AZ: Green Senate Hopeful Derides Democratic-Republican Special Interest Tax Regime

From the PR Newswire:

While everyone complains about income taxes, one Arizona taxpayer is doing something about it: he's running for John McCain's Senate seat. Jerry Joslyn recently joined the Green Party. He believes Democrats and Republicans have created a tax system that is far too complicated, and grossly unfair to middle-class Americans. "Tax breaks and loopholes are 100 times worse than earmarks when it comes to out-of-control budget deficits," says Joslyn, "and both major parties are guilty of cutting special deals for special interests."


Joslyn will announce his candidacy, and his new tax plan on tax day, Thursday, April 15th. Under Joslyn's plan every taxpayer would get one $20,000 deduction and be taxed 24% on all income above that. That's it, no payroll tax, capital gains tax or estate tax. "Today," says Joslyn, "the richest Americans enjoy a lower tax rate than the middle class. That's not the way it was supposed to work; the Bush tax cuts were supposed to be across the board".

Warren Buffet, the third richest person on earth revealed that he earned $46 million in 2007 and paid 17.7 % of that in taxes. Meanwhile Buffet's secretary earned $60,000 and paid 30%. The average tax rate among Buffet's office staff was 32.8%. "Twenty-five hedge fund managers made an average of $1 billion dollars each last year and paid the 15% capital gains rate," says Joslyn. "Meanwhile mutual fund managers, who do the same job, get taxed at regular rates. Congress retains the loophole because hedge fund managers are very generous with their political contributions."