Rand Paul's budgetSubmitted by rba1225 on Wed, 03/20/2013 - 21:08
Rand Paul presented his budget on the Glen Beck Radio show.
Income up to $50,000 a year will be exempt from federal taxes. Anything above will be subject to a 17% flat tax.
In ours we go ahead and eliminate some departments. We eliminate the Department of Education, most of the Department of Energy, most of the Department of Commerce.”
His budget also removes the waste from Social Security and Medicare. With S.S. they reduce spending through means testing, gradually raising the age. His plan for Medicare allows every senior citizen to have the same health plan that congress does.
“It saves a trillion dollars over ten years and it also allows us to have a sustainable entitlement program, basically fixes Social Security for 75 years,” Sen Paul explained. “And then if that’s not enough for you, Glenn, we have one more thing. We do a flat income tax of 17% which gives a $600 billion stimulus to the economy and allows for, you know, we estimate somewhere between 8 and 12 million new jobs.”
Rand Paul’s flat tax is 17% with an exemption for the first $50,000. So, it’s graduated in that anyone making under $50k wouldn’t pay an income tax.