"Tom Del Beccaro's tax plan would create millions more jobs in America. No state would benefit more from a low flat tax than California," said Dr. Laffer.
Laffer's endorsement of Del Beccaro's plan comes after national economists Stephen Moore, Larry Kudlow and Lew Uhler praised Del Beccaro for his national flat tax proposal.
"We need an economy that produces opportunity for all, not political favors for some. To do that, we must turn away from a tax code that picks winners and losers and move to a tax code that unleashes economic growth. Having the support from the nation's top economists is a privilege," said Del Beccaro. "With this team of supporters and advisors on my side, I know that the California's best days are ahead of us."
About Del Beccaro's Flat Tax Plan:
Tom Del Beccaro released his flat tax plan on Sept. 30, which includes:
1. The elimination of our current corporate tax system and to replace it with a 15.5-percent net business income tax with immediate expensing for business purchases and deductibility of wages and salaries.
2. The replacement of the current personal income tax with a flat rate 15.5-percent income tax on wages and salaries, capital gains, dividends, interest income and bequests. For a family of four, the first $48,000 of income is tax-free. Health care benefits should remain untaxed.
3. The elimination of all deductions except the standard deduction should be doubled.
4. The payroll tax should be retained but its cap eliminated thereby creating a true flat tax for all earners.
5. The elimination of the estate tax, Affordable Care Act taxes and all existing tariffs. The net business income tax would be applied to imports at the border.
6. Any change to this system, should require a three-fifths vote of both houses of Congress
That system would replace the 77,000 annotated page tax code we have today which benefits the rich to the exclusion of the poor.
About Tom Del Beccaro:
Tom Del Beccaro is a business and real estate lawyer, and the former Chairman of the California Republican Party. Tom is a contributor to Forbes.com and writes frequently about tax policy. Tom is Publisher of PoliticalVanguard.com, author of the new book "The Divided Era," which explains why America is so divided today and offers ideas on how to reduce political division, and "The New Conservative Paradigm." Tom has spent over 15 years in politics, where he also held positions such as Vice Chairman of the California Republican Party and three terms as Chairman of the Contra Costa County Republican Party.
More information: http://www.delbeccaroforsenate.com/.
Twitter: @tomdelbeccaro
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* Photo Caption: Tom Del Beccaro.
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