In other words, the economic policies adopted during the Obama years produced a sustained slower rate of economic growth that fundamentally transformed America into a nation on the path to becoming a third world country.
This Roadmap paper, by the Working Group on Tax Reform, discusses policy alternatives aimed at restoring economic growth and prosperity through tax reform. It explains the importance of tax rates, especially marginal tax rates; contrasts flat-rate taxes and progressive taxes; discusses the multiple taxation of capital that currently takes place under the U.S. tax code; and lays to rest the claim the rich don’t pay their “fair share.”
Five tax reform alternatives that would serve as the foundation of a historic boom in the U.S. economy are described:
- Ted Cruz/Rand Paul flat tax
- Steve Forbes flat tax
- Abolish the corporate income tax
- Ryan/Brady plan
- Trump plan
The paper’s authors conclude:
We stand on the brink of a fiscal/investment/jobs/ economic growth renaissance through major tax reform in the United States. The Keynesian no-nothings cannot be permitted to block progress. Education of the American people is key, but as future papers in this series will explain, we cannot rely on our public schools or colleges/universities to do the job effectively. Our challenge – and opportunity – is to reach the American people through information channels, and minds, newly opened by the November election.
To read all of the ROADMAP FOR THE 21ST CENTURY papers, click here.