Indiana Senator Richard Lugar is reintroducing his fair tax plan. Senator Lugar said his plan is a tax reform which eliminates the IRS, income taxes and all of the tax codes currently in place. He said it will put in place a tax on purchases and retail sales so the people don‘t have to file returns.
“It‘s a complex issue and therefore unlikely to be discussed and resolved by August 2 but when people talk about tax reform, I want an idea to be around the table that may make a lot of sense in the future.”
Lugar said house speaker John Boehner was optimistic after speaking with President Obama over the weekend, saying there‘s a 50-50 chance of a very large deal. Lugar said the American public wants to make sure that the country doesn‘t default on its debt. He said it’s imperative to get the debt ceiling and budget problems solved and that there needs to be a clear definition of spending cuts for the years ahead