In order to fix Social Security, we must restructure it so that we continue to provide for our Nation's seniors that are approaching retirement age, but allow for younger taxpayers to invest a portion of their Social Security taxes in private accounts.
We need to lower tax rates for everybody, starting with the top corporate tax rate. We need to simplify the tax code. The ultimate answer, in my opinion, is the fair tax, which is a fair tax for everybody, because as long as we still have this messed-up tax code, the politicians are going to use it to reward winners and losers.
The way to connect with voters on the plan is to simply give the facts. Fifty per cent of taxpayers pay 97 per cent of the taxes. By most people's standards, that's already fair. The President is playing the class warfare card because he knows that a lot of people may never hear that particular fact. But it's a fact.
The 9-9-9 plan would resuscitate this economy because it replaces the outdated tax code that allows politicians to pick winners and losers, and to provide favors in the form of tax breaks, special exemptions and loopholes. It simplifies the code dramatically: 9% business flat tax, 9% personal flat tax, 9% sales tax.
I think that taxes would be fair if we first get rid of the tax code. This is the ultimate solution, not to just say we're going to trim around the edges, not to say that we will try to simplify a little of this and a little of that. The problem is, replace the tax code, so we can establish tax fairness for everybody.
I think that taxes would be fair if we first get rid of the tax code.
That's the biggest problem, is the tax code itself.
The biggest - one of the biggest barriers to driving economic growth is the capital gains tax rate. I propose taking it to zero.
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