GOP presidential candidate Sen. Rand Paul (R-Ky.) announced that he will release a plan to repeal the entire IRS tax code, making more than $2 trillion in tax cuts and replacing the code with “The Fair and Flat Tax” of 14.5 percent on individuals and businesses.

In an editorial for the Wall Street Journal, Paul claimed that his plan will repeal the more than 70,000 pages that make up the Internal Revenue Service’s tax code and “eliminate nearly every special-interest loophole.”

Paul wrote that although President Obama has talked about “middle-class economics,” his policies have “led to rising income inequality and negative income gains for families.” In contrast, Paul proposes that his plan would help the middle class by eliminating “the payroll tax on workers and several federal taxes outright, including gift and estate taxes, telephone taxes, and all duties and tariffs.”

[quote_center]“The Fair and Flat Tax eliminates payroll taxes, which are seized by the IRS from a worker’s paychecks before a family ever sees the money,” Paul wrote. “This will boost the incentive for employers to hire more workers, and raise after-tax income by at least 15% over 10 years.”[/quote_center]

Paul wrote that there is a need to “blow up the tax code and start over,” because from 2001 to 2010, “there were at least 4,430 changes to tax laws—an average of one ‘fix’ a day—always promising more fairness, more simplicity or more growth stimulants.”

“Every year the Internal Revenue Code grows absurdly more incomprehensible, as if it were designed as a jobs program for accountants, IRS agents and tax attorneys,” Paul wrote. He went on to say that another “increasingly obvious danger of our current tax code” is the power the IRS has to “examine the most private financial and lifestyle information of every American citizen.”

[quote_center]“We now know that the IRS, through political hacks like former IRS official Lois Lerner, routinely abused its auditing power to build an enemies list and harass anyone who might be adversarial to President Obama’s policies,” wrote Paul. “A convoluted tax code enables these corrupt tactics.”[/quote_center]

Paul called his tax plan an “all-American solution,” because “everyone plays by the same rules,” and he argued that the US needs a smart tax system to “turbocharge the economy and pull America out of the slow-growth rut of the past decade.”

“We are already at least $2 trillion behind where we should be with a normal recovery; the growth gap widens every month,” wrote Paul. “Even Mr. Obama’s economic advisers tell him that the U.S. corporate tax code, which has the highest rates in the world (35%), is an economic drag.”

Paul concluded, writing that he intends for his “Fair and Flat Tax” to fix the “the rot in the system that is degrading our economy day after day,” and he sees that new tax as one that is “the boldest restoration of fairness to American taxpayers in over a century.”

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