Presidential candidate Sen. Rand Paul (R-K.y.) published an op-ed in the Wall Street Journal today to introduce his new tax plan. In his piece titled, "Blow Up the Tax Code and Start Over," Paul sketches the basic outline of his vision:
I am announcing an over $2 trillion tax cut that would repeal the entire IRS tax code — more than 70,000 pages — and replace it with a low, broad-based tax of 14.5 percent... applied equally to all personal income, including wages, salaries, dividends, capital gains, rents and interest. All deductions except for a mortgage and charities would be eliminated. The first $50,000 of income for a family of four would not be taxed. For low-income working families, the plan would retain the earned-income tax credit. I would also apply this uniform 14.5 percent business-activity tax on all companies — down from as high as nearly 40 percent for small businesses and 35 percent for corporations.
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