When good Republicans good bad, just to run for President in 2012

Pence embraces flat tax

The Flat Tax brings down the higher tax rates which have to be covered by increasing all other tax rates. The upper rates go down and the lower rates go up! If the IRS gets rid of the 39% rate, which pays $500 billion, that amount would have to be covered by all other tax payers at lower levels. Thus creating a need for increased rates on those paying the 25% rate.

It doesn’t make sense, who would vote for someone advocating to raise their tax rate. Mike Huckabee stated in 2008 that the Flat tax rate would start at 27%, and then would increase to meet needs. Instant tax increase!

Finally, if the home mortgage tax deduction is eliminated, and the farm subsidies to cotton and cows farms are deleted then it starts to become viable. Wait.. The deductions for race track owners, lottery tickets, and horse breeders, and oil and coal tax deductions are eliminated, that would be a starting point for talks of tax reform.

* The provision, which expired at the end of 2007, was included last October along with more than 35 other so-called extenders in H.R. 3996, a tax relief bill sponsored by House Ways and Means Committee Chair Charles B. Rangel, D-N.Y. The Joint Committee on Taxation estimated the extension of the seven-year recovery period could cost $ 27 million over 10 years. (For the revenue table, see Doc 2007-24353 or 2007 TNT 213-11.)

Indiana Republican Rep. Mike Pence would scrap the current tax system and replace it with a flat tax for all citizens.

“The best option, the most pro-growth option is a flat tax. I believe it is time that America adopted a flat tax and scrapped the current system once and for all,” he said Monday in at the Detroit Economic Club. “It’s fair, it’s simple, it’s effective. It’s an idea whose time has come,” he said.

Pence is thinking about running for president in 2012, and the Detroit speech was billed as a major economic policy address designed to outline his positions on the economy and job creation. While Pence has enjoyed enthusiastic support from social conservatives, he is working hard to cultivate support among the fiscal conservatives that are driving the tea party.