Taxation

From Pete Ashdown Campaign Collaboration Wiki

Conservatives espouse the flat-tax or consumption-based taxes which liberals decry as foul due to exemptions and loopholes. Instead, I propose what The Economist calls the "true" flat-tax, one that carries no exemptions, deductions, or loopholes. This is described in detail on the Wikipedia entry for "Flat-Tax".

In essence, if you have a "true" flat-tax, there is no need for individual collection or refunds on salaried wage earners. Instead, businesses send checks to the IRS for a percentage of all salaried wages, income, and dividends. The simplification of the IRS could then turn resources to enforcement. We have all heard the stories of off-shore bank accounts for businesses operating in the U.S. along with corporations and CEOs who evade taxation with a variety of tricks and loopholes. With our federal tax system simplified greatly, we could then write and enforce rules for businesses that desire to operate in America that are fair to the rest of the public.

Reconstruction of the tax code requires a Presidential mandate and push. I doubt any single senator can turn it over, let alone a junior senator. However, I will focus my efforts once elected on not only loopholes but tax-credit give-aways to extremely profitable entities. In addition, businesses whose sole business model subsists off federal tax-credits would also be under the microscope. I built and continue to run a business in a very competitive field with absolutely no government assistance. If a business is unable to turn a profit under their current model, government support requires great justification, especially in a time when so many local programs are being starved.