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*A $2 trillion tax cut that would repeal the entire IRS tax code
**Replace Replaces 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 Eliminates every special-interest loophole**Eliminate Eliminates the payroll tax on workers and several federal taxes outright, including gift and estate taxes, telephone taxes, and all duties and tariffs**All Eliminates all deductions except for a mortgage and charities would be eliminated**First Does not tax first $50,000 of income for a family of four would not be taxed**For Retains the earned-income tax creditFor low-income working families, the plan would retain the earned-income tax credit**Levies the 14.5% tax would be levied on revenues minus allowable expenses, such as the purchase of parts, computers and office equipment**All Immediately expenses all capital purchases would be immediately expensed, ending complicated depreciation schedules [https://www.randpaul.com/issue/taxes (RPW-TR)]
"President Obama talks about “middle-class economics,” but his redistribution policies have led to rising income inequality and negative income gains for families. Here’s what I propose for the middle class: The Fair and Flat Tax eliminates payroll taxes, which are seized by the IRS from a worker’s paychecks before a family ever sees the money. This will boost the incentive for employers to hire more workers, and raise after-tax income by at least 15% over 10 years." [https://www.randpaul.com/issue/taxes (RPW-TR)]
