Q & A: Taxes – Flat Tax

Q: Larry, have you signed the Americans for Tax Reform pledge? In the Taxpayer Protection Pledge, candidates and incumbents solemnly bind themselves to oppose any and all tax increases.
If you have not, do you intend to? If not, can you explain why not?

A:Jay,
I am a Flat Tax proponent. I believe that this will lower many people’s taxes, but for some paying only very little or none, it could go up slightly. I think the first $25,000 should be tax free and everything after that should be taxed at 20% with only three deductions: retirement savings, charitable giving and healthcare and health insurance. I also will work hard for a balanced budget amendment to the Constitution. I think that is the only way spending will ever be controlled. I also believe Capital Gains taxes should be cut, depreciation schedules should be shortened and that corporate taxes should be reduced (which will spur exports and promote hiring). If there were a way to sign the pledge within the confines of a Flat tax, I would be glad to do so.
Larry