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Tom Smith on Tax Reform |
"If you pay a flat tax, you know what your tax is going to be. The people who work and make more," Smith said, "they are paying more." Smith's flat tax would not be truly flat. He said he would allow exemptions for mortgage interest, charitable giving, and student-loan interest, all features of the current tax code beloved by the middle class.
He would do away with federal taxes on capital-gains investment income. He said he would consider having no tax for the poor, but declined to say what income level should qualify for such an exemption. That could depend "on how well we do in getting this debt under control," he said.
Tom believes we must end the out of control spending and debt that mortgages our children's and grandchildren's future. Tom knows we can't spend and borrow our way to prosperity.
The Contract from America, clause 4. Enact Fundamental Tax Reform:
Adopt a simple and fair single-rate tax system by scrapping the internal revenue code and replacing it with one that is no longer than 4,543 words--the length of the original Constitution.
The Contract from America, clause 10. Stop the Tax Hikes:
Permanently repeal all tax hikes, including those to the income, capital gains, and death taxes, currently scheduled to begin in 2011.
Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Increasing federal income tax rates"
Christian Coalition publishes a number of special voter educational materials including the Christian Coalition Voter Guides, which provide voters with critical information about where candidates stand on important faith and family issues. The Christian Coalition Voters Guide summarizes candidate stances on the following topic: "Permanent elimination of the "Death Tax""
