America became the greatest, most prosperous nation in history through low taxes, constitutionally limited government, personal freedom, and a belief in sound money. We need to return to those principles so our economy can thrive once again.
Other candidates talk a lot about stimulus packages, but my record stands alone. I have fought for these measures in Congress as the Ranking Member on the House Financial Services Committee's Subcommittee on Domestic and International Monetary Policy, Trade and Technology, and as a member of the Joint Economic Committee, and will fight for their passage as president.
My plan entails four points: Tax Reform, Spending Reform, Monetary Policy Reform, and Regulatory Reform.
Tax reform means reducing the tax burden and eliminating taxes that punish investment and savings, including job-killing corporate taxes. If we cut spending to the level it was at under the Clinton administration, we can permanently do away with the income tax and the IRS. No true conservative would say that government was too small during the Clinton years!
There are several steps we can take to immediately ease the tax burden. I have proposed H.J. Res 23, which would repeal the Sixteenth Amendment and thus eliminate income, estate, and capital gains taxes. H.R. 191 would repeal President Clinton's 1993 increase in taxes on Social Security benefits, while H.R. 192 would repeal all taxes on Social Security benefits. I also support legislation to accelerate depreciation on investment and end the practice of taxing forgiven mortgage debt.
In the area of spending reform, I want to eliminate wasteful spending, reduce overseas commitments, and freeze all non-defense, non-entitlement spending at current levels. I never vote for pork-laden bills, and I will veto them and any unbalanced budget as president. We need to refocus our national defense so that we guard our own borders, instead those of other nations. We can save billions if we stop subsidizing our trading partners in Europe, Japan, South Korea and other nations. Congress does not have the constitutional authority to send out foreign aid, and our current foreign policy of nation building is bankrupting us.
Monetary policy reform means expanding openness at the Federal Reserve and requiring the Fed to televise its meetings, as well as returning to sound money. Washington's disastrous fiscal policies, marked by shameless deficit spending and Federal Reserve currency devaluation, are some of the greatest threats facing our nation today. It is this one-two punch — Congress spending more than it can tax or borrow, and the Treasury printing money to make up the difference -- that threatens to impoverish us by further destroying the value of our dollars. It's time to end the fiat money system, legalize competing currencies, and restore soundness to our dollar.
Finally, we need to institute true regulatory reform by repealing Sarbanes/Oxley's regulations that push companies to seek capital outside of U.S. markets. Congress' rush to action after the Enron scandal gave us a bill that has heavily burdened small businesses and driven companies offshore. I also support repealing federal regulations that prevent financial institutions such as independent and community banks and credit unions from fostering economic growth.
A true package to stimulate the economy not only puts money back in Americans' pockets, it deals with the underlying causes of our current situation - an out-of-control foreign policy, runaway deficit spending, and currency devaluation brought on by the Federal Reserve's inflationary policies. When enacted, my plan will provide both short-term stimulus and lay the groundwork for long-term prosperity.