Nobody, it seems, is a fan of the current Internal Revenue Code. Yesterday, however, presidential hopeful Sen. Rand Paul (R-KY) took to a California gun range to literally blow away our current tax system. Sen. Paul shot about 10 shots into boxes holding the approximately 80,000-page long Tax Code using a modified AR-15.
Calling it a “good way to relax,” Sen. Paul didn’t profess to be an experienced shooter, referring to himself as a novice. He has, however, been a long time supporter of gun rights, noting on his website that as President, he would “vow to uphold our entire Bill of Rights, but specifically our right to bear arms.” He goes on to say on the site, “I will not support any proposed gun control law which would limit the right to gun ownership by those who are responsible, law-abiding citizens.”
The day wasn’t entirely about gun rights, however. In between fielding questions about issues like Iran and his verbal sparring with Donald Trump (having previously remarked to The Daily Caller, “I want to make sure everyone in the whole country knows he’s a fake conservative.”), Sen. Paul hoped to get a message out about his tax platform. Sen. Paul has made no secret of the fact that he believes the current tax system needs to go, announcing “an over $2 trillion tax cut that would repeal the entire IRS tax code—more than 70,000 pages—and replace it with a low, broad-based tax of 14.5% on individuals and businesses.” He calls his plan “The Fair and Flat Tax.”Under Sen. Paul’s tax proposal, payroll taxes would be eliminated. Payroll taxes are those Social Security and Medicare taxes (also called FICA taxes) that are withheld by your employer: the employer also contributes a match.
Taking a page from former presidential candidate Steve Forbes and Reagan economist Arthur Laffer, he also proposes a modified flat tax. Under his proposal all income, including wages, salaries, dividends, capital gains, rents, and interest would be taxed at a flat 14.5% rate; the first $50,000 (for a family of four) would be exempt. The plan would eliminate all deductions except for the home mortgage interest deduction and the charitable deduction. Sen. Paul would also retain the controversial earned income tax credit (EITC).
Under Sen. Paul’s plan, the 14.5% tax rate would also apply to all corporations. Calling the tax a “business activity-tax,” it would be levied on revenues less expenses. As part of the plan, all corporate capital purchases would be immediately expensed as opposed to depreciated.
Finally, Sen. Paul’s plan would eliminate the current federal estate and gift tax system.
It’s an ambitious plan that Sen. Paul says will balance the budget. It’s also an uphill battle. Sen. Paul acknowledges as much on his website, saying:
The challenge to this plan will be to overcome special-interest groups in Washington who will muster all of their political muscle to save corporate welfare. That’s what happened to my friend Steve Forbes when he ran for president in 1996 on the idea of the flat tax. Though the flat tax was surprisingly popular with voters for its simplicity and its capacity to boost the economy, crony capitalists and lobbyists exploded his noble crusade.
Sen. Paul didn’t speak much about the specifics of his plan when he stopped at the gun range, located not far from the Ronald Reagan Presidential Library. After a few shots with the AR-15, he also tried out a 9 mm pistol before chatting with reporters. A few hours later, he took the stage with his fellow presidential candidates for the GOP debate.
Footage of the event was also posted to Sen. Paul’s Instagram account.
