Texas Congressman and Republican Presidential candidate Ron Paul issued the following statement regarding today being Tax Freedom Day, the day when average Americans finally stop working to pay federal, state, and local taxes.
Below please find comments from Congressman Paul:
"Knowing that every penny the average American has earned from January 1st until today has gone to pay federal, state, or local taxes is a frightening reminder of how much liberty modern Americans have lost. Unfortunately, even after Tax Freedom Day, Americans will still suffer from the Federal Reserve's regressive and hidden inflation tax, which erodes their purchasing power for the benefit of big banks and big-spending politicians.
"As a Congressman, I have never voted to raise taxes or increase spending, which is why I have consistently been named one of the top "Taxpayers' Best Friends' in Congress by the non-partisan National Taxpayers Union. As President, I will work to reduce the burden of taxes and spending on the American people by passing my "Plan to Restore America.'
"This Plan not only cuts $1 trillion in the first year of my administration and balances the budget by the third year, but it provides much-needed tax relief to the American people. It does this by permanently extending the Bush-era tax rates, lowering the corporate tax rate to 15 percent, allowing American companies to repatriate capital without paying additional taxes, abolishing the death tax, and ending all taxes on personal savings.
"My "Plan to Restore America' also begins to free the American people from the inflation tax by conducting a full audit of the Federal Reserve and legalizing competing currencies. These simple steps will allow the American people to at last learn the truth about how the Fed is working to prop up big banks at the expense of average Americans' standard of living and then to take the appropriate actions to protect themselves and their families.
"My ultimate goal remains to repeal the 16th Amendment and end the tyranny of the IRS once and for all. Of the four men seeking the presidential nomination of one of the major parties -- President Obama, Governor Romney, Speaker Gingrich, and myself -- I am the only one who has consistently opposed increases in taxes and spending. I am also the only one who has consistently fought the Federal Reserve's assault on the middle class' standard of living. My campaign to Restore America Now is the clear choice for any American concerned about rolling back taxes, cutting spending, and curbing inflation."