2012 Republican Presidential candidate and Texas Congressman Ron Paul issued the following statement regarding the Obama administration's latest tax reform proposal. See comments below
"Last week President Obama gave us a budget plan that contains more big government, a massive tax increase, and more destructive policies piling even greater debt onto the American people.
"Now from his administration we get a so-called tax reform plan that seeks to solve our bad spending habit with more of the same policies that have done nothing to help get us out of the mess we're in. Obviously, this president still doesn't get it. Tax-borrow-spend-and-inflate is not the way to balance the budget, restore the economy, or create jobs.
"By placing new taxes on Americans who do business overseas, President Obama's plan drives capital away from the United States. By contrast, my Plan to Restore America will bring as much as $1 trillion into America's capital markets by allowing Americans to repatriate capital without incurring additional taxes. This will spur trillions in new investment, creating good jobs for Americans.
"President Obama's does cut the corporate tax rate to 28 percent, however, this is still a higher corporate tax rate than in Europe so the effectiveness of this rate cut in enhancing the competiveness of American business is questionable. My plan reduces the corporate tax to 15 percent, which would free up capital for greater investment in expansion and job creation. My plan also extends all the current tax cuts, once again encouraging greater levels of investment in our economy.
"In addition, my Plan to Restore America gives hardworking families in this country a break by ending all taxes on personal savings allowing them to build a nest egg, which in turn strengthens our nation's overall economy.
"Unlike the President, who promised to "cut the federal deficit in half' by the end of his first term only to increase the deficit he inherited by billions and this year offer us yet another trillion-dollar deficit--I promise that if elected President to cut spending by $1 trillion my first year in office and plan to keep that promise.
"Fixing the problems our country faces takes bold leadership, bold ideas, and bold actions, not tired rhetoric, class warfare, and unfulfilled promises. As President, I pledge to do what it takes to get people back to work, and restore American prosperity."