While giant corporations have been downsizing or moving production overseas, small business has been the salvation of the American economy. Through ingenuity, hard work, and thrift, small business creates 2 of 3 new American jobs and produces 51% of America's GDP. As President, I will transform America into one vast enterprise zone by getting big government out of the way of free enterprise and unleashing the entrepreneurial genius of our small business community. A Buchanan Administration will: Overhaul the U.S. tax code by eliminating the federal income tax for small businesses and putting a flat tax on large corporations. Slash the capital gains tax to a flat 16% and eliminate it for new risk capital invested in start-up businesses. Eliminate inheritance taxes on all family businesses and family farms valued at under $5 million. Impose a moratorium on new federal regulation, a sunset provision of five years on all regulation, and a defined annual cutback on paperwork for small business. Review and rollback unfunded mandates of the past and place restrictions on future unfunded mandates. Eliminate all quotas, contract set asides and affirmative action from federal programs and federal law. End the legal assault on American business from tort reform at both the state and local level. Punitive and compensatory damages should be related to actual harm done-and the loser should be made to pay the legal fees of the winner. Restore property rights under the 5th Amendment. Just as we believe in no taxation without representation, we believe in no regulatory deprivation of property rights without just compensation.

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