Friday, March 9th, 2012 and is filed under Blog
The Fiscal Year 2013 budget season is right around the corner as we await the much-anticipated Ryan budget over the next few weeks. However, a few conservative senators decided to get a head start on the process by announcing their blueprint to balance the budget in just 5 years. Yesterday, Rand Paul, along with Mike Lee and Jim DeMint, introduced a stellar budget proposal, which achieves a budget surplus by FY 2017.
Here are some key aspects of the budget, A Plan to Revitalize America.
The conservative budget proposal also offers a bold tax reform plan. It would establish a flat 17% rate on individuals and businesses. Taxes on gifts, estates, capital gains, interest income, and dividends would be eliminated. Most credits and deductions would be repealed, but they would be replaced with a generous personal exemption and standard deduction. For example, a family filing jointly would receive $32,320 for a standard deduction and $6,530 for each dependent. But there would be no refundable credits under this system, thereby ending the status quo of 29% making money off the tax code.
We’ll be waiting for the House budget resolution with much excitement, but it is sure hard to top this proposal. The budget report also contains much useful historical information about budget and taxation. You can read the full report here.
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