2016 Postmortem
Related: About this forumRand Paul wants big tax cuts for Detroit and other distressed areas
Sen. Rand Paul (R-Ky.) announced Thursday that he will propose legislation that would cut taxes for Detroit and other areas of the country that are in dire financial straits, pitching the idea as an alternative to bureaucratic government stimulus programs.
Paul is traveling to Detroit on Friday to make his case. During a conference call Thursday morning, he said the idea (known as "Economic Freedom Zones" should satisfy both Republicans who like cutting taxes and Democrats who want to provide stimulus to areas such as Detroit -- all without another government-funded bailout.
"What we hope to do is create taxes so low that you essentially are able to bail yourselves out, by having more money accumulate in the area over time," Paul said.
The taxes that would be reduced include the income tax, the corporate tax, payroll taxes and the capital gains tax. The bill would also lower the economic threshold for immigrants who want to start businesses in these areas to $50,000.
http://m.washingtonpost.com/blogs/post-politics/wp/2013/12/05/rand-paul-wants-big-tax-cuts-for-detroit-other-distressed-areas/
TDale313
(7,820 posts)Not that I'm for the idea but, I think the taxes he's proposing to cut are all federal. Yes, it will hurt us in other areas (as is always their goal) but I don't think it would effect Detroit.
RC
(25,592 posts)Talk about Johnny One Note, only this is more of the well worn, Republican One note.
lostincalifornia
(3,639 posts)RC
(25,592 posts)That cold feeling later on, is the sought after effect of the same trickle down by those doing the tinkling.
lostincalifornia
(3,639 posts)lostincalifornia
(3,639 posts)cities infrastructure for one if you reduce your tax revenues?
If you replace the "stimulus" programs with this tax cut, would the tax cut really be enough without a stimulus? I doubt it. Business are given a lot of tax breaks and incentives right now, and in spite of republicans trying to block stimulus programs every step of the way, if it wasn't for those stimulus programs, we would not have seen the slow recovery that is happening.
I remember how most of the republicans did not want to "bail out" GM, and other car manufacturers. There would have been millions of jobs lost if their policies took effect.
Trickle down economics, time and again, has been shown to be a failure, yet they still push it as though it is a given