Stimulate with Tax Cuts
Increasing government spending by $550 billion over two years is one plan for fixing the economy. It may not work, but it’s definitely a plan and it definitely implies tax increases in the future. Senator Jim DeMint has an alternative idea: Cut taxes so that investors and entrepreneurs are rewarded for creating new value and new jobs for the economy. The key elements of DeMint’s plan are to lower the top marginal income tax rate, lower corporate taxes, and simplify the tax code. He also wants to repeal tax increases that already scheduled to take place in 2011 such as the hike in capital gains taxes, the expiration of the child tax credit, the reversion of the death tax, and the automatic increase of the alternative minimum tax. DeMint spoke about his plan yesterday at The Heritage Foundation. Take a look:
