This allotment, he explained, would only serve to fund social security and Medicare. 'In some ways, this actually funds the entitlement programs better because the way we fund social security now, social security's six trillion dollars in the hole,' Paul asserted. To account for the resulting loss of revenue that is brought in by the payroll tax, the Republican presidential candidate suggested allocating money from the business tax instead. This addition, Paul hopes, will silence criticism from Democrats that a flat tax reform is only intended to benefit people with high incomes. So what I've done with my plan is get rid of the payroll tax,' he said. 'I've decided to go one step further because we live in a democracy, everybody's got a vote and there are more working class people than there are business class people. While many Republican presidential candidates have also suggested a flat tax, the Kentucky senator made certain to distinguish himself from his opponents in the GOP.

His prepared marks, which lasted under 10 minutes, were set aside to propose his 14.5 percent flat tax for businesses and individuals. 'We have to go a much simpler tax code and then we can, yes, try to get rid of or significantly downsize the IRS.Watch Video: Rand Paul slams tax code with a baseball batĭAVENPORT – Republican presidential candidate Rand Paul slammed the tax code Saturday during a speech inside Modern Woodmen Park.

But you can't just say we're going to keep the current tax system and get rid of the IRS. 'So I'm for eliminating most if not all of it. 'If we had that kind of simple tax deductions or simple tax form where it was one small card, you multiply your income by 17 percent, you wouldn’t need much of an IRS. Paul tells Newsmax TV in an exclusive interview: 'What I've promoted is a flat tax, 17 percent for individuals as well as corporations with about a $50,000 deduction for families, similar to what Steve Forbes promotes. Sarah Palin have come out saying that it's time to abolish the IRS. Rand Paul says the United States should adopt a flat tax that would greatly reduce the need for the scandal-marred Internal Revenue Service and eliminate 'most if not all' of the agency.įollowing revelations of the IRS's targeting of conservative groups, Sen.

Rand paul flat tax