I will work with Congress to pass and implement a comprehensive tax reform plan. Aside from dramatically streamlining personal income tax by removing carve outs for special interests and reducing the number of brackets, we will also seek to eliminate the alternative minimum tax and the death tax. The centerpiece of our tax reform efforts will be on the corporate side where we will lower the rate to 15%, allow repatriation of offshore capital at 10%, stop taxing returned earnings from overseas that have already been taxed and allowing 100% expensing for businesses. These reforms will apply to all business enterprises, not just the largest corporate giants.
We will need to renegotiate trade deals and impose budget discipline so that we can stop this reckless behavior that continues to increase our debt.
We will move to repeal Dodd-Frank and the Affordable Care Act so as to bring market forces to bear that will increase competition and lower costs to consumers.
We will finally mount a campaign to attack fraud, waste and abuse in the government and will examine reducing the size of the federal workforce.
Immigration reform will also allow us to save hundreds of billions of dollars a year in education, healthcare and public safety costs while at the same time we will be increasing our security and lowering the threat of drugs in our society.
If we are able to sustain growth rates in GDP that we had as a result of the Kennedy and Reagan tax reforms, we will be able to secure Social Security for the future. As our demography changes, a prudent administration would begin to examine what changes might be necessary for future generations. Our goal is to keep the promises made to Americans through our Social Security program.”
And I believe he will accomplish all of these things and our Social Security will be rich again!