Search This Blog

Defying the Odds

Defying the Odds
New book about the 2016 election.

Monday, September 29, 2014

Huckabee and Tax Reform

At The Daily Beast, Lloyd Green talks to Mike Huckabee about tax reform:
Huckabee viewed the tax trap this way: “Most working families… need tax reform they can understand and follow easily. They need time to see their kids’ ball games and dance recitals instead of having to gather information for the tax man.” At the recent Values Voters Summit, Huckabee also acknowledged that same disconnect between the GOP’s base and Washington, saying, “Some of you are frustrated and even upset and angry about America, and I get it.”
As a former governor of a rural state, Huckabee is also mindful of the effects inheritance taxes can have on family farms and small businesses. Says Huckabee, “Some families have assets in long-held land that has to be sold to pay inheritance taxes. Why should a generation be punished for seeking to leave something for one’s family?” At present, the federal estate tax kicks in at estates valued at more than $5.34 million.
In Huckabee’s view, tax reform should not harm the middle class or undermine the family. As corollary, Huckabee opposes tax reform that is based on curbing charitable deductions or undermining the home interest mortgage deduction—which Mitt Romney refused to rule out in 2012.
According to Huckabee, “If we continue the current system, then we should keep deductions that benefit the community and the country, such as charitable contributions or mortgage payments.” To be sure, Huckabee still views the Fair Tax as “the better option.”
Huckabee also has his eye on revamping the corporate tax structure, which seems to be driving American corporations offshore, and revenues overseas. ...
Ironically, the brains behind corporate tax inversions are actually the President’s own donor base. According to Bloomberg News, the lawyers and bankers who facilitated and structured tax inversions, as well as companies that have relied upon them, have contributed to the President. Not surprisingly, Obama has refused to return campaign donations from the very individuals who benefited from these “unpatriotic measures,” much the same way as Obama tapped Lew as his Treasury Secretary, despite Lew’s investments in Cayman Island based entities.