We need to make sure Washington’s economy is robust enough to get people back to work and resilient and flexible enough to meet the many challenges we will face in the years to come.
The key to long-lasting job-creation, economic growth, and rising incomes is open and competitive markets that reward value-creation and operate under the rule of law.
To achieve our goals, we need two types of broad-based reform.
First, we need to root out crony capitalism and return to the Rule of Law. We propose:
- Focusing economic regulation and law enforcement on the protection of rights and preservation of an equal playing field for all;
- Eliminating ALL regulations that insulate market incumbents from competition;
- Ending ALL government subsidies of specific industries or companies;
- Removing ALL special tax and regulatory treatment of particular industries or companies;
- Keeping government neutral with regard to technological solutions, investment decisions, business inputs and business methods, etc.;
- Getting rid of discretionary funds and returning the money to taxpayers.
Second, we need to simplify and streamline the tax system so that revenue raising is transparent and least burdensome to individuals, families, and businesses alike. We propose:
- Eliminating the B & O, Machine & Tools, Merchant Capital and other business taxes that hide the cost of taxation, burden employers, and reduce business activity;
- Moving to a uniform consumption tax on all final retail sales of goods and services.
- Reforming property taxes by excluding, or lowering the rate applied to, improvements to land;
- Preferring, where possible, user fees to general taxes.