Philadelphia (CBS) - Sen. Rand Paul from Kentucky says he is all in with President Donald Trump on tax reform. Paul spoke with The Dom Giordano Program on Talk Radio 1210 WPHT saying he's for a bigger the better, the bolder the tax cut.
"I'm for lowering the corporate tax, I'd probably vote to eliminate it if I could. Right now we're at 20 percent. We don't want to go any higher than that. In fact, the president said he'd want to go lower. He still likes the idea of 15 percent or lower, so do I. So that's not really a disagreement, that's actually an agreement. We want to cut the corporate tax to keep American jobs here. On the individual side I think everybody should get a tax cut, weather you're rich, middle class, or poor. When we looked at the bill originally, and we still have concerns, that if you keep the middle rate, most people in the middle pay at the 25 percent rate. If you keep that rate at 25 percent and you get rid of the deduction of state income tax and property taxes and you get rid of the personal exemptions. These are 2 big deductions for people who itemize. You may have a significant chunk of people who make between $75,000 and $300,000 that would get a tax increase."
Paul says that the president has assured him that won't happen. Paul wants this tax proposal to be good. He wants to vote for it, not because he's opposed to it.
"This is a misunderstanding people have. So I'm rattling the cages. They're all telling me they're going to fix it. But they only way you can fix it is either the 25 percent rate has to come down enough to account for the loss of your income tax deductions for your state or you got to allow some of that to remain. One of the ideas is everyone making up to $400,000 will still be able to deduct their state income tax and property tax. If they do that, I think the middle class will get a tax reduction everywhere."
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