Candidate Ishmael Announces His Personal Income Tax Proposal
10 MAY 2012
May 10, 2012: Candidate Ishmael, the lone Independent candidate for the 1st Congressional District, is an Associate Professor of Economics at Northwest University. That gives him a particular advantage over other candidates in how to best create jobs and stimulate the economy. The first piece of his economic stimulus package is the overhaul of the current broken tax system:
“I propose that we move to a flat tax proposal for all personal income taxes. Currently there are about 47% of Americans who pay no taxes, and the higher the income the more likely the possibility that higher income earners have hired tax attorneys and CPAs who find every conceivable tax deduction. By moving to a 17% flat tax for ALL AMERICANS we can guarantee that not only is the tax system more fair, but much simpler as well. This would greatly reduce the need for IRS auditors and tax attorneys while allowing only two deductions – charitable donations and primary residence mortgage interest. All other personal income would carry a 17% taxable rate, including capital gains. In this manner, 100% of Americans will pay taxes on personal income instead of just 53%, and the rich (who often do not take a salary but rely on capital gains income) will pay an increased amount over the current rate. This will generate a significant increase in taxes to the Federal government without being an increase in taxes for all but the über rich.”
Our current tax system is broken and in need of a dramatic overhaul. Candidate Ishmael’s proposal is the first in a series of his economic proposals to create more economic stimulation without returning us to the stagnant economic environment and poor job creation that the current economy is experiencing. You cannot overcome a stagnant or recessive economy merely by government spending or creating government jobs, nor can you create private sector jobs by harassing corporate CEOs into hiring more people. The only way to create more private sector jobs is to create a positive economic ecosystem that starts when consumers have confidence enough to start spending, and that will be all the stimulus we need to grow this economy and provide economic opportunity for all Americans.
Austerity programs scare the American people into a “bear” mentality, and government overspending creates the kind of worries that got us where we are today. All Americans have a responsibility to pay reasonable taxes, and Candidate Ishmael believes that the amount should be 17% borne by all Americans. He further believes that is the cost of our democracy. Economists know that the vast majority of Americans want more government than they are willing to pay for in taxes, so this proposal allows more revenue to the government while reducing taxes for the vast majority of tax paying Americans. And, this gives us more revenues to pay down our debt.
This is but one more way in which we can fix a broken Congress. By going to a flat tax of 17% we are suddenly eliminating a whole host of loopholes that special interest groups have lobbied on for years to reduce taxes to those who are most capable of paying them. This is not class warfare, but rather a tax revolution in which Americans are rebelling against the tyranny of special interest groups from both the right and left, and restoring power to the people!