Kentucky Senator Rand Paul made his rounds in southeastern Kentucky earlier last week and spoke at Union College Wednesday, Feb. 17. Senator Paul discussed his ideas to improve Kentucky’s financial situation if elected for another term.
With the loss of coal mining jobs throughout the nation, this region has suffered economic decline. Senator Paul said he can help Kentucky recover by giving factories and outside companies an incentive to move to the state.
“We lose jobs because we have the highest taxes in the world. Under the tax plan that I’ve put forward, we get rid of the entire tax code and have one single rate, 14.5 percent, for business and for individuals,” explained Senator Paul. “The unique aspect to what I’m proposing is any goods that are imported would have to pay the 14.5 percent, any goods that are exported, would not have to.”
Senator Paul said that by eliminating the exportation tax and taxing importation, we would be more competitive against overseas labor wages. Paul also suggested that we embrace the wealthy individuals in our state by lowering the corporate income tax.
“When you go after your boss it only penalizes the worker. We have to move beyond that,” said Senator Paul. “Money goes where it is welcome. We have to make money and business welcome.”