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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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 Posted: Thu Jan 24, 2008 9:09 am Post subject: Ron Paul's economic plan |
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Has just been released. Thoughts?
http://www.ronpaul2008.com/prosperity
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Introduction
America became the greatest, most prosperous nation in human history through low taxes, limited government, personal freedom and a belief in sound money. We need to return to these principles so our economy can thrive again. When enacted, my plan will provide both short-term stimulus and lay the groundwork for long-term prosperity.
Other candidates talk a lot about stimulus packages, but my record stands alone. I have fought for these measures for years as a member of Congress and will make them a top priority as president.
Ron Paul, a 10-term Republican congressman from Texas's 14th District, is currently the ranking member of the House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade, and Technology. He has been named "Taxpayers' Best Friend" for 10 consecutive years by the National Taxpayers' Union. Ron Paul is also the author of several books on monetary policy and economics.
The Four-Point Plan
1. Tax Reform: Reduce the tax burden and eliminate taxes that punish investment and savings, including job-killing corporate taxes.
2. Spending Reform: Eliminate wasteful spending. Reduce overseas commitments. Freeze all non-defense, non-entitlement spending at current levels.
3. Monetary Policy Reform: Expand openness with the Federal Reserve and require the Fed to televise its meetings. Return value to our money.
4. Regulatory Reform: Repeal Sarbanes/Oxley regulations that push companies to seek capital outside of US markets. Stop restricting community banks from fostering local economic growth.
1. Tax Reform
* Eliminate Taxes on Dividends and Savings. The basis of capitalism is savings, and Americans who do so should be rewarded.
o Pass HJ Res. 23 to encourage savings over consumption.
* Repeal the Death Tax. Attacking small businesses and breaking up family farms smothers growth and kills jobs.
o Pass H.R. 2734 to make the Bush tax cuts permanent.
* Cut Taxes for Working Seniors. Grandmothers and grandfathers working to make ends meet should keep all the fruits of their labor.
o Pass H.R. 191 to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
* Eliminate Taxes on Social Security Benefits. That money belongs to seniors, not the government. They paid into the system for a lifetime, and they should be free to spend every penny as they see fit.
o Pass H.R. 192 to amend the Internal Revenue Code of 1986 to repeal the 1993 increase in taxes on Social Security benefits.
* Accelerate Depreciation on Investment. We need to help companies grow and create jobs.
o Pass H.R. 4995 and amend the Internal Revenue Code of 1986 to reduce corporate marginal income tax rates.
* Eliminate Taxes on Capital Gains. Investment should be embraced and rewarded.
o Pass H.J. Res 23 (The �Liberty Amendment�), proposing an amendment to the Constitution of the United States relative to abolishing personal income, estate, and gift taxes and prohibiting the United States Government from engaging in business in competition with its citizens.
* Eliminate Taxes on Tips.The single parents and working students who earn their income chiefly through tips deserve to keep all of their money. This tax on "estimated income" is unfair and should be ended.
o Pass H.R. 3664 to amend the Internal Revenue Code of 1986 to provide that tips shall not be subject to income or employment taxes.
* Support Mortgage Cancelation Relief Act. Working families who lost their homes should not be punished a second time with a big IRS bill.
o Pass H.R. 1876 to amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.
2. Spending Reform
* Reduce Overseas Military Commitments. Our bases and troops should be on our soil, bolstering our economy.
o It's time to stop subsidizing our business competitors in Europe, Japan and South Korea.
* Freeze Non-Defense, Non-Entitlement Spending at Current Levels
o I vote against all bloated, pork laden spending bills and will veto them as president.
3. Monetary Policy Reform
* Televise Federal Open Market Committee Meetings. An institution as powerful as the Federal Reserve deserves full public scrutiny.
* Expand Transparency and Accountability at the Federal Reserve
o Pass H.R. 2754 to require the Board of Governors of the Federal Reserve System to continue to make available to the public on a weekly basis information on the measure of the M3 monetary aggregate and its components.
* Return Value to Our Money. Legalize gold and silver as a competing currency.
o Level the long-term boom and bust business cycle by passing H.R. 4683, which would repeal provisions of the federal criminal code relating to issuance coins of gold, silver, or other metal for use as current money and making or possessing likenesses of such coins.
4. Regulatory Reform
* Repeal Sarbanes/Oxley. It has seriously wounded our capital markets and helped make the UK the financial center at our expense.
o Ending these misguided regulations would bring jobs flooding back to the United States
o Pass H.R. 1049 to reform Sarbanes-Oxley and reduce the burden it places on small businesses.
* Repeal or Remove Costly and Unnecessary Federal Regulations. Neighbors know best how to help their neighbors.
o We need to make it easier for community banks, credit unions, and other financial institutions to better serve their communities and to help people in these communities get access to credit and capital.
o Pass H.R. 1869 to enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:14 am Post subject: |
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Excellent, excellent, excellent.
Just like I said, he does not favour a return to a gold standard but wants competition in monetary policy. This is very needed. The common citizen needs an easily accessible inflation hedge to keep the Fed in line. This would go a looooonnnggg way in lessening this bubble/bust economy central banks have created.
Also excellent are the ideas of altering taxation to encourage investment/savings and decrease excessive consumption.
* Eliminate Taxes on Tips.The single parents and working students who earn their income chiefly through tips deserve to keep all of their money. This tax on "estimated income" is unfair and should be ended.
o Pass H.R. 3664 to amend the Internal Revenue Code of 1986 to provide that tips shall not be subject to income or employment taxes.
Yes! |
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Gopher
Joined: 04 Jun 2005
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| Posted: Thu Jan 24, 2008 9:17 am Post subject: |
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| mithridates wrote: |
| Thoughts? |
Yes. Given the direction and course the Republican primary elections have taken, I would say that Ron Paul's ideas or plans on anything are almost utterly irrelevant. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:20 am Post subject: |
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That's nice.
How about the ideas? |
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Gopher
Joined: 04 Jun 2005
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| Posted: Thu Jan 24, 2008 9:24 am Post subject: |
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| thepeel wrote: |
| How about the ideas? |
Outside of the internet community? Who is Ron Paul, again?
I will be more than happy to discuss the Republican and Democratic platforms and serious contenders' and actual nominees' views on economic matters. Or those of any economist or think-tank that publishes something new.
As far as nonentities and their ideas? I do not have the time to keep up with them... |
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mithridates
Joined: 03 Mar 2003
Location: President's office, Korean Space Agency
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| Posted: Thu Jan 24, 2008 9:26 am Post subject: |
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| thepeel wrote: |
| Excellent, excellent, excellent. |
I was hoping you'd reply. One part I have no idea about: what would repealing Sarbanes/Oxley do in the short term and how likely would that be to be passed with Ron Paul as president? |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:28 am Post subject: |
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So, you have nothing to contribute beyond smugness? That's very Canadian of you.
Anyways, Gopher's opinions are noted. Move along. No need to ruin what could be a very interesting and substantive thread. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:32 am Post subject: |
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| mithridates wrote: |
| thepeel wrote: |
| Excellent, excellent, excellent. |
I was hoping you'd reply. One part I have no idea about: what would repealing Sarbanes/Oxley do in the short term and how likely would that be to be passed with Ron Paul as president? |
Well, the problem with that legislation is that it has moved quite a lot of IPO's off shore and made accounting, private equity and venture capital firms very risk adverse. It has put America at a comparative disadvantage. I would suspect that you would, in the short term, see a flurry of IPO's and in the long term a return to pre-Enron normality.
I don't know about how likely to be passed. It is very unpopular in business and financial circles and has the potential to push large blue-chip firms overseas. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:33 am Post subject: |
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| Gopher wrote: |
| thepeel wrote: |
| How about the ideas? |
Outside of the internet community? Who is Ron Paul, again?
I will be more than happy to discuss the Republican and Democratic platforms and serious contenders' and actual nominees' views on economic matters. Or those of any economist or think-tank that publishes something new.
As far as nonentities and their ideas? I do not have the time to keep up with them... |
Fine. Then go to any of the 30-40 threads started about that in the last month. Nobody will force you to even click on this one. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Thu Jan 24, 2008 9:37 am Post subject: |
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| mithridates wrote: |
| thepeel wrote: |
| Excellent, excellent, excellent. |
I was hoping you'd reply. One part I have no idea about: what would repealing Sarbanes/Oxley do in the short term and how likely would that be to be passed with Ron Paul as president? |
Many businesses in the US, specifically New York, are moving their business elsewhere, specifically London. SOX is over regulation from government. It has also been costing businesses as much as 1.4 trillion dollars to comply with the SOX legislation.
Many conservatives agree that while the Enron collapse was unfortunate, SOX has gone too far. Businesses being required to align their accounting practices to government protocol, as opposed to GAAP, is governement interference pure and simple. It is causing a lot of economic flight from the US; this is the problem. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Thu Jan 24, 2008 9:41 am Post subject: |
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And what Enron did and was doing was already a crime. Better enforcement of the existing rules would have been sufficient.
Like the crackdown on civil liberties in the wake of 9/11 (loose_ends, IGTG and the rest, kindly don't take that as an invite to trash the thread) S.Ox was an emotional reaction to a very emotional time. I'm quite sure cooler heads will prevail and those rights will largely be restored. So it goes with S.Ox. It was an emotional over-compensation to a stunning series of financial meltdowns. |
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Pluto
Joined: 19 Dec 2006
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| Posted: Thu Jan 24, 2008 10:21 am Post subject: |
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| thepeel wrote: |
| And what Enron did and was doing was already a crime. Better enforcement of the existing rules would have been sufficient. |
Agreed.
| thepeel wrote: |
Like the crackdown on civil liberties in the wake of 9/11 (loose_ends, IGTG and the rest, kindly don't take that as an invite to trash the thread) S.Ox was an emotional reaction to a very emotional time. I'm quite sure cooler heads will prevail and those rights will largely be restored. So it goes with S.Ox. It was an emotional over-compensation to a stunning series of financial meltdowns. |
I don't think SOX will go away with a Democratic Congress and executive. I think we will be living with SOX for a while longer.
As for civil liberties, I think Gitmo will be closed soon enough. I will also make this prediction though -- Should McCain receive the Republican nomination, Hillary will then immediately come out against Gitmo. Bet on it! |
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Thu Jan 24, 2008 1:21 pm Post subject: |
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* Reduce Overseas Military Commitments. Our bases and troops should be on our soil, bolstering our economy.
o It's time to stop subsidizing our business competitors in Europe, Japan and South Korea.
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Those two sentences are not very clear. Is he calling for a withdrawal of all US troops from everywhere? If so, that amounts to isolationism.
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| Repeal or Remove Costly and Unnecessary Federal Regulations. |
I for one am FOR costly and unnecessary regulations. The more costly and unnecessary the better. 
Your boy is not showing much courage here. Let him be candid and list some of the regulations he wants to eliminate. |
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ernie
Joined: 05 Aug 2006
Location: asdfghjk
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| Posted: Thu Jan 24, 2008 2:23 pm Post subject: |
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"Those two sentences are not very clear. Is he calling for a withdrawal of all US troops from everywhere? If so, that amounts to isolationism. "
classic 'false dilemma' fallacy there ^
how does removing troops entail isolationism? do you understand what 'isolationism' means? most of the countries of the world don't have troops stationed all over the world, so by your logic, they are isolationists...
isolationism means not trading and not negotiating with other countries, as well as not having a military presence there... his platform is about non-intervention, not isolationism... come on, dude, we've covered this with you before! |
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Beeyee
Joined: 29 May 2007
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| Posted: Thu Jan 24, 2008 3:03 pm Post subject: |
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| Ya-ta Boy wrote: |
Those two sentences are not very clear. Is he calling for a withdrawal of all US troops from everywhere? If so, that amounts to isolationism.
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How? North Korea is isolated. Are you suggesting that the withdrawal of troops from other sovereign nations would place the US with the likes of North Korea? |
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