Today, I am pleased to announce my Ten Percent Plan as the first step toward bringing fiscal responsibility back to Washington and economic growth to America. For the last 30 years I have run a small business and, as any business owner will tell you, to be successful you need a sound budget and sensible spending limits. We must expect the same from our elected leaders in government. It’s time to say “Enough!” to John Salazar and Nancy Pelosi. It’s time to say “Enough!” to wasting our taxpayer dollars on trillion-dollar “stimulus” boondoggles. As your next United States Congressman, I will push for common sense solutions such as my Ten Percent Plan that will cut government and get our economy back on track.
First, let's reduce non-defense discretionary spending by 10% across the board. We've heard for years the same, stale promises from our elected officials about how they will save us billions of dollars by cutting out waste, fraud, and abuse in government. Meanwhile, spending and taxes go up and the size of government swells. There's no question there’s plenty of waste in government but the truth is, as long as the money continues to flow in, government will find a way to spend it. It makes little sense to keep saying "Here's more money, but THIS TIME be more careful." If we want to see responsibility we need to turn off the spigot of dollars and force government agencies to budget and prioritize. We do it in our homes and businesses everyday. Let's start holding our government to the same standards.
Next, we need to reduce the tax on capital gains to ten percent. At the end of this year the current tax rates will expire and we will face the biggest one-time tax increase in history. Cutting taxes on the gains earned from investments is a proven method for increasing investment. Let’s encourage people to invest in new and innovative ideas that will fuel economic growth and job creation at a time when we could use that investment the most.
And third, let’s eliminate business tax deductions and loopholes by moving to a flat 10% federal corporate income tax. Special interests and politicians may not like the idea of a flat tax because it takes away their power, but there is no better way to encourage companies to invest in jobs here in America. High corporate taxes simply incentivize companies to send jobs overseas; let's take away the incentive to send jobs that could be done by hardworking Americans on our shores away to cheaper locales. I'll take that over the special interests any day.
A ten percent cut in non-defense discretionary spending; a ten percent capital gains tax; and a flat ten percent corporate tax with no deductions and no loopholes. It's simple and straightforward and focuses on economic growth through private investment and a lighter tax burden. John Salazar's disastrous trillion dollar stimulus failed on all three. We just can't afford to trust John Salazar and Nancy Pelosi with our hard-earned dollars any longer.
--- Submitted to The Watch by Scott Tipton