"Yes, such a thing really does exist." Oddly she posted reference to the 3-page Hall-Rabushka tax code
during the debate.
https://www.facebook.com/CarlyFiorina/posts/10156748964830206 It is not a good sign for her that in the week following almost no one has asked or talked about the plan. But nothing this big (or small) gets by us here... )
I can't get the form to come up but here is some coverage.
Breitbart:
http://www.breitbart.com/big-government/2015/11/11/carly-fiorinas-three-page-tax-plan/...there will be demands for Fiorina to discuss how her proposal differs from theirs, which means she’ll have to get behind something solid – whether it’s Hall-Rabushka as written, or a modified version. One advantage to using this existing plan is that it’s been around for decades, so Fiorina would be able to prepare herself to defend it by studying the criticisms that have been lodged against it.
The Hall-Rabushka model presented on Fiorina’s Facebook page is indeed three pages long. The version Fiorina posted is the 1995 revision, so the dollar figures are presumably in need of updating. The plan itself specifies that the personal allowances are meant to rise based on the Consumer Price Index each year. (This could very well lead to the public running out of patience with the government fudging the Consumer Price Index.)
For individuals, the plan totals up compensation, subtracts the personal allowance, and levies a 19 percent tax on whatever remains. The 1995 figure for personal allowance was $9,500 for single filers, $14,00 for single head of household, or $16,500 for married taxpayers filing jointly. An additional $4,500 is provided for each dependent.
Businesses also pay 19 percent under Hall-Rabushka, on its “business receipts less the cost of business inputs, less compensation paid to employees, and less the cost of capital equipment, structures, and land.” Businesses are allowed to carry forward losses, expressed as negative taxable income, to offset positive taxes in future years.
State and local government agencies, along with “Educational, religious, charitable, philanthropic, cultural, and community service organizations that do not return income to individual and corporate owners” are exempted from taxation.
In a noteworthy difference from some other flat tax proposals, the Hall-Rabushka plan does not eliminate paycheck withholding. One benefit touted by flat tax proponents is that tax returns would become extremely simple – “file your taxes on a postcard” is a common promise – but everyone would be required to file those taxes on a regular basis, instead of having the money quietly withheld from their paychecks. It is thought this would focus the public mind upon taxes and government spending. However, the plan advanced on Fiorina’s Facebook page has employers calculating income above the employee’s standard allowance on each paycheck, and withholding 19 percent of taxable income.
... it seems likely Fiorina will also be asked how she would update it and contrast her ideas with those offered by the two senators. She’ll also want to hone her version of their argument that such a dramatic tax reduction and simplification would not “blow up the deficit,” in part because government spending would be reduced, and in part because of the enormous growth surge tax reform would bring to this over-burdened economy. ...
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Also see:
http://townhall.com/tipsheet/katiepavlich/2015/11/10/this-is-what-carly-fiorinas-three-page-tax-code-looks-like-n2078926http://www.scribd.com/doc/289292209/Flat-Tax-by-the-Hoover-Institutionhttp://townhall.com/tipsheet/katiepavlich/2015/11/10/this-is-what-carly-fiorinas-three-page-tax-code-looks-like-n2078926
