Rand Paul has ideas to help out Detroit
(CNN) – Sen. Rand Paul of Kentucky will travel to Michigan Friday to announce his plan to rescue the Detroit, the largest U.S. city in history to enter bankruptcy.
The potential GOP presidential candidate said Thursday on a conference call with reporters that he'll introduce a bill next week that would enact what he calls "Economic Freedom Zones," or, as he put it on Fox News, "Enterprise Zones on steroids."
[twitter-follow screen_name='politicalticker'] [twitter-follow screen_name='KilloughCNN']
Enterprise Zones have been in effect in multiple states for decades and they've seen support by lawmakers from both parties. The idea is to give tax incentives and financial breaks to depressed areas and neighborhoods in large cities, with the ultimate goal of stimulating the economy and drawing in more business.
In New Jersey, for example, businesses in the state's 32 designated Enterprise Zones enjoy a reduced sales tax of 3.5%, tax free purchases on items such as capital equipment, and other tax credits-such as an energy sales tax exemption and an 8% corporate business tax credit.
For Paul, he wants to take it to the next level. In places where the unemployment level is at or greater than 1.5% of the national rate, the Senator wants to create taxes "so low that essentially you're able to bail yourselves out."
The bill would reduce income taxes to 5% and eliminate capital gains taxes. The payroll tax would also go down for both the employee and the employer, he said.
The key to the bill, however, is that only businesses that are seeing success would enjoy the benefits.
"The money will go back to people who the customers have already voted for, businesses that are making a profit," he said on the conference call, saying it makes more sense to fuel growing businesses rather than try to save failing ones.
But it's not a government stimulus, he added.
"A government stimulus takes money from one area of the country, brings it to Washington then somebody, a central planner, has to decide who to give it to," he said. "The problem is central planners never are smart enough to know which entrepreneurs will succeed or which are the best in the business, so they typically give it to the wrong people."
Paul acknowledged the plan would mean less money coming into Washington to help pay off the nation's debt, but he argued the law would create jobs and he predicted both chambers of Congress would pass it.
But why is a Senator from Kentucky trying to solve problems in Detroit, Michigan?
Paul said he envisions the plan being a model that could play out in other cities, including poor areas in Kentucky.
While in Detroit, Paul will help open the Republican National Committee's new office in the city-part of an effort to expand the GOP's outreach to African Americans and urban voters.
"We have ideas of how to help people who live in cities," he said. "I think Republicans as a party, myself included, need to do more in the cities."
From CNN Politics
- A record number of women will serve in the next Congress
- 10 Cards Charging 0% Interest Until 2024
- Former Kentucky Gov. John Y. Brown dies at 88
- Biden faces a broad set of challenges at home this holiday season
- Untitled
- Trump hosted Holocaust denier at Mar-a-Lago estate during visit with Kanye West, a week after announcing 2024 run
"Paul said he envisions the plan being a model that could play out in other cities"
Paul said he envisions the plan being a model for the country and federal gov't, which the GOP/Teatrolls hope to bankrupt in order to get rid of all of its taxes and regulations.
FIFY
Did we already try this at the national level? Remember the Bush tax cuts? The wealthy HORDED the tax savings and failed to invest it in their companies. Instead they fired people. In theory, it should work. But Rand like Bush keep leaving out of consideration the greed of the wealthy.
Why reinvest to grow my Company and build my wealth that way when I can just wait for tax savings? Tax cuts = low risk; high reward for the person getting it.
News Update: Rand Paul's ideas were plagiarized from Wikipedia
"We have ideas of how to help people who live in cities," he said. "I think Republicans as a party, myself included, need to do more in the cities."
"But it's not a government stimulus, he added."
After which he laid out his plans "help open the Republican National Committee's new office in the city-part of an effort to expand the GOP's outreach to African Americans and urban voters".
While in Detroit, Paul will help open the Republican National Committee's new office in the city-part of an effort to expand the GOP's outreach to African Americans and urban voters.
----------------------------------------------
Stop with the outreach already. You guys fall flat on your faces every time you try to "reach out." Not to mention that when Sen. Paul went to Howard University earlier this year he tried to whitewash his position on the Civil Rights Act of 1964. Just the right guy you want "reaching out."
Rand now wants to give federal money in the economic freedom zones. Talk about redistribution of the wealth. Libertarians are not going to be happy with Paul's socialism.
Republicans need to do more in cities? Haven't they destroyed enough already?
"Enterprise Zones have been in effect in multiple states for decades...."
Anybody surprised that the masked plagiarist 'has ideas' to help Detroit, but it turns out the 'his ideas' are actually someone elses and have been around for decades?
You can't write this stuff.... they are all like characters in some some zany novel.
It's Socialism Rand. What European books are you reading? Rand is rapidly becoming a socialist, communist, Marxist, dictator. Certainly you right wingnuts can see this.
@ Dominican mama
I've been in and out of CNN all day, so I've not gotten back to your previous comment. I want to thank you for your comments and explain that the welcoming you mentioned is actually one of YOUR traits I picked up on long ago.
Yeah. I got that from you. You have been welcoming to new posters (myself included years back) and
their comments ... regardless of their political affiliations ... more often than perhaps you realize. ; – )
Hey. Why does everyone else's happy face icon print and mine doesn't ... ?
Wikipedia, always giving a word for word account of what Rand will say years later.
Come out of den, say how you would help, today's fed-up democrats take your view. Don't play politics, with it GOP has gone to dogs. Realize this truth.
Why doesn't he do that in Kentucky: lower all taxes as much as he like, and also tell Washington not to send any money to Kentucky nor repair any infrastructures there?
@Dutch "Stop with the outreach already. You guys fall flat on your faces every time you try to "reach out.""
No let 'em go. It is like a progressive/liberal voting drive when they fall flat.
Another gift to the rich. Corporations pay around 5% of the government's total revenue- a veritable gift to corporations while they enjoy unprecidented profitability.
He's going to run for President in 2016 .
Rand Paul will Aquabuddhasize the motor city !
I love the left wing bias on this post. Expected!
Finally, a Republican with an idea. Release the details, let it be reviewed and debated and run through the CBO.
Kentucky Senator heading to Detroit. Beter check his portolio. Bet it has lots of GM stock.
Hey sniffy.....we're already bankrupt....take a look at the financial numbers.......get a clue......
How about lowering taxes for all of us not just corporations.
Standard Republican mantra. Absolutely nothing new here. Not even newsworthy.
Wouldn't this be more big governmental interference by picking and choosing winners. And, worse, it might 'help' some disadvantaged people along the way. Good grief, that by itself would cause heads to start popping in his t-party.
Bankrupt? We are not bankrupt nor will we be unless we elect more right wing domestic terrorists.