Buddy Roemer - Taxes
Summary
Governor Roemer has stated that the current tax code is unfair, unreadable and unworkable. He states that this complexity makes the tax code favor large businesses that have the resources to navigate them. He states that he would reform the tax code to eliminate tax breaks for companies that push jobs overseas.
To reform the tax code, Governor Roemer has asked for a code that is flatter, fairer and broader base with an elimination of loopholes and an overall lowering of the tax brackets. These reforms would include:
- No tax on the first $100,000 of income for anyone
- Two brackets of 5% and 25% for income above $100,000
- A consumption tax of 10% combined with the lowered income taxes
South Carolina Debate
In May of 2011, Governor Roemer held a mock debate to counter the South Carolina GOP debate. He speaks about the need to reform to the tax code to help small businesses by making it simpler. In a second question, Governor Roemer outlines his plan to stimulate the economy. This plan includes the previously mentioned tax reform, no tax on the first $100,000 of income, take regulations back to 2008 levels, energy independence with a tariff on middle-eastern oil, and removal of waste from the federal government. In a third question, Governor Roemer states that he likes the fair tax, but he is not ready to endorse it. He does support a consumption tax of roughly 10% combined with an income tax on income above $100,000 with brackets from 5% to roughly 25%.
Campaign Website Statements
REFORMING TAXES
Our current tax code is unfair, unreadable and unworkable. The corporate loopholes written into law by the special interests in Washington reward the few at the expense of the many. It costs small business far too much time and money to comply with our current tax regime, while at the same time many large corporations exploit this system and and pay little to no federal taxes at all.
I have called for the elimination of tax breaks for corporations that ship American jobs overseas. Right now the federal government subsidizes companies that create products or provide services outside of our county and gives credit to those who pay foreign taxes. Large corporations should not be able to avoid paying their fair share by simply exploiting loopholes in our tax code.
We need a tax structure that is simpler, fairer, flatter and more broad-based. I support the elimination of special interest tax loopholes combined with a significant lowering of the marginal rate for both individuals and corporations. By reforming our tax code, we can empower small businesses, spur economic growth, create new jobs and become more competitive globally.