Ron Paul's Economic Revitalization Plan

[bush]

Found this in my Inbox from the Paul campaign.

I'll be spending several hours this weekend looking over the bills outlined in this... outline... so I won't offer any criticism/dicksucking until I've had a chance to do so. I suggest the rest of the Paul supporters do the same.

Ron Paul 2008 › Comprehensive Economic Revitalization Plan

Introduction

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.
o 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.
o 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.
o 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.
o 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.
o 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.
o 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.
o 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.
o 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.
o It's time to stop subsidizing our trading partners in Europe, Japan and South Korea.

* Freeze Non-Defense, Non-Entitlement Spending at Current Levels
o 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
o 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.
o 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.
o Ending these misguided regulations would bring jobs flooding back to the United States
o 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.
o 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.
o 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.

[mikem317]

All excellent reasons why he shouldn't be the next POTUS.

[PacoPepe]

Perhaps a Ron Paul subform?

[Woozy]

Thats way too much readding.

[mikem317]

Originally Posted by PacoPepe

Perhaps a Ron Paul subform?

Only if we remove the Tech Support forum and add the Firearms forum.

And the RP sub-forum will have to annexed to the Cubby Hole.

[SAHTT]

Not sure how much of that would get accomplished regardless if he was elected but I like a couple parts specifically based on my current viewpoint on the u.s. economy-

* Eliminate Taxes on Dividends and Savings. The basis of capitalism is savings, and Americans who do so should be rewarded.
o 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.
o Pass H.R. 2734 to make the Bush tax cuts permanent.

The only thing that will save America is if we raise our savings rate to 4-5%, and relatively quickly. We are currently estimated at a -1% savings rate. Think about that. If the average is -1%, guess where 90% of lower middle class/lower class citizens fall relative to that?

* Eliminate Taxes on Capital Gains. Investment should be embraced and rewarded.
o 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.

I don't think this will happen, but I want to make sure the capital gains tax is not raised. If RP wants it lower, the demo's want it higher, it'll balance out hopefully.

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
o 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.
o 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.

While radical to many people, I like the majority of these, especially increasing the openness of the federal reserve. Televising it is going to make the stock market go pretty nuts though, there's a reason it's hidden until the minutes come out but I suppose it would be necessary to accomplish the 'bigger picture'.

The main thing about these are that they are a bit fragile in a debate. I could see an opponent making him look like a wacko pretty easy on some of it. But I also believe we need to get over being afraid of taking any substantial risks.

[PhilB]

Originally Posted by Woozy

Thats way too much readding.

This is why our system is in so much trouble. "Oh, woe is me; it's way too hard to actually care about and understand the issues that actually affect our lives, economy, and country." Yeah, it's much better to just vote for who the news says is winning, or for the candidate that hits the hot buttons best on a few irrelevant emotionally-driven issues. That gets it all out of the way quickly, so you can get back to watching "America's Next Supermodel".

PhilB

[Desp]

* Eliminate Taxes on Capital Gains. Investment should be embraced and rewarded.
o 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.

That's what I'm talking about.

Although there is nothing already that's making it legal to tax personal income. That's why I choose not to participate in facilitating theft, by giving.

[bush]

Originally Posted by PhilB

This is why our system is in so much trouble. "Oh, woe is me; it's way too hard to actually care about and understand the issues that actually affect our lives, economy, and country." Yeah, it's much better to just vote for who the news says is winning, or for the candidate that hits the hot buttons best on a few irrelevant emotionally-driven issues. That gets it all out of the way quickly, so you can get back to watching "America's Next Supermodel".

Indeed.

[R1100S-Rider]

* Repeal the Death Tax.

Hell, no! Keep it! You want a king instead of a president?

[jim schmidt]

Any time I read "death tax" its a clue to look for additional hyperbole and misstatement. Paul isn't competitive so it doesn't really matter, but "death tax" is a clue to look deeper before you commit to him.

[bush]

Originally Posted by jim schmidt

Any time I read "death tax" its a clue to look for additional hyperbole and misstatement. Paul isn't competitive so it doesn't really matter, but "death tax" is a clue to look deeper before you commit to him.

It's been called the "Death Tax" for years, and, uh - that's pretty much what it is.

The estate tax in the United States is a tax imposed on the transfer of the "taxable estate" of a deceased person, whether such property is transferred via a will or according to the state laws of intestacy. The estate tax is one part of the Unified Gift and Estate Tax system in the United States. The other part of the system, the gift tax, imposes a tax on transfers of property during a person's life; the gift tax prevents avoidance of the estate tax should a person want to give away his/her estate just before dying.

Perhaps you'd like to refer to it as the "Paying for stuff you already own but you're leaving to somebody when you die" tax.

Anyway, I'm going to refer to the Death Tax at least once per day just to annoy you.

[SAHTT]

Originally Posted by R1100S-Rider

Hell, no! Keep it! You want a king instead of a president?

Please read more about the 'death tax' or 'estate tax' if you have some spare time. The estate tax KILLS small business and MURDERS long term inner family investment, especially when the peron dies intestate [without a will].

The estate tax is a complete, utter, spit in your face law. Your father builds a business from 40k a year to 1m a year and pays steep taxes the entire, only to die and have to pay 70% of its worth back to the government? Since when does the government get this fantastic right, they deserve it more than your family??!?

What this causes is a failure of the heirs to be able to pay the estate tax, which results in a break up or sale of the business [or large farm, whatever].

Want to know why warren buffet likes the estate tax so much? Besides the fact he is only giving 200 grand to each of his kids [out of billions]? His Berkshire hathaway company SPECIALIZES in finding businesses of unknown value [as in the heirs aren't sure what it's worth but they KNOW how much the taxes are] and buying it cheap as hell.

A huge portion of this guy's wealth is due to the inability of smaller businesses to keep it within the family due to steep estate taxes. If you want to do a sales tax type situation, so be it.

And before you start talking about kings like a fool, realize the majority of these estate taxes are COMPLETELY AND EASILY avoidable. The actual rich people simply sign over the property, set up a trust, etc. before they die.

Who gets KILLED by this is smaller business owners who aren't intelligent enough to do this before they die, which ends up forcing the sale of their property.

The estate tax is one of the most disturbing U.S. tax laws, and there are many. Part of that is because honest, hard working americans like you actually think* it's good to have on the books and want to keep it there. AHHHHH!!