By Mike Loizzo
A vote in Congress on a two-tier tax rate could come in the next few months.
Congressman Todd Rokita (R-IN4) says he'd like to see it happen before the election in November.
It calls for one tax rate in the mid-twenties for the upper income bracket and another in the teens for the lower bracket, but the income level cut-off has not been determined. Rokita says that would be the same for businesses and individuals.
"It's unfair that half of us don't pay any taxes, and that's just about the case these days. The bottom half of income-earners in this country really don't have to pay anything in terms of income tax, and that should change. A lot more of us should be able to pay something."
He admits the proposal may not be popular with everyone, but thinks moving to two tax rates and eliminating all loopholes and other tax breaks would make the system more fair.
"Just because you have a high-priced lobbyist, you shouldn't get a carve out. That goes for our biggest corporations. It goes for our wind farms and solar panels, and even our farmers. Everyone should be treated equally."
Rokita says he also wants to see the so-called Bush Era tax cuts that have been in place for roughly a decade made permanent.
Tara Nelson is the Democrat challenging Rokita in the General Election. She supports a simpler tax regulation and a single rate for corporations and individuals.
"It would be nice to see billionaires paying more than less than one percent in taxes."
Nelson says she still wants the usual tax breaks for our low and middle class income ranges though.
"Such as the earned income tax credit, and child and educational tax credits. I would also still expect taxes on offshore account interest for the wealthy."
She says corporations should get tax incentives to hire American workers, specifically veterans and those who work in information technology and manufacturing. Nelson says she also would propose a new tax for off-shored labor.