Tuesday, April 14, 2009

Libertarian “Prosperity Plan” repeals income tax, ends corporate welfare

The Libertarian Party seeks to abolish the income tax, enact a balanced budget amendment to the U.S. Constitution and eradicate corporate welfare under an ambitious three-point legislative plan unveiled by America’s third largest party Tuesday.

“Tens of millions of Americans are angry, fed up and demand real reform,” said William Redpath, Libertarian National Committee Chair. “The Libertarian Party is the only party that agrees with those tens of millions of Americans that government should stay out of both their pocketbook and their personal decisions.”

The “Libertarian Prosperity Plan” seeks to repeal the income tax and abolish the IRS, enact a constitutional amendment requiring a balanced federal budget without tax increases and repeal all corporate welfare programs and bailouts.

“The ‘Libertarian Prosperity Plan’ is rooted in the Libertarian Party platform and bedrock libertarian principles. Unlike the other parties, we don’t promise tax cuts to just grab enough votes to win and then do nothing. Elected Libertarians enact tax and spending cuts because it is what we believe in,” said Redpath.

The Libertarian Prosperity Plan can be read and downloaded at http://www.lp.org. The Plan would:

1) Repeal the income tax: Adopt legislation repealing the income tax and abolishing the Internal Revenue Service. Until the income tax is repealed, adopt legislation preserving the 2001 and 2003 tax cuts and enacting across-the-board income tax cuts.

2) Adopt the Balanced Budget Amendment: Adopt a constitutional amendment requiring the federal budget be balanced, and balanced exclusively by cutting expenditures, not by raising taxes.

3) Abolish corporate welfare and bailouts: Adopt federal legislation prohibiting any federal spending program that provides payments or unique benefits and advantages to specific companies or industries, terminating programs that provide direct grants to businesses, eliminating programs that provide research and other services for industries and ending programs that provide subsidized loans or insurance to businesses.

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