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David Walker on Tax Reform

 


Make effective tax rates progressive, not marginal tax rates

Q: What is your opinion on making taxes more progressive?

A: Are we talking about the effective tax rate?

Q: Most people mean a progressive marginal tax rate, where high-income earners have a much higher tax rate for their top marginal earnings than do low-income earners.

A: I am FOR making the EFFECTIVE tax rates more progressive, but I'm against making MARGINAL tax rates more progressive. Like a Reagan-style reform. Our current tax system is an abomination-- it needs to be simpler, fairer, and more competitive. And we need to broaden the base--fewer and better targeted tax preferences bring top marginal tax rates down to 25% for corporations as well as estate taxes and individuals. We should eliminate the differences with capital gains and ordinary income like Reagan did. So the bottom line marginal rates would go down but the effective rate would go up for the wealthy.

Source: Phone interview on presidential race with OnTheIssues.org , Mar 30, 2012

Broaden base; make top rate 25%; make capital gains 25%

Q: You propose bringing "top marginal tax rates down to 25% for corporations as well as estate taxes and individuals" and also that "we should eliminate the differences with capital gains." In other words, you're proposing an increase in the capital gains tax rate from its current 15%?

A: Yes, up to 25%. But we've got to get more people paying and less people taking a free ride--that's dangerous in a democracy. This proposal would also eliminate the need for the Buffett Rule.

Q: By the "Buffett Rule," you mean Obama's proposal that the top 1% of income earners, such as Warren Buffett, pay a surtax so that their marginal tax rate isn't lower than the bottom 99% of income earners, such as Warren Buffett's secretary?

A: Yes; eliminating the differences with capital gains tax rates would eliminate the need for the Buffett Rule.

Source: Phone interview on presidential race with OnTheIssues.org , Mar 30, 2012

Other candidates on Tax Reform: David Walker on other issues:
Incumbents:
Pres.Barack Obama
V.P.Joe Biden
GOP Candidates:
Rep.Newt Gingrich(GA)
Rep.Ron Paul(TX)
Gov.Mitt Romney(MA)
Third Party Candidates:
Rep.Virgil Goode(C)
Gov.Gary Johnson(L)
Gov.Buddy Roemer(AE)
Jill Stein(G)
C.G.David Walker(AE)

GOP Withdrawals:
Rep.Michele Bachmann(MN)
Herman Cain(GA)
Gov.Chris Cristie(NJ)
Gov.Mike Huckabee(AR)
Gov.Jon Huntsman(UT)
Rep.Thaddeus McCotter(MI)
Gov.Sarah Palin(AK)
Gov.Tim Pawlenty(MN)
Gov.Rick Perry(TX)
Sen.Rick Santorum(PA)
Donald Trump(NY)
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Page last updated: May 31, 2012