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The Era of Big Government is alive and well in Washington where this year the federal tax bill will total $1.8 trillion-$80 billion more than our bloated bureaucracy already demands. But while American families indentured to the IRS slave to pay taxes that exceed the cost of housing, food, clothing, and transportation combined, our government continues to stack in surpluses and deny us desperately needed tax relief. Enough is enough.
With the zeal of our patriot forefathers at Boston Harbor, we must dump our tyrannical 7 million-word tax code and reclaim our economic liberty. This exploitative tax system does not need reform; it needs to be ripped out by the roots.
The Buchanan tax plan will restore our resource base, reclaim citizen control of national fiscal policy, and reduce the federal tax collection bureaucracy. Here's how it works:
Exempt the first $35,000 of wage or salaried income, then reduce the taxes on the remainder to a flat 16% rate.
Encourage personal generosity rather than public subsidy by retaining charitable giving deductions.
Facilitate middle-class investment by maintaining home mortgage interest deductions.
Support strong families by including a generous per-child tax credit.
Abolish inheritance taxes on estates up to $5 million so that family farms and businesses are not bankrupted, but those living off inherited wealth do not avoid taxation altogether.
Reward investment and savings by exempting the first $35,000 of dividend, interest, or capital gains income, then reducing taxes on the remainder to a simple 16% rate.
We can offer a lower flat tax rate than other plans by using revenue from tariffs on foreign imports to offset tax relief.
Before the institution of the income tax 85 years ago, the tariff-based trade policy created by Washington-who made the Tariff Act of 1789 the second bill he signed-pursued by Jefferson and Jackson, and perfected by Lincoln and TR built the greatest industrial power the world has ever seen.
But today, we let Japan and China to run up a combined annual trade surplus of $120 billion, blithely allowing them open access to our markets while we pay up to 100% tariffs for entry into theirs.
By equalizing tariffs so that imported goods carry the same tax as American-made products, we can end the exploitation of U.S. workers, and fund flatter taxes for families, fairer competition for business, and renewed economic liberty for all Americans.
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