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Rand Paul has proposed a 17% flat tax.
I propose we cut taxes for everyone—rich and poor. I want to shrink the Federal government and expand the private sector. Our Founder’s never intended for the tax code to be used as a weapon against US citizens. Burdensome tax regulations hurt small businesses and slow down our economy.
Politicians and lobbyists tinker with the tax code so they can pick winners and losers.
It’s time to simplify the tax code and downsize the IRS so we can unleash an economic boom that creates millions of jobs, boosts wages, and expands opportunity for all. My tax plan will get the IRS out of your life, and out of the way of every job creator in America. My plan will also cut spending and balance the budget in just five years. It will be the largest tax cut in American history and a tax cut that will leave more money in the paychecks of every worker in America.
Oh such flowery language. How would Rand's plan really affect everyone?
Rand wouldn't pick any winners and losers would he? Let's find out:
- A single minimum wage worker who makes $7.25hr × 40 hours/week × 52 weeks/year has an annual Gross Income[GI] of $15,080 minus the $6,200 standard deduction has an Taxable Income[TI] of $8,880. Under the current tax rates (and assuming no deductions) pays $888 under Tax Year 2014 rates. Under Rand Paul's plan that almost doubles to $1,509.
- A single mom with two kids living in an apartment making $12/hr ($24,960 GI, $6,360 TI) would see her taxes increase from $638 to $1,081 under Rand's plan.
- A married family with three kids earning my home county's median income of $48,000 ($15,000 TI) living in a modest home with $1,500 in deductible interest would see their taxes increase from $1,875 to $2,890.
- My family (sorry I'm not telling you my GI or TI) would have seen our 2014 Federal taxes decrease by $26,800.
- (Based on his 2008 return) if you filed Barack Obama's taxes ($2,736,107 GI, $2,346,051 TI) this year you'd owe $878,963 under the current rates, $447,457 (or $431,506 less) under Rand Paul's flat tax.
- (Based on his 2011 return) if you filed Mitt Romney's taxes ($13,696,951 GI, $9,015,109 TI, $6,886,775 gross income with a zero capital gain tax rate) this year you'd owe $3,513,241 under the current rates, but a minuscule $1,170,751 (or $2,342,490 less) under Rand Paul's flat tax.
Oops. Heads the rich win. Tails everyone else loses.
So Rand Paul's flat tax plan is awesome if your goal is to screw the poor, play Robin Hood for the rich, and completely defund the Federal government.