|
Kevin Scott on Tax Reform
|
Supports flat tax and cutting top rate from 39% to 17%
Under the most popular flat tax proposal in America today, the 6 different tax rates, ranging from 10% to 35%, would be replaced by a single rate of 17%. Many people, such as Sen. Kennedy, will try to say that this equals a "tax cut for the rich" while
raising the lowest rate by 7%. But flat tax proposals include much more generous exemptions than the current system. Under a flat tax system, a family of four would pay no taxes at all until their income exceeds $46,000.
While it is true that the top earners would have their tax rates cut from 39% to 17%, the elimination of the astronomical number of deductions and loopholes available only to those top earners will result in those top earners paying more tax.
Replacing the half-dozen different depreciation schemes -- which are all anti-productivity and anti-investment -- with a first-year expensing will eliminate another 400 pages of tax code and reduce compliance costs.
Source: Campaign website, www.MassForScott.com, "Issues"
Dec 31, 2005
Simplifying taxes would save $194B annually
The United States tax code is 17,000 pages long and contains over 1,100 forms and publications. This only benefits the accountants and tax lawyers we must hire to make sense of them for us. This industry represents a $194
billion "hidden compliance tax" each year. Senator Kennedy would love to add a few hundred pages to this bloated law. Kevin Scott would bring his scissors to Washington and work to trim the code by supporting a "flat tax" that is fair to all Americans.
Source: Campaign website, www.MassForScott.com, "Issues"
Dec 31, 2005