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Real Tax Fairness

Conservative Businessman and U.S. Senate Candidate Eric Hovde introduces comprehensive tax plan.

Our tax system is hopelessly complicated and seriously broken. 

Believe it or not, Americans spend $160 billion per year on tax preparation (Paul Ryan’s FY 2013 Budget Proposal), and the IRS’ two-page 1040 short form comes with 88 pages of instructions. 

Beyond the hurdles that individuals face when filing their taxes lies the problems with our corporate tax structure. 

America is now home to the highest corporate tax rate in the world; higher than Sweden, France, Italy and even Communist China (Wall Street Journal, 4/2/2012). This is no way to jumpstart our struggling economy.  

Even worse, as a result of crony capitalism and deep-pocketed special interests that have rigged the system in their favor, big corporations are effectively taxed at half the rate of small businesses and companies that make billions of dollars in profits each year--such as GE--pay little or no taxes.

Small and medium-sized businesses are the engine of our economy, and we must stop stunting their growth if we are ever going to experience real recovery. 

Stopping this insanity starts with a plan to achieve real tax fairness. 

By lowering individual income tax rates across the board, lowering the corporate tax rate and eliminating corporate welfare and nearly all of the loopholes and deductions that exist, we can provide much-needed relief for hard-working Americans, level the playing field for small and medium-sized businesses and create real and sustainable economic growth. 

You can check out my Tax Plan in its entirety by following this link: http://www.ericforsenate.com/wp-content/uploads/2012/04/The-Hovde-Tax-Plan.pdf

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Concerned Citizen April 23, 2012 at 02:53 PM
I see a problem with this plan in the reporting of income. A very large portion of income is unreported, especially by small business owners and independent contractors. Any cash that changes hands is subject to non-reporting. And retail businesses in particular handle a lot of cash. I know owners who don't report any of their cash transactions as revenue. And I know an independent contractor who paid cash for a newly built home using payments made to him as an independent contractor, which were not reported to the IRS. As tax preferences are eliminated, the small business owner and independent contractor will hide even more income. If ALL income that passes through the underground economy were reported, we would all enjoy lower tax rates with no significant reduction in services.
$$andSense April 24, 2012 at 01:51 AM
Hey cigar man Why do we need fed income tax to begin with? Didn't exist until some 100 years ago. You like paying taxes? In fear of your shadow that you need the fed to protect you? Chicken s--t?
Randy1949 April 25, 2012 at 07:31 PM
Why have any taxes, period? Street lights should be coin operated. Avoiding that package of beef with Mad Cow in it will keep life interesting. And pay a monthly protection fee to a private standing army, or watch while your wife gets ravished by hordes of Canadian invaders. We have to stop coddling people who don't create jobs.
Alfred April 25, 2012 at 07:33 PM
Now Randy, we are all carrying your water, please do not bite the hand that feeds you.
Randy1949 April 25, 2012 at 07:40 PM
And what leads you to believe that, Alfred? You think I don't pay taxes? I really hope you didn't learn your writing skills in public school because I pay quite a bit for that, and you can't spell for beans.

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