Ron Paul's Economic Plan (1 Trillion in Savings!)

GOP presidential candidate Rep. Ron Paul will unveil his economic plan Monday afternoon, calling for a lower corporate tax rate, cutting spending by $1 trillion during his first year in office and eliminating five cabinet-level agencies, including the Education Department, according to excerpts released to Washington Wire.

Mr. Paul's "Restore America" plan calls for a drastically reduced federal government to help spur American business — a familiar theme for the Texas Republican and many of the GOP White House hopefuls. But unlike some of his Republican rivals who have released economic plans, the libertarian congressman mostly avoids the weeds of tax and trade policy, according to excerpts.

The Paul plan would also lower the corporate tax rate to 15% from 35%, though it is silent on personal income tax rates, which Mr. Paul would like to abolish. The congressman would end taxes on personal savings and extend "all Bush tax cuts."

He would also allow U.S. firms to repatriate capital without additional taxes. Some lawmakers have recently proposed such legislation as a way to spur job growth. Its critics argue that a tax holiday for companies with money abroad has not historically led to domestic investment.

"Dr. Paul is the only candidate with a plan to cut spending and truly balance the budget," says an executive summary of the plan, which POLITICO obtained, along with detailed spending and taxation levels, ahead of its release. "This is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget."

http://blogs.wsj.com/washwire/2011/10/17/ron-pauls-economic-plan-cut-5-cabine...

http://c3244172.r72.cf0.rackcdn.com/wp-content/uploads/2011/10/RestoreAmerica...

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• trillion
• cuts
• savings
• obama
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• cut
• budget

[blakecozzens]

can anyone else hear that lawnmower in the background, haha

[CaptainBerz]

@blakecozzens Really? I did not, but I am not in a professional studio either....lmao

[lambdog76]

here's your damn comment

[CaptainBerz]

@lambdog76 lol

[theeastwatch]

I was dissapointed to see that he backed off ending the Fed, and instead just wants an audit. Get rid of the fed, arrest the bankers.

-TEW

[CaptainBerz]

@theeastwatch It is a start, I know he would do that if he could. What did the bankers do wrong?

[burtonh1]

I support Ron Paul and I truly want him to win but I don't think he has a chance at this point in the race because he hasn't won a single state.

[jacobi2393]

@theeastwatch Well, Im completely confident in his desire to completely abolish the Fed, but to do so immediately in one fell swoop might be bad, and certainly auditing it first would earn him more supporters in his campaign to abolish it

[blakecozzens]

@CaptainBerz Lol, that's awesome. Liked the video. It was good. I was just messing, people have to mow the lawn right :P

[blakecozzens]

You can't just immediately end the fed or the economly will go into a depression overnight. He wills phase it out slowly.

[runelord37]

@RYANMOW the federal sector of employment is actual a net drain ( a black hole drain actually). eliminating these jobs are a MUST. not a theory.

[runelord37]

@theeastwatch he still wants to end the Fed, but he understands they need to be audited and THEN phased out after competing currencies are realized.

[thekingofbandanas]

Id really like to know what your opinions on all of these things are. id like to see the details and pro/con effects. Great video btw.

[RYANMOW]

if he eliminates all those government departments...all the jobs are gone??? wouldn't the unemployment rate be even higher??? how are those unemployed gonna find a job in such conditions in the economy atm???