James Leroy Wilson's blog

Saturday, January 26, 2008

A Stimulus Plan

Instead of borrowing $150 billion to give to taxpayers and businesses, with no real long-run benefit or reform, I would plug the leak in the economy by abolishing corporate income taxes and repealing Sarbanes-Oxley, and indeed, most business laws.

I would offset the revenue loss by ending the war in Iraq and getting rid of all government subsidies, including corporate welfare. And I would stop subsidizing foreign governments.

This will automatically make the economy more productive, freeing up hundreds of billions not only in taxes not paid, but in compliance costs no longer needed, leading to lower domestic and export prices. America will attract business, not drive it away.

And then I would attack inflation by allowing a free market in money through the Honest Money Act.

Sometimes the most drastic reforms are also the best quick fixes.

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