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Economics

Rand Paul Goes Big To Shrink Taxes

The sweeping plan would provide more money to low-income and high-income earners, but one expert wonders what would be left to pay the Army.
The Internal Revenue Service (IRS) building stands in Washington, D.C., U.S., on Wednesday, April 6, 2011. The IRS would have to suspend tax audits, the Small Business Administration's processing of loan applications would be halted and National Parks would close if the federal government is forced into a partial shutdown because of the budget impasse in Congress.

The Internal Revenue Service (IRS) building stands in Washington, D.C., U.S., on Wednesday, April 6, 2011. The IRS would have to suspend tax audits, the Small Business Administration's processing of loan applications would be halted and National Parks would close if the federal government is forced into a partial shutdown because of the budget impasse in Congress.

Photographer: Andrew Harrer/Bloomberg
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Rand Paul promised to go big on taxes. He did. 

The Kentucky senator's tax plan would scrap much of the U.S. tax system that has developed over the past century. In its place, Paul proposes a tax code that looks like it comes from a different era—and is designed to fund a government that would be much, much smaller.