The
2016 race has begun to heat up in recent days for the Rand Paul campaign, with
several key hires having been made and an April 7th announcement date scheduled to declare his
candidacy for president. With over a dozen rivals expected to challenge Paul
for the Republican nomination, one of his major challenges is going to be
convincing the American people that he is the man with the vision to restore
American greatness. Fortunately for his libertarian fans, Rand Paul has a budget
plan that would cause
an economic boom by utilizing core economic principles that conservatives and
libertarians alike agree on.
This
bold vision for America would create millions of jobs by instituting the first
real spending cut we have seen since World War 2 ended, a major tax cut that
would leave billions of dollars in the economy, and a regulatory reform plan
that would simplify the process of dealing with a treacherous federal government
for American families, businesses and individuals everywhere.
The
budget begins with a $411 billion cut year one, paving the way to a balanced
budget in five years.
It
accomplishes this by eliminating four federal departments (Education, Commerce,
Housing and Urban Development, and Energy), repealing Obamacare and block
granting welfare programs (Medicaid, SCHIP, food stamps, and child nutrition)
to the states.
These
cuts would not only mean not paying for four federal departments and several
federal welfare programs, but would also create an important reduction in the
amount of regulation being imposed on Americans under the Obama administration.
The
departments of Education and Housing and Urban Development (HUD) in particular
have encroached on the basic liberties of the American people for far too long,
and we must have a president who is ready to eliminate them.
The
Paul plans elimination of these departments will cause an end to federal
takeovers like Common Core and plans to socially engineer
our communities via HUD. The elimination of four federal departments will
create a regulatory climate that is easier to navigate than it has been in many
decades.
We
now have a federal government that spends recklessly and a national debt that
is approaching $19 trillion, and we can no longer afford to elect Republicans
who talk about cutting spending in vague ways and then fail to follow through.
The Paul plan creates meaningful strides towards shrinking government.
The
budget would create the first significant regulatory reductions in many years
by creating a two year sunset on all existing regulations. This would force the
congress to debate regulations periodically and justify their existence to the
American people.
The
plan would include repealing Dodd-Frank, instituting the REINS Act (which would
require Congress to approve every regulation which has an annual economic
impact of $100 million or more) and creating a single flat tax rate on all
individuals and businesses. This would significantly reduce the regulatory
burden on every day Americans and help to address the trillions of dollars in
compliance costs that overregulation imposes on our economy every year.
The
effect of this is that trillions of dollars can be spent in the productive
sector, creating jobs and making peoples’ lives better.
Through
passage of the REINS Act, the Paul plan would also take the power to regulate
things such as greenhouse gasses and the internet away from unelected officials
in the EPA and FCC and return them to the congress, where elected officials can
be held accountable for their vote.
This
all being said, the boldest and most exciting part of the Paul plan in this
author’s opinion is the plan to reduce America’s tax burden. Rand Paul would
institute a flat tax rate on both individuals and corporations of 17%, less
than half the current top rate.
For
such a major cut at the top, however, the Paul plan may create even better
outcomes for those in the middle and at the bottom. His plan to provide
generous standard deductions for both individuals and dependents would create a
situation where the effective federal tax rate on a family making $50,000 a
year was a mere 0.3%. According to the plan, a family filing jointly could
receive $35,000 for a standard deduction and $6,800 for each dependent. This
will have the effect of freeing up billions of dollars in capital to create
tens of millions of jobs. The large standard deduction will also help to make
sure the employees of these companies are not being punished for getting
increases in their pay, as has become standard operating procedure under Barack
Obama.
According
to the plan, the flat tax would also completely eliminate the repugnant
practice of double taxation, which often imposes irrational burdens on capital
gains, estates, dividends and interest. The tax burden imposed on the citizens
of this country is the greatest barrier to economic growth, and the Paul plan
doesn’t just address this, it provides a comprehensive solution to the problem.
Over
the course of the 2016 Republican primary you will hear many candidates boldly
declaring themselves to be what America needs to get our economy back on track.
Before you commit to any candidate, make sure they have a budget plan that will
actually fix some of the issues that have been holding our economy back for the
last two presidencies.
Several
of the candidates have talked about cutting spending in a vague way, but in
order to ensure our nations future we must insist on the specifics. Failure to
elect a candidate with a true vision for economic growth, a vision rooted in
conservative principles, will either lead to the election of Hillary Clinton or
another big government Republican, sending young people down the road to
becoming a lost generation.
Comments
Rand Paul’s budget plan screams freedom and
would immediately remove 4 harmful, unconstitutional agencies.
Returning regulation control to the Congress
would end EPA and FCC abuse and would prevent our electric bills from
increasing by 500%.
I would add:
Drastically reducing immigration would give
93 million unemployed, working-age American citizens some hope for a job.
Repealing UN Agenda 21 implementation would
free up trillions in grants to states and prevent massive mal-investment and
mitigate local voters’ revolt.
Norb Leahy, Dunwoody GA Tea Party Leader
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