Rand Paul

Rand Paul

Rand Paul was born in Pennsylvania on January 7, 1963, third of five children born to Ron Paul, a U.S. Congressman and 2012 Republican Presidential Candidate. He graduated from Baylor University and then Duke Medical School, his father's alma mater, in 1963. Paul worked as an ophthalmologist, notably performing many free eye care surgeries and providing free eye care for young and impoverished patients. Paul, a lifelong Republican with libertarian leanings, became involved in politics in 1994, when he founded Kentucky Taxpayers United, a watchdog group that tracked taxation and spending issues in the Kentucky state legislature until it disbanded in 2000. Rand Paul gained national attention when he campaigned for his father, who was running for the Republican Presidential nomination in 2008. He attracted a small, passionate following which helped him win the U.S. Senate seat for Kentucky in 2010. Paul is also the first U.S. Senator to serve alongside a parent in the U.S. House of Representatives. [1] Campaign Website

Tax Reform

In consultation with some of the top tax experts in the country, including the Heritage Foundation’s Stephen Moore, former presidential candidate Steve Forbes and Reagan economist Arthur Laffer, Rand Paul devised his Fair and Flat Tax proposal. The Tax Foundation, estimates that in 10 years it will increase gross domestic product by about 10%, and create at least 1.4 million new jobs. [google.com/_/chrome/newtab?espv=2&ie=UTF-8]

Rand Paul's tax reform consists of "The Fair and Flat Tax" proposal:

• • $2 trillion tax cut that would repeal the entire IRS tax code
  • Replace the tax code with a low, broad-based tax of 14.5% on individuals and businesses applied equally to all personal income, including wages, salaries, dividends, capital gains, rents and interest
  • Eliminate every special-interest loophole
  • Eliminate the payroll tax on workers and several federal taxes outright, including gift and estate taxes, telephone taxes, and all duties and tariffs
  • All deductions except for a mortgage and charities would be eliminated
  • 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
  • 14.5% tax would be levied on revenues minus allowable expenses, such as the purchase of parts, computers and office equipment
• All capital purchases would be immediately expensed, ending complicated depreciation schedules