Because, if taxes aren’t lowered for the top one percent along with everyone else, it is not a significant tax cut.
Championing the one percent isn’t a popular thing for a politician to do, but Rand Paul stuck to principle and sound economics instead of chickening out. It is a principle of equality that rich people don’t deserve to have their stuff stolen more than anyone else. It is an economic fact that the rich are more likely to invest in the economy with their money.
The real solution, if we are going to keep Federal income tax (we shouldn’t) is to have a low flat rate for everyone regardless of income level.
Lifezette reports on the Senator’s conversation with Laura Ingraham, “Rand Paul: Have to Cut Taxes on Top 1 Percent or It’s Not a ‘Significant Tax Cut.’”
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The House’s watered-down Tax Cuts and Jobs Act, released Thursday, would reduce the number of income tax brackets to four, with rates of zero percent, 12 percent, 25 percent and 35 percent. In addition, the corporate tax rate drops from 35 percent to 20 percent — short of the 15 percent tax rate Trump championed on the campaign trail, but still a significant change.
Although Paul applauded some aspects of the bill’s content, he expressed disappointment, saying the proposed legislation as it now stands wouldn’t deliver the “significant tax cut” Trump and Republicans promised.
“If you don’t cut the top 1 percent, you don’t really have a significant tax cut,” Paul told LifeZette Editor-in-Chief Laura Ingraham. “What they’ve done is, they’ve bought into the class warfare on the individual side.”
“So at the top, there’s not going to be much of a tax cut. There will be some. And in the middle, there’s going to be a little bit — there’s mostly going to be eliminating deductions. And at the bottom, the bottom already don’t pay much income tax and will continue not to pay much income tax,” Paul added.
Here’s another good interview with Rand Paul on taxes (the tax discussion begins at 4:40):
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