Issue Position: Tax Reform

Issue Position

By:  Buddy Roemer III
Date: Jan. 1, 2011
Location: Unknown

Special interests have also taken their toll on the tax code, which is unfair, unreadable, written by lobbyists, and crammed with the loopholes.

* Buddy Roemer's plan would set the size of federal government to about 18 to 18.5 percent of GDP -- currently it is at about 25.5 percent.
* Income taxes would be simplified to a flat tax, with an individual exemption of $50,000. A flat tax of 17 percent would be paid on all income beyond that. This means that individuals making $50,000 or less would pay no income tax, while those making more than $100,000 would have an effective tax rate of 8.5 percent.
* Elimination of the Alternative Minimum Tax, the Earned Income Credit and most deductions would be key to this plan, to simplify and standardize complicated tax laws.
* Unlike other plans that have been put forward, this plan would have no national sales tax, which would have devastating effects on the economy, particularly for the poorest Americans who spend a higher percentage of their income.
* As president, Buddy Roemer will work to close all tax loopholes for corporations and ensure that the tax system is fair for everyone in it.

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