abhor the loopholes which ship American jobs overseas, such as 27(a) Foreign Tax Credit. They will be eliminated. (I) All loopholes closings will be used to lower rates. I like the Fair Tax concept (simple, tax the underground economy, incentivize savings, reduce arbitrary power and size of IRS), but it has two problems: (a) the rate at 23 percent is high in my mind particularly when compared to the pre-tax price (23 over a pre-tax price of 77 percent) which equals 30 percent. And (b) it requires an elaborate bureaucracy to send a twice monthly tax- equalizing check to the poor. My goals are almost exactly the same as the Fair Tax and my simplicity could also reduce the IRS dramatically. I will push several of these concepts and then lead the Congress to get this right for GROWTH. It might be a combination of clean, low marginal rate systems, but in all cases we will get simple with loopholes slammed shut, and working people and small business people enjoying the low marginal rates. The biggest threat to a Fair Tax or similar proposals is the power of the Special Interests who are making a fortune under the current terrible system which they wrote. I am the ONLY candidate who won't take their money. I have a $100 limit, no PAC money, and full disclosure rule. I will be Free to Lead a Rising America and to re-write the tax code without the big-checks of the special interest lobbyists in the room. Free to Lead. Help me Richard. Let's make a mark in Nevada.
Thanks, Buddy Roemer