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Taxes & Spending                                              

The goal of tax policy is to maximize economic growth not tax revenues.

Tax Facts

  1. High tax rates discourage growth.
  2. Excessive and discriminatory taxes discourage savings and investment.
  3. Tax code complexity exacerbates the tax burden.

The Direction for Change

To Achieve the Greatest Growth

  1. Tax cuts should be permanent, not temporary.
  2. Reduce the top personal and corporate income tax rates.
  3. Shift to a simple and fair flat tax.
  4. Lower business taxes means greater prosperity and ultimately stronger 
    state revenues.
  5. Cut spending.
  6. Abolish the capital gains tax.
  7. Expand individual savings accounts.

Background  

  1. Keeping taxes low leads to greater economic growth and more jobs for a 
    state. More jobs for a state means a larger income base that can be taxed.
  2. High tax rates discourage taxpayers and investors, and businesses 
    discover that it is not profitable to employ as many people.
  3. Businesses don't pay taxes, people pay taxes through work force 
    reduction, higher prices, reduced shareholder dividends, reduced salaries 
    for employees, and moratoriums on growth plans.
  4. Foregoing tax rate reductions in order to balance the budget or pay down 
    the debt means less growth and bigger government.
  5. Legislators should ignore the politics of class and envy.
  6. Excessive spending causes budgetary shortfalls.
  7. Policies that promote entrepreneurship and job creation.
  8. Focus on the long-term goal of tax reform.

CFC sponsors a Taxpayer Protection Pledge program. Has your state
representative and state senator signed the pledge? If not, why not?
Find out here.

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