January 9, 2014
OUR REPUBLICAN PRESIDENT:
Obama makes pitch for 'Promise Zones' to boost depressed areas (Tom Curry, 1/09/14, NBC News)
Obama's Promise Zones proposal bears some similarity to Paul's Economic Freedom Zones Act which the Kentucky Republican introduced in the Senate last month.Exiting the White House event, Paul told reporters, "I am supportive of the president's ideas... What he said was uplifting and encouraging." But he added, "We need to do something more dramatic" than Obama's proposed incentives for economically distressed areas.Paul's bill would create tax breaks for residents and businesses in areas that have 1.5 times the national unemployment rate, or where at least 30 percent of the residents have incomes below the national poverty level.Paul's bill would cut the income tax rate to 5 percent for individuals, families, and small businesses, would trim the payroll tax rate, and would suspend the capital gains tax.Paul's proposal is similar to one made 25 years by then Rep. Jack Kemp, R- N.Y., who later became Housing secretary under President George H.W. Bush.
Posted by Orrin Judd at January 9, 2014 4:56 PM