The Revenue Debate
Rand Paul made numerous headlines last month when he delivered an almost 11 hour long filibuster damning the Patriot Act and its activities. The Senator has shifted gears from talk of national security to the current state of the nation’s economy. Rand Paul made the statement that he wanted to blow up their current tax code. The senator is proposing a far-reaching flat tax in order to do so. Paul is encouraging legislators to completely gut the current tax code which is incredibly complicated and offers corporations far too many handouts. A fair and flat tax would take a 14.5 percent of income from all citizens says Dr. Jennifer Walden. Paul and other Republicans are fully supportive of Paul’s plan. This flat tax would definitely help out middle class families. An average family consisting of four individuals would receive the first $50,000 of their salary tax free. This massive tax cut would inevitably create 1.4 million jobs for Americans while increasing the gross domestic American product by 10 percent or more. The plan would also reduce the National Treasury’s revenue by 2 trillion dollars over the course of ten years. Tax experts and politicians are unsure of the plan. There are numerous unforeseen details that haven’t been discussed when it comes to the cost of the tax cut. Entitlement programs, payroll taxes and numerous other expenditures still haven’t been accounted for. Paul plans on rolling out a more detailed plan later this year.