As a Libertarian presidential candidate, I propose a transformative approach to taxation and economic policy that prioritizes clarity, fairness, and minimal government intervention. This plan calls for a dual tax system, a critical re-evaluation of the Federal Reserve, a fresh perspective on corporate taxation, and a firm stance on fiscal responsibility.
10% Flat Income Tax – Ensuring Simplicity and Equity:
We advocate for a simplified 10% flat income tax for individuals earning above the 30th income percentile. This transparent plan is designed to be easily understood by all, ensuring higher compliance and straightforward IRS implementation.
10% Fairness Tax – Targeted Consumption Tax:
In line with Gary Johnson's 2016 campaign, we propose a 10% fairness tax on non-essential goods and services to complement the income tax. Essential items such as basic food, healthcare, and education will be exempted to ensure affordability and accessibility.
Redirecting Antidumping Proceeds to States and Affected Individuals:
In economic "dumping" or trade practices found to be unjust, we propose that the proceeds collected from antidumping duties or similar actions, instead of going to the U.S. Treasury, should be directly allocated to the states and specifically to the people impacted by such practices. This policy aligns with our commitment to support local industries and communities adversely affected by unfair trade practices. Such funds should be used to mitigate the economic impact on domestic sectors and communities most affected by dumping.
Debt Strategy - Reducing the National Debt:
A key component of our economic policy is the determined initiative to significantly reduce the national debt significantly, ensuring financial stability for future generations. This strategy includes advocating for a constitutional amendment to mandate an acceptable maximum debt-to-GDP ratio. A return to economic prosperity is to be funded by increased monies from taxation revenue, the return of manufacturing and business to the United States, and the consolidation of government waste.
Fiscal Responsibility Amendment:
I will champion a Constitutional Amendment for fiscal responsibility to ensure long-term economic health and prevent irresponsible financial practices by any particular party in power.
Expenditure Accountability:
We are committed to eliminating inefficiencies and waste in federal spending, ensuring efficient and effective government expenditure.
Restructuring the Federal Reserve and Corporate Taxation:
Our plan includes re-evaluating the Federal Reserve's role, reducing corporate tax burdens to stimulate business growth, and attracting corporations and their proceeds back to the USA.
Promoting Understanding, Compliance, and Growth:
The above plan is crafted to be transparent, equitable, and growth-oriented. It demonstrates our belief in minimal government interference and the efficacy of free-market principles while recognizing the necessity of maintaining a functional federal government.