Dr. Paul’s prescription for prosperity
Fri, 25 Jan 2008 19:00:31
By Texas congressman Ron Paul
Following is the full length text of presidential hopeful Ron Paul’s comprehensive reform package which he believes will revive the US economy:
America became the greatest, most prosperous nation in human history through low taxes, constitutionally limited government, personal freedom and a belief in sound money. We need to return to these principles so our economy can thrive again. When enacted, my plan will provide both short-term stimulus and lay the groundwork for long-term prosperity.
Other candidates talk a lot about stimulus packages, but my record stands alone. I have fought for these measures for years as a member of Congress and will make them a top priority as president.
Ron Paul, a 10-term Republican Congressman from Texas’s 14th District, is currently the ranking member of the House Financial Services Committee’s Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. He has been named “Taxpayers’ Best Friend” for 10 consecutive years by the National Taxpayers’ Union. Ron Paul is also the author of several books on monetary policy and economics.
The Four-Point Plan
1. Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes.
2. Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.
3. Monetary Policy Reform: Expand openness at the Federal Reserve and require the Fed to televise its meetings. Return value to our money.
4. Regulatory Reform: Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets. Stop restricting community banks from fostering local economic growth.
1. Tax Reform
- 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.
2. Spending Reform
- Reduce Overseas Military Commitments. Our bases and troops should be on our soil. It’s time to stop subsidizing our trading partners in Europe, Japan and South Korea.
- Freeze Non-Defense, Non-Entitlement Spending at Current Levels. I vote against all bloated, pork laden spending bills and will veto them as president.
3. Monetary Policy Reform
- Televise Federal Open Market Committee Meetings. An institution as powerful as the Federal Reserve deserves full public scrutiny.
- Expand Transparency and Accountability at the Federal Reserve.
Pass H.R. 2754 to require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate and its components.
- Return Value to Our Money. Legalize gold and silver as a competing currency.
Level the long-term boom and bust business cycle by passing H.R. 4683, which would repeal provisions of the federal criminal code relating to issuing coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins.
4. Regulatory Reform
- Repeal Sarbanes/Oxley. It has seriously wounded our capital markets and helped make the UK a financial center at our expense. Ending these misguided regulations would bring jobs flooding back to the United States.
Pass H.R. 1049 to reform Sarbanes-Oxley and reduce the burden it places on small businesses.
- Repeal or Remove Costly and Unnecessary Federal Regulations. Neighbors know best how to help their neighbors. We need to make it easier for community banks, credit unions, and other financial institutions to better serve their communities and to help people in these communities get access to credit and capital.
Pass H.R. 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.