Allen Buckley on Tax Reform

2004 former Libertarian Senate challenger (GA)

Simplify the system for individuals

simplify the system for individuals
eliminate phase-out of itemized deductions and personal exemptions
$2.5M estate and gift tax exemption and 40$ rate
20% long-term capital gains rate and dividends taxed as ordinary income

Source: E-mail communication with OnTheIssues.org Aug 5, 2004

Tie spending to tax rates, eliminate Alternative Minimum Tax

[Under a 10/x/39 income tax system], Social Security benefits should be included in income after an individual has recouped his or her investment. Dividends would be taxed as ordinary income, as they were prior to 2003. The alternative minimum tax (AMT) would be eliminated for all items except intangible drilling costs in excess of basis or, alternatively, completely eliminated along with elimination of deductibility of intangible drilling costs in excess of basis. The phase-out of itemized deductions and personal exemptions would be eliminated. The tax shelter rules should be strengthened for individuals and entities. This income tax system would tie spending to tax rates, thus eliminating the "disconnect" that presently exists and making the politicians directly accountable for spending. The estate and gift tax system should be fixed with a higher exemption amount (e.g. $2.5M) and a flat reasonable rate, such as 40%. We get what we pay for-no more and no less. Source: Campaign website, www.BuckleyForSenate.org Jun 15, 2004

10/x/39 system balances the budget

Establish a 10/x/39 three-bracket system to balance the budget annually, absent an emergency situation. Source: E-mail exchange between Mr. Buckley and OnTheIssues.org Jun 11, 2004

Establish a 10/x/39 three-bracket income tax system

A 10/x/39 income tax system should be created, whereby the first $10,000 of taxable income is tax-exempt (a higher amount for married persons filing joint returns, but less than $20,000), the next $490,000 is taxed at whatever rate is necessary to balance the budget (i.e. "x" percentage-the "common rate") and taxable income in excess of $500,000 is taxed at 39%. (Taxable income would be computed after personal exemptions and the standard deduction or itemized deductions.) The tax payments would cover all annual expenses, and would pay off the existing debt due in each year over 30 years in equal installments. (The government could borrow in an emergency situation, but a war such as the war in Iraq would not qualify as an emergency situation.) Long-term capital gains would be taxed at a 20% rate. The earned income credit refundable amount would not be different than that provided under current law. Source: Campaign website, www.BuckleyForSenate.org, "Views" May 18, 2004

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