You know your Presidential campaign is off to a poor start when the first order of business is to remove the absolutely ludicrous tax policies you endorse from your website on the very first day.
Rand Paul did just that. Too embarrassed to admit he proposes deep cuts to Medicare and Social Security, eventually dreaming to privatize both, Paul removed any mention of tax policy from his website.
Rand Paul’s tax policy would spell disaster for the country. Here’s some of the pointers Rand advocates for:
- A flat tax of 17 percent. This would cripple the middle class and working poor by eliminating the tax code and any deductions, taxing every dollar. Those in high-income tax brackets would pay substantially less, expediting income inequality and turning 90 percent of Americans into little more than indentured servants.
- Eliminate the estate tax. This would hand money from generation to generation completely untaxed. Estates aren’t earned by the people who inherit them, they’re gifts. This would eliminate the need for the joint trust loophole, which at least forces the wealthy to pay capital gains on assets transferred to them.
- Eliminate the alternative minimum tax. People in high income brackets are subject to caps on the tax breaks they can claim. Under certain conditions they must instead pay the alternative minimum tax. This assures that wealthy people can’t claim deductions from unreasonable sources to reduce their adjusted gross income.
- Eliminate taxation on investment income like capital gains on the individual level. America would see an influx of filings of sole proprietors with a quickness. Why incorporate or form an LLC when you can make a killing and pay zero taxes on your capital gains on your personal 1040?
- Massive cuts to Medicare and Social Security. Paul has often said he would like to see a return to Bush-era tax rates. We all know how well that worked out. Cutting social security, particularly benefits paid under Social Security Disability, is an atrocity that wouldn’t affect the wealthy one iota. Cutting payments to retirees and increasing the retirement age may sound nice if social security is but a pittance to you, but for the tens of millions of retirees that paid into the program all of their lives and rely on that money to scrape by, life would become miserable. Cutting payments does nothing to lower the deficit or pay for tax cuts, it increases the Social Security Trust Fund, which under Reagan’s 1983 amendment makes it available to be raided by congress.
It’s no wonder Paul decided to not display his plan to give even more of our country to the wealthy. Our current political and economic climate would see him laughed off the campaign trail before the end of April.