With the Florida primary just days away, the race for the Republican nomination feels like it could be anyone�s game. The state of the economy remains a chief concern among voters. It�s important to understand what it is that each candidate hopes to bring to the table in terms of tax incentives, tax policy and tax proposals. With that in mind, I contacted each of the candidates who has officially declared an intention to run for president. To keep it simple, I asked each of the candidates the same six tax-related questions.
Next in the series is Republican candidate Buddy Roemer. I had the opportunity to speak to Roemer by phone on Friday. He previously served as the 52nd Governor of Louisiana (1988 to 1992) as a member of the United States House of Representatives from 1981 to 1988.
It was a great chat. Here�s what he had to say:
taxgirl: What�s the single most important tax issue facing Americans today?
Roemer: Trust. Taxpayers can�t read the Tax Code and they can�t trust it. It�s written by lobbyists and taxpayers don�t think it�s fair. When a company like GE can make $5.2 billion in revenue and pay no federal tax while the average working taxpayer pays a rate close to 25%, that�s not fair. We need clarification, simplicity and fairness in our Tax Code.
We need a system that is fair, simple, trustworthy and understandable.
taxgirl: If you could only make one �quick fix� in terms of an extra credit, a disallowed deduction or the like, what would it be?
Roemer: A flat rate. Under my plan, there would be a flat rate. There would be a $50,000 exemption for a family of four and there would be a flat tax of 17% on income beyond that. That means that those making less than $50,000 would pay no income tax while those making more than $100,000 would have an effective tax rate of 8.5%.
That leaves money left over to pay their property taxes, sales taxes and expenses. There would be no other federal taxes.
It is clear and simple. There are no deductions or other exemptions.
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