1. Cut Tax Rates Across the Board by 15%
"Tax cuts like those implemented by President Kennedy in the 1960's and President Reagan in the 1980's actually increased federal revenue and helped spur economic growth," said Runyan, citing figures from a 1997 Congressional Joint Economic Committee Report chaired by former Congressman Jim Saxton, as well as various reports from the Heritage Foundation. "We must follow a similar course today. Cutting marginal tax rates across the board by 15% will increase economic growth, create jobs, and encourage investment, savings and entrepreneurship."
2. Reduce the Corporate Tax Rate to 25%
"The top corporate tax bracket should be completely lowered and a 25% flat tax implemented to help American companies better compete with other developed countries around the world when it comes to job creation and economic growth," said Runyan, who said 26% is roughly the average corporate tax rate for other developed countries, with Ireland having the lowest at 12.5% according to the non-partisan Tax Foundation www.taxfoundation.org/publications/show/24973.html. "Lower taxes will lead to higher wages for American workers, and keep jobs in America instead of having them head overseas seeking a more favorable business climate."
3. Eliminate the Double Tax on Social Security Benefits
"It defies logic that the federal government should double-tax seniors on social security benefits," said Runyan. "Taxing our seniors on a previously earned benefit that already subject to tax is only something government could conclude was fair. This tax is hurting middle-income seniors who are already struggling with out-of-control property taxes -- especially here in New Jersey -- as well as prescription drug costs and rising energy costs that will only go higher thanks to awful cap-and-trade legislation."
4. Increase the Child Tax Credit by 25%
"While the cost raising children in today's society is staggering, there is nothing more rewarding in my opinion," said Runyan. "Providing parents of school-age children with additional tax relief was a good idea when it was first implemented, and I would like to see the amount of the credit increased from $1,000 per child to $1,250 per child."
5. A Moratorium on Taxation of Unemployment Benefits
"With so many Americans struggling to find work and unemployment benefits sometimes the only way of keeping their head above water, it's flat out wrong for the government to pick their pockets by taxing that benefit in the midst of this economic crisis," said Runyan. "I would temporarily eliminate all income taxes on these benefits until unemployment falls back below 7% and the immediate crisis has eased."
6. Cut Capital Gains & Dividends Taxes in Half to Encourage Saving, Investing
"By slashing the tax on capital gains and dividends -- by at least half -- we will create a whole new investor class, including encouraging young people, lower income earners and seniors on a fixed income to invest again or for the first time," said Runyan, who cited an article at www.msnbc.msn.com/id/11098797/ that said the savings rate in America is at its lowest point since 1933. "Our tax policy almost forces people to spend and consume when our focus should be on savings and investment. By reducing taxes on investments and savings we can turn this disastrous trend around."
7. Ease Restrictions on 401k & IRA Investments
"We should ease restrictions on how much taxpayers can contribute to their employer-sponsored 401(k)-type plans and Individual Retirement Accounts (IRAs), thereby incentivizing investment," said Runyan, who signaled a willingness to work with other members of Congress, investment experts and business leaders to determine where the new limits should be set. "The Congress should seek to institute policies that encourage fiscal responsibility and long-term planning and easing these contribution restrictions will help do that."
8. Permanently Repeal the Alternative Minimum Tax & The Death Tax
"The current "patch' passed by Congress on an annual basis to increase the AMT minimum threshold is typical of the nonsensical actions taken by Congress every year," said Runyan. "Instead of permanently solving something they concede is a problem, they implement a temporary, annual fix -- which is completely ridiculous. As for the death tax, the one-year hiatus we are enjoying today should be made permanent. Preventing someone from passing on their hard-earned money to future generations of their family is a disgrace and disproportionately affects people like small business owners and family farmers."