Ron Paul Stimulus Package
IntroductionAmerica 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
Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes.
Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.
Monetary Policy Reform: Expand openness at the Federal Reserve and require the Fed to televise its meetings. Return value to our money.
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 StatesPass 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.
January 29th, 2008 at 8:49 am
“A goal is not always meant to be reached, it often serves simply as something to aim at.” Bruce Lee
January 29th, 2008 at 9:34 am
If Paul would just drop the call to end America’s role in the world, he would be OK.
Of course, that’s like saying the guy would be a good baseball player if he could hit, field and throw.
January 29th, 2008 at 10:54 am
THE ULTIMATE FEDERAL STIMULUS PROGRAM
We the people pay all taxes, and we are the sole ultimate source of all tax revenue. Regardless where government initially collects the money, all tax money ultimately comes from us, the people, even though business has to pay thousands or millions of dollars at one time and get it back from us one dollar at a time.
Since we the people are the one and only source of all tax revenue:
There should be only one tax to collect all tax revenue.
It should be a single, simple, fair, direct, graduated, individual, full-income tax levied on living persons for each level of government: One Tax and Done.
The best thing that government can do to help the country, the people, and even government, is to repeal all of the many hundreds, or thousands of existing taxes, fees, and charges. These taxes are the federal deficit. These taxes are the high price of everything. These tax eliminations are spending cuts. Every tax that is eliminated is a tax that we the people no longer have to pay. These taxes are the difference between the price we pay for health care and everything else, and the price we would pay if these taxes were repealed. Eliminating these taxes will remove them from the price paid for everything by everyone, including government.
There is no limit to the benefits One Tax and Done will provide:
One Tax and Done will reduce the price paid for everything by one-third. Taxpayers can use the money saved for retirement, college tuition, home purchase, etc., all of which will cost one-third less than they do now. This includes the barrel price of oil. Congress can use the money saved to pay off the national debt.
One Tax and Done will stop government from taxing employers out of business and jobs out of existence, which is what happened federally in 1990, and in Pennsylvania in 1991.
One Tax and Done will permit businesses to move factories - presently out of the country- back to the United States, without paying half of their operating capitol to government.
One Tax and Done will facilitate the opening of new businesses which will provide more jobs and workers’ income tax revenue.
One Tax and Done will greatly reduce the cost of highway construction, maintenance, and repair.
One Tax and Done will make the trade imbalance more favorable to us by reducing our manufacturing costs and reducing prices overseas, thereby manufacturing more products here and selling more in other countries.
One Tax and Done will eliminate taxing bureaucracies and the cost thereof. Bureaucrats can get real jobs and pay into the treasury, instead of taking money out of the treasury.
One Tax and Done will allow everyone to pay only their fair shares of taxes, instead of paying one’s own fair share of taxes plus the fair shares of people with sheltered income.
One Tax and Done will give us proper Social Security funding.
One Tax and Done will make it possible for all American citizens, including government employees, to buy the best health care plan available in the world: the plan that government employees presently get at taxpayers’ expense,
One Tax and Done will eliminate the nation’s deficits, simplify paying off the national debt; and it will return the value of the dollar to a dollar, even making a dollar coin practical.
One Tax and Done will allow our industries to develop new products, new technology, new alternate energy sources, and to meet standards imposed by government.
One Tax and Done will make our oil off our coasts available to us as gasoline, lubrication oil, and fuel oil, just for the cost of drilling, pumping, refining, and transporting it, ending our dependence on foreign oil.
One Tax and Done will provide a greatly simplified tax form.
One Tax and Done - with the elimination of destructive taxes - will have a beneficial effect on the stock market.
One Tax and Done will end the need for all subsidies.
One Tax and Done will make milk and other essential foods affordable.
One Tax and Done will let Americans be more generous and giving, than we are now, toward those less well off.
One Tax and Done will enable companies to volunteer their facilities and equipment for civil projects.
One Tax and Done will allow employers - who won’t have to worry about laying off workers - to provide day care and other family services for their employees.
One Tax and Done would stop the taking of private property by eminent domain to give it to someone who would generate more tax revenue.
One Tax and Done will eliminate the “need” for obesity-causing junk-food vending machines in schools.
One Tax and Done will let the railroads build fast, nationwide, passenger service, taking the pressure off the airlines.
Had One Tax and Done been enacted by 1946, American industry would have replaced worn-out, old technology, American factories and railroads; and been fully competitive with the new German and Japanese factories and railroads built by the United States under the Marshall Plan, paid for with money taken from our businesses and other taxpayers.
The lawmakers who enact One Tax and Done will be kept in office by voters who will appreciate this total tax reform and the resulting price reductions, tax reductions, and the elimination of the federal deficit and the national debt.
Ronald Shultz
1333 Wingate Avenue
Kenhorst, PA 19607
610-777-8576
adshultz@netzero.net
One Tax and Done can become law by writing a single bill:
Effective December 31, 2008, all existing federal taxes, fees, and charges are repealed, and are null and void.
Effective January 1, 2009, all federal tax revenue shall be collected using a single full-income tax levied on living persons. there shall be no exemptions or deductions.
A three-fifth (3/5) majority vote by the Senate and the House of Representatives is required to increase tax rates.
Sixteen percent (16%) of all tax revenue shall be placed in a separate account not accessible to congress, to fund Social Security and Medicare.
The official definition of income is this: Income shall include, but not be limited to, wages, salary, tips, royalties, stock options, inheritances (not including primary family residences bequeathed to spouses; or family farms or small family businesses bequeathed to family members), all interest including that from municipal bonds, dividends, capital gains (not including increase in assessed value of family home), pension payments, welfare payments, food subsidies, clothing subsidies, housing subsidies, all benefits and perquisites of public office, profits received by owners of small businesses, and proceeds from all criminal actions.
January 29th, 2008 at 12:22 pm
The one tax and done is a very good concept but, also not popular with many for “targeted” taxes.
For example, people who don’t drink or smoke, love a tax on cigarettes and alcohol.
People who don’t drive like a gas tax for highway maintenance.
People who don’t do anything that has a tax attached like those taxes. of course they are very unpopular with those who do those things that are taxed.
But, the cost of compliance is paid for by all people. Cigarette companies, for example are also owners of other companies that aren’t in the cigarette business and they have share the cost of tax compliance lawyers, accountants and the games companies play to get tax exemptions or use loopholes.
With cigarettes and alcohol, the taxes are included in the prices as a consumption tax that is paid by the consumer. 70% for hard liquor and over 100% for cigarettes but, the consumer only sees the sales tax as the other tax is already in the price on the item.
January 29th, 2008 at 12:48 pm
quote:
Some states take a slice out of pumpkin sales at Halloween. And most states tax Shaquille O’Neal and Barry Bonds when they visit, using a “jock tax” on professional athletic events.
Amused? That will cost you, too. Many states collect an amusement tax for live performances.
“They range from the outright crazy to the absolutely insane,” said Nate Bailey, of the nonpartisan Tax Foundation based in Washington. “People at the local level already feel overtaxed and politicians, in a somewhat spineless way, look for a hidden way to increase revenue without raising taxes.”
In New York, Gov. Eliot Spitzer last week proposed redefining little cigars as cigarettes and “hard” lemonade and other flavored alcohol drinks as liquor instead of beer, all of which would increase tax revenue.
Money News
The number of taxes out there are huge and many of them, we pay, without even knowing we are paying taxes. About 33% of a loaf of bread is due to hidden taxes according to one study. They mentioned that just in the chain of flour from seed to the shelf, there are 14 companies all including their company’s taxes in the price to the next company in the chain. Then add the compliance cost for each of those 14 companies.
January 29th, 2008 at 6:07 pm
Here is an interesting article on how the “banks” have created such a mess that people can’t afford a home.
quote:
The real tragedy of this orgy, this feeding frenzy of speculation that has existed over the last few years is the REAL ECONOMY which has now been so inflated that a whole new word has been invented to describe the inevitable effects to our industries, that word is called OUTSOURCING. The real economy has now been exported offshore to less inflated economies. We are left with crippling debt for vastly overpriced houses and a Government and financial sector hell bent on trying to keep this calamitous and desperate state of affairs going in a futile attempt to try and stop the market completing a natural mean reversion.
I am no Socialist that has a 100% historical failure rate, As Winston Churchill remarked “The tragedy of Capitalism is that the fruits of labour are unfairly divided, the tragedy of Socialism is that everybody gets to share the misery”
Usury
The interesting thing is that article is about England, not the U.S. But, the problem is the same. They are now experiencing what we are and may be at risk, just as we are.
If there ever was a need to end the reign of the Federal Reserve it is now.
Does that mean we have to return to a “gold standard” or competing currencies as Ron Paul suggests? NO!
Whether his suggestion is good or not, we do need a strong monetary policy and regulation and some type of “central authority.” But, it should not be such as we have. It should be much more under the
thumb of Congress but, unless we return to appointing Senators to protect the state, I wouldn’t trust it and maybe it couldn’t be trusted even with that reform.
February 3rd, 2008 at 9:41 pm
Hey!! Found your blog on yahoo - thanks for the article but i still don\’t get it.
February 11th, 2008 at 3:24 pm
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