Amid Campaign Turmoil Dr. Ben Carson Unveils his Tax Reform Plan

“Liberty and fairness are bedrock principles of this great nation. It’s time that our tax system reflected those ideals. My plan for a simple, fair and transparent flat tax will not only eliminate the onerous burdens the IRS places on taxpayers, but it will grow the economy. Everyone will be on the same footing, from the largest corporation to the local family business. No one will be able to hide from their tax burden, but neither will anyone be ruined by an incomprehensible tax code. A Carson administration will push Congress from Day One to implement this plan to revitalize our economy through fundamental, common-sense tax reform. We will take the power away from the IRS and put it back in the hands of ‘We The People.’”   – Dr. Ben Carson

On Monday, amid the turmoil within his own campaign that has seen some of the most important members of his campaign team resign, Dr. Ben Carson finally unveiled his comprehensive tax reform plan wherein he calls for a simple 14.9% flat tax on all income.

From his Campaign Website:

Treatment Plan: Repeal the Entire Tax Code and Replace It With a True 14.9 Percent Flat Tax

  • Replace the tax code with a true flat tax – no deductions, tax shelters or loopholes.
  • Tax all income at a uniform 14.9 percent rate.
  • To protect those rising from poverty, apply the flat tax only to income above 150 percent of the Federal Poverty Level (FPL). For example, a family of four will not pay the 14.9 percent tax on their first $36,375 of income.
  • Treat everyone in America as citizen-ownersand require those whose income is at or below 150 percent of the FPL to make a de minimis tax payment annually.
  • Tax income only once: no more double taxation of capital gains, dividends and interest income at the personal level.
  • Eliminate deductions for home mortgage interest, charitable giving and state and local taxes. The overwhelming majority of Americans do not benefit from these itemized deductions.
  • Eliminate the Alternative Minimum Tax (AMT). Under the current tax system, the AMT forces middle-class Americans to calculate their tax liability twice and punishes them by requiring them to pay the larger of the two tax bills.
  • Abolish the death tax in its entirety.

 

You can read the entire plan at Dr. Carson’s website.