WHEN IT COMES TO TAXES & SPENDING, I BELIEVE IN THE FOLLOWING CORE PRINCIPLES -
Let's face it, the federal government, under both Republican and Democratic administrations, spends too much. PJ O'Rourke said it best when he said, "If government were a product, selling it would be illegal." Or, at the very least, if government were a business, it would be bankrupt.
Getting government under control is not rocket science, but it will take sacrifice, political courage, and principle. I believe, as President Kennedy and President Reagan demonstrated, that keeping marginal income taxes and taxes on capital low, the economy grows. I also believe government should never spend more than it takes in and that debt should only be incurred for absolute necessity, not short term political gain.
As a small business owner for over 20 years, I have met payroll, paid taxes, paid for health care, and balanced budgets. I know that taxes are too high and families need two incomes to survive. I know that businesses forgo investing because capital gains and corporate taxes are too high. I know that businesses put off hiring because payroll taxes are too burdensome. American households are sending more of their income to Washington, even with the 2001 and 2003 tax cuts. For 2008, the average household paid $21,616, well above the historical average of $16,334.
As a former small business owner, I know that small business and entrepreneurs create jobs and sustain growth. I know that risk takers made America great. I know that families have a tough time making ends meet and need relief. Lastly, I know that the American dollar, in the hands of the American consumer, is infinitely more powerful than the American dollar in the hands of the American government.
WITH THOSE PRINCIPLES TO GUIDE ME, I SUPPORT -
* A Balanced Budget Amendment to the Constitution
* Require the Federal Budget to be "Zero Based"
* Mandating a 10% real reduction in discretionary spending based on 2010 discretionary spending levels - $140 billion per year savings
* Allocating those 10% savings to debt reduction. That will reduce the mandatory $1.7 trillion in interest payments due through 2014 and free up more money for debt reduction
* Allocating any interest savings due to debt reduction to further debt reduction
* Real entitlement reform that creates an ownership society and makes Social Security and Medicare financially stable
* Automating federal department functions and offer employee rewards for cost savings
* Reform Health Care with market driven reforms to reduce cost to small business and cover the uninsured
* Giving businesses regulatory and tax certainty so they can start to forecast and hire again. Announce that Congress and the President will pass no tax increases and will implement real spending and debt reductions
* Implementing the "Fair" Tax, or
* Implementing The Flat Tax -- and abolishing the IRS
* Eliminating the Death Tax -- stop double taxation
* Eliminating the Capital Gains Tax -- encourage business to invest in job creating capital investments
* Eliminating redundant or outdated programs and encourage continuous investigation into outdated programs and wasteful spending
* Mandate the sale of some of the over $1 trillion in unused federal lands and buildings
* Denying State aid without protection from fraud. Require state governments to adopt anti-fraud and anti-theft policies before giving them more money
* Putting all budget items, including Medicare and Social Security, "on-budget"
* Allocating a percentage of the federal budget each year to debt reduction
* Real reductions in the federal workforce -- offer buyouts for early retirement or automation
* Reducing corporate taxes below European rates
* Ending all corporate/auto bailouts
* Eliminating Government Sponsored Enterprises (GSE's) like Fannie Mae and Freddie Mac
* Requiring the federal budget to grow at a rate no greater than inflation
* Requiring 2/3 majorities for all tax increases