Akin wants to preserve taxpayer subsidies on big oil and gas companies
THE AKIN RECORD: THE RYAN BUDGET
During a debate hosted by the Missouri College Republicans in April 2012, Akin said "I voted for the Ryan Budget and I think it's the right way to go" in response to a question about block granting Medicaid to the states. The Ryan Budget would preserve $40 billion in taxpayer subsidies for big oil and gas companies. [Missouri College Republicans Senate Candidate Debate, 4/21/12]
Akin Has Twice Voted in Favor of the Paul Ryan Budget. In 2011 and again in 2012, Akin voted in favor the Republican budget plan introduced by Rep. Paul Ryan. Among other things, the Ryan budget would convert Medicare into a "premium support system" through which the government would pay private insurance companies directly for each enrollee. [Vote 277, 4/15/11; Vote 151, 3/29/12]
BACKGROUND: THE RYAN BUDGET
The Ryan Budget Would Preserve $40 Billion in Tax Breaks for Oil and Gas Companies. The Ryan Budget would preserve $40 billion in tax breaks for oil and gas companies. [Center for American Progress, 3/20/12; White House, 3/21/12]
Ryan Budget Would Give Millionaires a $265,000 Tax Cut. "Even as House Budget Committee Chairman Paul Ryan's budget would impose trillions of dollars in spending cuts, at least 62 percent of which would come from low-income programs,[1] it would enact new tax cuts that would provide huge windfalls to households at the top of the income scale. New analysis by the Urban-Brookings Tax Policy Center (TPC) finds that people earning more than $1 million a year would receive $265,000 apiece in new tax cuts, on average, on top of the $129,000 they would receive from the Ryan budget's extension of President Bush's tax cuts." [Center on Budget and Policy Priorities, 4/12/12]
Ryan Budget Would Raise Taxes on Middle Class Families. "Hidden in the document released today by House Budget Committee chairman Paul Ryan (R-WI) is a proposal to cut taxes for the wealthy and raise taxes for the middle class...While key details of the plan are deliberately hidden from public view, the thrust of the proposal is clear: It proposes an enormous, fiscally irresponsible tax cut for the rich — a bigger giveaway than former president George W. Bush ever dared to propose. For middle-class families, on the other hand, the House budget outline would raise taxes at the same time it cuts government investments and services on which most Americans rely. The result would be a massive tax shift from the wealthy to the middle class, accelerating the income inequality that plagues our economy." [Center for American Progress, 3/20/12]
Ryan Budget Would Raise Taxes on Low-Income Working Families. "The new tax cuts at the top would dwarf those for middle-income families. After-tax incomes would rise by 12.5 percent among millionaires, but just 1.8 percent for middle-income households (see Figure 1 and footnote 6). Low-income working families would actually be hit with tax increases." [Center on Budget and Policy Priorities, 4/12/12]
THE AKIN RECORD: FAIR TAX
Speaking at a campaign meet and greet in Springfield, Akin express strong support for the Fair Tax. Akin said of Fair Tax "It has quite a number of advantages to it. It's very simple, it's very straightforward. First of all it gets rid of the IRS Department... There are some significant benefits there. There are some significant benefits from a trade point of view. Any product we build doesn't have any tax on it." [Akin Remarks Springfield Meet and Greet, 10/17/11]
Akin Supports Imposing a Fair Tax. "Todd Akin started his final week of campaigning with supporters at Lake Springfield tonight. Akin is currently the congressman for Missouri's Second District. Among other things he supports the Fair Tax concept and says he's co-sponsored 26 bills in this Congress to help spur job growth." [KOLR10 News, 8/2/12]
Akin Co-Sponsored a Bill to Institute a Fair Tax. Akin co-sponsored a bill to institute a national sales tax, also known as a "fair tax." [FairTax.org, 5/20/09]
BACKGROUND: FAIR TAX
Fair Tax Would Establish a National Sales Tax on Purchase of New Homes, Rent, Doctor Bills, Utilities, Gasoline, Legal Fees, Interest on Credit Cards, Mortgages and Car Loans. In May 2007, an analysis by FactCheck.org found that the fair tax would establish a national sales tax on purchase of new homes, rent, doctor bills, utilities, gasoline, legal fees, interest on credit cards, mortgages and car loans. [Factcheck.org, 5/31/07]
Study: Fair Tax Would Cut Taxes for Wealthiest Missourians, Raise Taxes for Everyone Else. According to a study conducted by the Institute on Taxation and Economic Policy (ITEP), proposals to replace the federal income tax with a national sales tax, sometimes referred to as a "Fair Tax," would result in a net tax cut for the top 5% of wage earners in Missouri, while raising taxes on the bottom 80% of wage earners in Missouri. [Institute on Taxation and Economic Policy, 9/04]
Fair Tax Would Raise Taxes on Bottom 80% of Missouri Wage Earners by $3,155 Per Person. According to a study conducted by the Institute on Taxation and Economic Policy (ITEP), replacing the federal income tax with a national sales tax, sometime referred to as a "Fair Tax," would increase taxes for the bottom 80% of wage earners in Missouri by an average of $3,155 per person per year. [Institute on Taxation and Economic Policy, 9/04]
Fair Tax Would Cut Taxes for Top 5% of Missouri Wage Earners by $38,104 Per Person. According to a study conducted by the Institute on Taxation and Economic Policy (ITEP), replacing the federal income tax with a national sales tax, sometime referred to as a "Fair Tax," would cut taxes for the top 5% of wage earners in Missouri by an average of $38,104 per person per year. [Institute on Taxation and Economic Policy, 9/04]
THE AKIN RECORD: FLAT TAX
Speaking at the Republican debate hosted by KTRS Radio in January 2012, Akin endorsed the flat tax proposal. "I think a just system would tend to be more, you just a pay a certain percentage of what you make. A flat income tax. Now we can adjust it some, but I think if we go to that model it moves us in the right direction," said Akin. [KTRS Debate, 1/10/12]
Akin Said That He Would Support Imposing a Flat Income Tax. "On taxes, both candidates stated that they would prefer to move toward a 'flatter' system...Akin said one of the goals of crafting tax policy is making the system 'equal under the law,' adding that currently a great deal of taxes comes from the wealthiest Americans. 'Is that fair? I don't know what fair is; I know what just is,' Akin said. 'I think a just system is you just pay a certain percentage of what you make -- a flat income tax. You can adjust it some, but if you go to that model, it moves us much more in the right direction.' [St. Louis Beacon, 1/10/12]
Akin Said He Supported Replacing the Current Tax System with a Flat Tax. In February 2009, the Springfield News-Leader reported that, during a local event, "two speakers addressed tax reform by introducing either a 'flat tax' or a national sales tax, often called the 'fair tax.' Akin said either would be an improvement over the current income tax system, but he called the flat tax more 'do-able.'" [Springfield News-Leader, 2/10/08]
BACKGROUND: FLAT TAX
Study: Flat Income Tax Would Result in Huge Tax Cut for Wealthiest Americans, Tax Increases for Everyone Else. According to a study conducted by Citizens for Tax Justice, proposals to replace the progressive personal income tax with a "Flat Tax" would result in an enormous tax cut for the wealthiest 5% of taxpayers, while increasing taxes on the bottom 95% of American taxpayers. [Citizens for Tax Justice, 2/19/10]
Flat Tax Would Raise Taxes on Bottom 95% of American Taxpayers by $2,887 Per Person. According to a study conducted by Citizens for Tax Justice, replacing the progressive personal income tax with a "Flat Tax" would increase taxes on the bottom 95% of American taxpayers by an average of $2,887 per person per year. [Citizens for Tax Justice, 2/19/10]
Flat Tax Would Cut Taxes for Wealthiest 1% of American Taxpayers by $209,562 Per Person. According to a study conducted by Citizens for Tax Justice, replacing the progressive personal income tax with a "Flat Tax" would cut taxes for the wealthiest 1% of American taxpayers by an average of $209,562 per person per year. [Citizens for Tax Justice, 2/19/10]