U.S. Senate candidate Eric Hovde has a plan to overhaul our tax system targeting corporate welfare given by “career politicians.”
During a press event in Madison, the hedge fund manager turned political newcomer laid out his plan which includes simplifying the tax code: “I’m considered a financial expert but I need help having my taxes filled out. Think of how insane that is.”
Hovde also wants to reduce the corporate tax rate from its current 35 percent, down to 25 percent. The Republican said the tax system unfairly burdens smaller businesses especially those registered as L.L.C.’s or S. corporations, which face a 39 percent rate.
With the U.S. having the highest corporate tax rate in the world, Hovde said it creates an incentive for companies to move overseas.
His plan would also eliminate the federal estate tax, create income tax rates of only 10-and-25 percent, all while cutting individual income taxes
The Republican candidate also took jabs at the Buffett Rule, a bill spearheaded by Wisconsin Congresswoman Tammy Baldwin which would close tax loopholes for millionaires. He said the proposal makes no economic sense and does not address the “real loopholes” of corporate welfare.
Baldwin, a Democrat, is also running for U.S. Senate. Hovde faces four other Republican opponents going into the August primary. The winner will likely face Baldwin in the general election for the seat of vacating Herb Kohl.
AUDIO: Brian Moon reports (1:00)