The “Growth Code” to Economic Recovery

Washington is in desperate need of common sense.

By the Price of BusinessRadio Partners of US Daily Review.

M-F at 7 am CST on Business Talk 1110, hosted by US Daily Review Publisher/Editor in Chief, Kevin Price.
Former Virginia Governor James Gilmore of the Free Congress Foundation discussed his five point plan to put the economy back on track with Kevin Price.
Made up of five steps, The Growth Code is simply, squarely and precisely focused on the tax code and restoring America to a sustainable economic growth trajectory:
  • A simple unified 15% rate on all business income, regardless of the type of entity;
  • Tax rates of 10%, 15% and 25% on individual income as currently defined under the IRC;
  • Immediate expensing of capital equipment;
  • Elimination of the abhorrent practice of double taxation;
  • Any household living in poverty will receive a family tax credit of $4,300.

What will these steps mean to people, businesses and the economy? Under The Growth Code:

  • Small businesses will no longer be taxed as individuals. Instead they will be taxed as entities and pay no more than 15% on their revenue in taxes. All businesses will pay the same rate.
  • Tax brackets will be lowered and dramatically simplified for individuals across the board, including the middle class.
  • Profits made abroad will no longer be taxed when brought home for reinvestment. This will bring an explosion of capital investment in America.
  • Taxes on dividends, distributions and capital gains will be eliminated.
  • Every American will pay taxes. Americans living in poverty will pay less.
  • The mortgage deduction and charitable giving deduction will be protected.
  • American companies will finally be able to compete on a level playing field against our biggest competitors, such as Japan, China and the largest economies in Europe.

Independent economic modeling studies by former Treasury Department officials have projected that enactment of The Growth Code will lead to:

  • A dramatic drop in the unemployment rate from 9.1% to 4.7%;
  • A 14.5% increase in GDP;
  • A 14.8% increase in federal tax receipts;
  • A 35.3% boost in capital investment.
All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.

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