Simplifying our tax code and making it more fair

an op-ed by
Ruth McClung
October 2010

Contrary to what my opponent is saying, I have not been supporting a national sales tax or so-called "Fair Tax." Instead I support the idea of simplifying our tax code and making our tax structure flatter than our current complicated system, and thereby promote work, savings, and investment.

Our budget and tax system cannot be treated separately from our Social Security, Medicare, and Healthcare systems. Congressman Paul Ryan has developed "a plan to solve America's long-term economic and fiscal crisis" called "A Roadmap for America's Future" (www.AmericanRoadMap.org) which I consider to be an excellent plan worth considering.

I cannot go fully into Ryan's Plan, but in the case of reforming our tax system, it calls for:

  • Providing individual income tax payers a choice of how to pay their taxes - through existing law, or through a highly simplified system that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except a health care tax credit).
  • Simplifying tax rates to 10% on incomes up to $100,000 for joint filers ($50,000 for single filers); and 25% on taxable income above these amounts. It also has a generous standard deduction and personal exemption (totaling $39,000 for a family of four).
  • Eliminating the alternative minimum tax (AMT).
  • Promoting savings by eliminating taxes on interest, capital gains, and dividends; and eliminating the death tax.
  • Replacing the corporate income tax - currently the second highest in the industrialized world - with an 8.5% business consumption tax (BCT) - half the rate of the rest of the industrialized world.

Reforming our tax system using a plan like Ryan's will make the tax system less complicated and more fair for all of us, and it will promote our nation's work ethic, savings, and investment, all of which will help get our economy growing again.

 

 

Ruth McClung for US Congress Arizona CD 7

 

 

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Paid for by Ruth McClung for Congress

Ruth McClung for Congress

PO Box 40544

Tucson, AZ 85717

ruth@ruth4az.com

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