Thursday, January 24, 2008

The Prescription for Prosperity

Ron Paul released his plan today. I'll have more on Dr. Paul's economic plan later, but suffice it to say there's a part in there that gets rid of the income tax and the IRS. The highlights of his tax proposals are pasted below (green emphasis is mine). You can read the whole thing here.

  • Eliminate Taxes on Dividends and Savings. The basis of capitalism is savings, and Americans who do so should be rewarded.
    • Pass HJ Res. 23 to encourage savings over consumption.

  • Repeal the Death Tax. Attacking small businesses and breaking up family farms smothers growth and kills jobs.
    • Pass H.R. 2734 to make the Bush tax cuts permanent.

  • Cut Taxes for Working Seniors. Grandmothers and grandfathers working to make ends meet should keep all the fruits of their labor.
    • Pass H.R. 191 to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.

  • Eliminate Taxes on Social Security Benefits. That money belongs to seniors, not the government. They paid into the system for a lifetime, and they should be free to spend every penny as they see fit.
    • Pass H.R. 192 to amend the Internal Revenue Code of 1986 to repeal the 1993 increase in taxes on Social Security benefits.

  • Accelerate Depreciation on Investment. We need to help companies grow and create jobs.
    • Pass H.R. 4995 to amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates.

  • Eliminate Taxes on Capital Gains. Investment should be embraced and rewarded.
    • Pass H.J. Res 23 (The “Liberty Amendment”), proposing an amendment to the Constitution of the United States relative to abolishing personal income, estate, and gift taxes and prohibiting the United States Government from engaging in business in competition with its citizens.

  • Eliminate Taxes on Tips.The single parents and working students who earn their income chiefly through tips deserve to keep all of their money. This tax on "estimated income" is unfair and should be ended.
    • Pass H.R. 3664 to amend the Internal Revenue Code of 1986 to provide that tips shall not be subject to income or employment taxes.

  • Support the Mortgage Cancellation Relief Act. Working families who lost their homes should not be punished a second time with a big IRS bill.
    • Pass H.R. 1876 to amend the Internal Revenue Code of 1986 to exclude from the gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.

Sphere: Related Content
Digg this


Conservative Belle said...

In your post, point by point, I agree 100%.

I would add one more caveat which I only discovered after my father's death. My parents both worked and paid into SS. My dad had a higher income. When he died, instead of drawing his SS and drawing her own, my mother had to choose the greater amount of the two. Shouldn't she be able to receive both? She had to give her own benefits up. Grrr.

Anonymous said...

SS is a ridiculous program. It's a pyramid scheme where the ones at the bottom get ripped off when the thing collapses (as all pyramid schemes finally do)