Two of our republican presidential candidates have put forth a comprehensive tax plan that would overhaul the American tax system: Mark Everson and Marco Rubio. Today I will cover Everson’s tax plan, and depending on homework load (part of the burden of being a young conservative), Rubio’s on either tomorrow of Friday.
Basically, the Everson plan would adopt a consumption tax, similar to the national retail sales tax that I have argued for in the past. This would take well over 150 million Americans off the income tax. While I would argue that the plan does not go far enough, because it leaves some still on the income tax, but I am glad to see that one of our Republican candidates has at least partially embraced the much fairer, more economically sound, consumption tax.
The Everson plan would also expand child tax credits, which would be very helpful to the American working family. He would also lower corporate tax rates, which I have argued for in the past.
A final part of the Everson plan that is a good idea is designed to ensure economic stability. He says that we should require every tax plan to last a minimum of ten years.
In conclusion, while Everson doesn’t go as far as I would with total removal of the Income tax, he does make several good points with his tax plan, and some of the other contenders (i.e. Cruz and Paul, who have yet to put forward a concrete tax plan) should give it a look.