| This is exerpted from an email I received from my rep in Congress -
"There is no “government money”. The only place the federal government can get money is from you – your tax dollars. Earlier this month our national debt passed $13 Trillion for the first time in our nation’s history, an amount equal to $42,000 for every man, woman and child in the country. In order to carry this debt, the government is borrowing 43 cents of every dollar they spend and obligating you, the tax payer, to pay $622 million a day in interest alone, primarily to China and Japan who own the majority of this debt.
And there is no end in sight unless there is a change in Congress. Government can not keep spending its way into debt. We must balance the budget like we did when I was on the Budget Committee by cutting and freezing spending and working towards eliminating our debt. We must take back the Congress. To do that, we must get back to basics. I propose we do the following:
Cut the Corporate Income Tax Rate from 35% to 25% so companies can afford to hire;
Cut Capital Gains from 15% to 10% so people can afford to invest;
Cut the Income Tax Rate by 5% Across the Board so people can afford to live;
Increase the Child Tax Credit from $1,000 to $5,000;
Make all IRA Withdrawals Tax and Penalty Free During 2010;
Repeal the Alternative Minimum Tax (AMT);
Abolish the IRS and Replace it With a Fair Tax;
Increase the amount of money you can put into 401Ks and IRAs;
Permanently eliminate the Marriage Penalty Tax;
Eliminate the Inheritance “Death” Tax;
Repeal the tax on Social Security earnings.
These actions will reduce long term interest rates and create more jobs - not by creating “government” jobs – but by creating the proper climate for entrepreneurs to create private jobs. Did you know that in May, 411,000 of the 431,000 jobs created nationwide were federally employed census workers? The majority in Congress needs to be replaced with individuals who understand you can’t tax yourself out of a recession nor employ everyone on the public dole.
Business owners tell me daily they could hire more people or expand, but will not due to the uncertainty of their tax and health care costs.
In addition, I will continue my efforts to fight illegal immigration and increase our homeland security. My commitment to stopping a blanket “amnesty” bill has not wavered. I will continue the fight to secure our borders and take away the incentives that draw illegal immigrants into this country. "
Personally, I would abolish the corporate (hidden tax on individuals) tax and the capital gains tax (along with a number of cabinet depts and agencies). |
