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Mark Sanford on Tax Reform
Republican SC Governor; previously Representative (SC-1)
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Voted YES on eliminating the "marriage penalty".
Vote on a bill that would reduce taxes for married couple by approximately $195 billion over 10 years by removing provisions that make taxes for married couples higher than those for two single people. The bill is identical to HR 6 that was passed by the House in February, 2000.
Reference: Bill sponsored by Archer, R-TX;
Bill HR 4810
; vote number 2000-392
on Jul 12, 2000
Voted YES on $46 billion in tax cuts for small business.
Provide an estimated $46 billion in tax cuts over five years. Raise the minimum wage by $1 an hour over two years. Reduce estate and gift taxes, grant a full deduction on health insurance for self-employed individuals, increase the deductible percentage of business meal expenses to 60 percent in 2002, and designate 15 renewal communities in urban rural areas.
Reference: Bill sponsored by Lazio, R-NY;
Bill HR 3081
; vote number 2000-41
on Mar 9, 2000
Replace income tax & estate tax with 23% sales tax.
Sanford co-sponsored Fair Tax Act of 2011
Congress finds the Federal income tax--- retards economic growth and has reduced the standard of living
- impedes the international competitiveness of US industry
- reduces savings and investment by taxing income multiple times
- slows the capital formation necessary for real wages to steadily increase
- lowers productivity
- imposes unacceptable and unnecessary administrative and compliance costs
- is unfair and inequitable
- unnecessarily intrudes upon the privacy and civil rights of US citizens
- impedes upward social mobility.
Findings Relating to National Sales Tax- Congress finds further that a broad-based national sales tax on goods and services purchased for final consumption--- is similar in many respects to the sales and use taxes in place in 45 of the 50 States
- will promote savings and investment
- will promote fairness
- will promote economic growth
- will raise the standard of living
- will increase investment
- will enhance productivity and international competitiveness
- will reduce administrative burdens on the American taxpayer
- will improve upward social mobility; and
- will respect the privacy interests and civil rights of taxpayers.
REPEAL OF THE INCOME TAX, PAYROLL TAXES, AND ESTATE AND GIFT TAXES- Subtitle A of the Internal Revenue Code of 1986 (relating to income taxes and self-employment taxes) is repealed.
- Subtitle C of the Internal Revenue Code of 1986 (relating to payroll taxes and withholding of income taxes) is repealed.
- Funding of Social Security Trust Funds [will be] from general revenue
- Subtitle B of the Internal Revenue Code of 1986 (relating to estate and gift taxes) is repealed.
- IMPOSITION OF SALES TAX: There is hereby imposed a tax on the use or consumption in the US of taxable property or services.
- In the calendar year 2013, the rate of tax is 23% of the gross payments for the taxable property or service.
Source: H.R.25 11-HR025 on Jan 5, 2011
Replace income tax and IRS with FairTax.
Sanford co-sponsored H.R.25 & S.155
Congressional Summary: This bill imposes a national sales tax in lieu of the current income and corporate income tax, employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2017, with adjustments in subsequent years. U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon family size and poverty guidelines. No funding is allowed for the operations of the Internal Revenue Service after FY2019. Finally, the FairTax terminates if the 16th Amendment to the Constitution (authorizing an income tax) is not repealed within 7 years.
Supporters reasons for voting YEA: Rep. MORAN: I am all on board on tax reform, but the best solution is not tinkering with the current system; it is an overhaul of the current Tax Code. The FairTax, in my view, brings two goals front and center: to pass on to the next generation of Americans the freedoms and liberties guaranteed by our Constitution, and the
opportunity for every American to live the American dream.
Opponents reasons for voting NAY: (by FairTaxWarrior.com):
Criticisms from The Left- The FairTax rate is really 30%, not the 23% proponents say.
- It's an additional national sales tax.
- It's really just a windfall tax cut for the rich.
- A sales tax is regressive, and punishes the poor unfairly.
- It's just a scheme to let corporations escape paying taxes.
Criticisms from The Right:- The FairTax does nothing to cut government spending.
- The 23% rate is too high.
- It 's the largest welfare increase in history [via the Family Consumption Allowance]
General criticisms- The FairTax will negatively impact the housing market [by removing the mortgage deduction].
- Black market activity will increase.
- The IRS won't really be abolished.
- The Flat (Income) Tax is a better option.
- It will be a nightmare to transition to The FairTax from an Income Tax.
Source: FairTax Act sponsored by 6 Senators and 64 Reps 15_H025 on Jan 6, 2015
Repeal marriage tax; cut middle class taxes.
Sanford signed the Contract with America:
[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:
The American Dream Restoration Act:
A $500-per-child tax credit, begin repeal of the marriage tax penalty, and creation of American Dream Savings Accounts to provide middle-class tax relief.
Source: Contract with America 93-CWA7 on Sep 27, 1994
Page last updated: Jun 29, 2017