Allen Buckley RECOMMENDS FISCALLY RESPONSIBLE TAX SIMPLIFICATION PLAN

Posted by Doug Craig at 4/9/2008 5:30 PM
Categories: Allen Buckley
Allen Buckley for U.S. Senate in Georgia

PRESS RELEASE

LIBERTARIAN U.S. SENATE CANDIDATE
BUCKLEY RECOMMENDS FISCALLY
RESPONSIBLE TAX SIMPLIFICATION PLAN

Atlanta, Georgia – April 10, 2008
According to the U.S. government’s audit arm, the
Government Accountability Office (GAO), the U.S. has
very significant financial problems.  In 2007, GAO
said:  “GAO’s current long-term simulations continue
to show ever-larger deficits resulting in a federal
debt burden that ultimately spirals out of control.”
To confront the problem, Allen Buckley, the
Libertarian Party’s candidate for U.S. Senate, has
proposed a greatly simplified income tax system for
individuals that ties taxes to spending.  Under his
proposal, four deductions would be permitted – primary
home mortgage interest, basic health care, charitable
contributions and limited retirement contributions.
The excess of income over these deductions would be
tax-free if the individual’s net income did not exceed
the U.S. Department of Health and Human Services (HHS)
poverty income amount for the individual’s family
size.  Net income in excess thereof would be subject
to tax at a 20 percent rate up to net income of
$25,000, and net income in excess of $25,000 would be
taxed at the “x” rate.  The “x” rate is whatever tax
rate is necessary to balance the budget for the
current fiscal year of the U.S. government, excluding
Social Security’s surplus assets from the analysis and
after taking into other sources of government revenue.
Gains and losses on stocks, bonds and other capital
assets held more than one year would be netted, and a
20 percent tax would apply to a net gain.
In contrast to Mr. Buckley’s proposal, Saxby Chambliss
has co-sponsored the Fair Tax bill.  The Fair Tax bill
does not tie taxes to spending. Two government studies
have shown that the tax rate of the Fair Tax bill,
29.9 percent on a tax-exclusive basis, is
approximately one-half of the rate necessary to be
revenue-neutral.  In December of 2007, Mr. Buckley
challenged Mr. Chambliss to a debate with respect to
the Fair Tax bill.  Mr. Chambliss never replied to Mr.
Buckley’s challenge.
Buckley said:  “Unlike Fair Tax proposal of Mr.
Chambliss, my proposed simplified tax system is
financially responsible and economically sound.
Again, I hereby challenge Mr. Chambliss to a debate
with respect to this important issue.”
Mr. Buckley’s website is www.buckleyforsenate.com.  He
can be reached for comment at (404) 962-1042. 

 

 

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