Campaign 2010

Oct 15, 2010

Todd Young Supports Imposing A 23 Percent Sales Tax On Almost Everything Hoosier Families Buy

Todd Young (R-IN) is so out touch, the tax proposal he supports makes hard working Hoosier families pay a 23 percent sales tax on almost everything they buy – groceries, gasoline, medicine, and more.  If that wasn’t bad enough, this plan will eliminate corporate taxes while doing away with the home mortgage deduction and childcare tax credit for families.  Under Young’s plan, middle-income families in Indiana would see their taxes increase by $3,151 while the wealthiest 1% in the country would get a $225,000 tax break.

“Todd Young wants a seat in Congress so he can stick Hoosier families with a new 23 percent sales tax on almost everything they buy, while giving big breaks to millionaires and billionaires, and even big corporations,” said Gabby Adler Midwestern Regional Press Secretary at the Democratic Congressional Campaign Committee.  “Todd Young’s tax plan is to have you pay more taxes so big corporations can get special breaks.  This 23% sales tax is just another one of Todd Young’s bad ideas that Indiana simply can’t afford.”

BACKGROUND:

Todd Young declared his support of the Fair Tax in a North Vernon Republican Debate:

“I support tax simplification, as well as reducing tax breaks through either a national consumption tax like the Fair Tax, or some sort of flat tax.  Anything would be better than the current system.”  [North Vernon Republican Debate, 4/10/10]

Under the Fair Tax, middle-income families in Indiana would see their taxes increase by $3,151 while the wealthiest 1% in the state would see their taxes cut by $162,414.  [Institute on Taxation and Economic Policy, September 2004]