Senate Candidate Bates
I have a couple of problems with Senate Candidate Bates.
- The combined state and federal corporate tax rate is 39.9% - the second highest such tax rate in the world. I propose that we slash the federal corporate tax rate from 35% to 24%, and then down to 20% as soon as possible after that. That would be an immediate tax cut of 31% for all employers in America. Additionally, this tax rate would be a flat tax that would reduce the tax compliance burden of companies, thereby freeing up more resources for job creation.
- The bailouts must stop; the government takeovers must end. The federal government needs to shed the ownership and creditor positions that it has with many large companies. Tax cuts and the elimination of unnecessary regulations will help individuals, families, and businesses recover from the economic downturn. I will work to eliminate the death tax, reduce the capital gains tax, cut the recently raised payroll tax, make the 2003 income tax cuts permanent, and permanently index the Alternative Minimum Tax for inflation. Lower taxes give you more control over your future, and that, in turn, makes our economy stronger.
- Federal spending is out of control. Our deficit for FY2009 was $1.4 trillion, and our national debt currently stands at $12.6 trillion and is growing every day.
- I also support the development of nuclear power plants and coal-to-liquid fuels, the expansion of our nation’s oil refining capacity, and the pursuit of alternative energy sources such as wind, solar, and ethanol, free of government subsidies.
- Social Security, Medicare, and Medicaid are all on an unsustainable path that will wreck our economy if nothing is done to address them. Reforming these programs, particularly Social Security, starts with protecting current beneficiaries benefits. After insuring that current benefits will not be reduced, we must move these programs towards a more personal, individual-focused system.