Danny Tarkanian News Release 2-8-2010

7/31/2019 Danny Tarkanian News Release 2-8-2010

1/5


2/5

5/4/12 4:anny Tarkanian for U.S. Senate Economic Growth Plan for Nevada

Page ttp://web.archive.org/web/20100211130107/http://tark2010.org/news/economic-growth-plan-for-nevada

a 50% sales tax reduction.

4. Make Public Land Easily Available for Development Nevada is 85% federally owned land. A portion of that exists in locations unsuitable for any other use other than commercial development, like a piece of BLM land inDouglas County that lies between a Costco and a church. There are hundreds of acres of land owned by the BLM othe Las Vegas Strip, the most valuable piece of commercial real estate in Nevada. We need to transfer ownership ofederal land thats only applicable use is for commercial development back to the State. Nevada can use this resouto attract new and diverse businesses. Making use of this land will have no cost to the taxpayer and will serve as a

revenue generator.

5. Pass a Two Year Moratorium on the Nevada Jobs Tax Since its conception in 1991 and final passage in 1993the Nevada Jobs tax has been a job creation determent. At the time of its consideration many small business ownertestified that it would likely hinder their inclination to hire employees and it has done just that. At a time of recordhigh unemployment we need to cut taxes to encourage businesses to hire employees, not penalize them for it.Although I am running for a federal office and this is a state issue, I encourage the legislature and governor to passtwo-year moratorium on this job killing tax.

Reducing Taxes

Our taxes in this country are simply too high and because of that I was honored to sign the Taxpayer Protection Pledgeissued by the Americans for Tax Reform. The United States tax code is one of the most complex in the world and isincredibly biased against saving and investment. Real tax code reform is needed and that means transitioning from thecurrent form to a new system, like the fair tax system that is currently being proposed in both the House and the Senate. Arepeal of all income taxes and an institution of a straight fair tax would relieve the tax burden on businesses and help opethe door for growth and job creation, while also allowing the taxpayer to responsibly spend their money how they see fitThis tax system has received bipartisan support and stands as a plausible alternative to the current tax code. However, thecurrent tax structure that is in place is dependent upon consumer spending and as such requires consumption to thrive. Uthis structure, the key to economic growth is cutting sales tax rates to incentivize consumer spending. At the same time thare several other significant tax reforms that should take place in lieu of a complete overhaul of the tax code to help givemoney back to taxpayer to pay down debt and save:

1. Repeal the Death Tax The so-called inheritance or estate tax is inefficient, unfair and unconstitutional and that why I signed the American Family Business Institutes pledge to repeal the death tax. It is a poison to family businand placed a wasteful burden on small businesses. The Death Tax was repealed in 2001 but will go back into fulleffect next year at staggering levels if no action is taken. The Death Tax repeal must be extended or made permaneso that American families can avoid being taxed twice for the same income.

2. Repeal the Capital Gains Tax/ Inflation Indexing Set to revert back to its 2003 levels at the end of 2010, we nto work to ensure that capital gains taxes are kept at a reduced level or repealed. If neither of these options isachievable, then at a minimum we must ensure that the Capital Gains tax is indexed for inflation to help taxpayersavoid getting taxed on money they didnt actually receive.

3. Lower Income Taxes Yet another of the 2001/2003 Bush tax cuts set to sunset at the end of this year, the incom

tax rates will explode if action is not taken to make the cuts permanent. Even at the current rates our income taxes far too high and I am committed keeping them from getting any higher and in the long term lowering them. We neto pass reforms that will rollback tax rates to Reagan era levels.

Addressing the Housing Market

Fixing the Nevada housing market is a difficult task. Nevada currently ranks as worst in the country in the rate offoreclosures and while the economy continues to struggle that wont change. While no silver bullet currently exists for th


3/5



problem, there are a few proposals that can help keep homeowners who havent defaulted from staying that way:

1. Streamline Mortgage Refinancing Many Nevada homeowners who are in good standing on their loans are trapin mortgages with high interest rates, some as high as 8% to 9%. We can help these homeowners save much needemoney by allowing them to streamline their refinancing to current, lower interest rates, currently at 4.75%. Thisoption is already available to most homeowners with government-backed mortgages, and streamline refinancingshould be extended to those with privately issued mortgages.

2. Expanding the First Time Homebuyer Credit The federal government has been offering a first time home buytax credit in an attempt to help revive the struggling housing market. This tax credit should be extended to any andqualified potential homeowners looking to purchase a primary residence in states with high foreclosure rates. Thissimple expansion of a tax credit already in place that could provide some assistance in improving the housing markin Nevada.

Cutting Federal Spending

Current federal spending levels are through the roof and the result is a national debt that sits at over $12 trillion withcongress recently passing a bill to allow that to grow past $13 trillion. However, the Democrat- run congress led by Sen.Reid continues to pump out new programs like the latest healthcare plan, requiring even more spending. Expanding the r

of the federal government and increasing federal spending is the last thing this country needs right now. We need to belooking at ways to cut spending to reduce the national debt, pay for the tax cuts needed in the country, and give thetaxpayers money back to them. There are several places we can do this:

1. Balance the Budget First and foremost, passing a balanced budget amendment is absolutely necessary to helpcontrol a congress that has gone on an unchecked spending spree. Enacting legislation like the H.J. Res. 1, theBalanced Budget Act, will help bring responsibility back to congress and the federal government.

2. Enact the CARFA Act The Commission on Accountability and Review of Federal Agencies (CARFA) Act woucreate a review of all federal agencies much the same way the Base Closing and Realignment Commission (BRACreviews military bases. The difference being that BRAC recommends what bases to close, CARFA recommends wagencies and programs to shut down. This is a sensible approach to reviewing and cutting unnecessary federal

government spending.

3. Entitlement Spending Of the estimated $1.06 trillion spent on Medicare, Medicaid and SCHIP alone, nearly 10estimated lost to waste, fraud and abuse. That is close to $100 billion a year lost. Wasteful spending is not unique tour healthcare programs, we need to thoroughly review all federal entitlement spending and find proactive approacto stopping this kind of waste. Until this is done, expanding these programs would be irresponsible.

4. Cut Pork Barrel Spending The most egregious abuse of federal spending in existence right now is the excessivamounts of pork barrel spending or earmarks. Over the past 4 years there has been an estimated $48 billion spent opork barrel projects through the earmark process, and this isnt even counting the pork barrel projects that haveriddled the stimulus funding in the Recovery Act. This is not what the federal government was intended to do.Elimination of earmark spending is absolutely necessary to help cut federal spending and void the process that wou

have Nevadans paying for a bridge that turtles can use to cross the freeway in Florida. That is why I proudly pledgto participate in the effort to ban all earmarks.

5. TARP Funds Banks are starting to pay back the TARP funding they received, and soon all $700 billion will bereturned. President Obama is looking at this as new revenue to be spent on other projects and I find that absolutelyunacceptable.

6. Stimulus Fund Over $789 billion was designated as stimulus funding. Of that total the federal tracking website us that $263 billion has already been paid out. Some was spent for tax benefits, some to the states to help with


4/5



unemployment benefits and healthcare coverage, and the rest in pork barrel projects. The simple fact is that thestimulus has been incredibly fruitless in its existence, so much so that before all of the funding is even spent, theretalk of a new stimulus. Enough is enough! We should use the leftover stimulus funds to pay for much needed tax cgiving the money back to the taxpayer.

7. Privatize Fanny Mae and Freddie Mac last year alone congress spent over $28 billion on Fannie Mae and FredMac encouraging them to insure high-risk mortgages that were simply not commercially viable. Now both entitiesgovernment run. There is a private market already in place for mortgage insurance and using the federal governme

as a market competitor is only doing more harm than good at a tremendous cost to the taxpayer. The effects these thad on the financial sector have been devastating and its time we either shut them down or completely withdraw agovernment ownership and assistance.

8. Department of Education This is probably one of the most over-funded, un-necessary aspects of the federalgovernment. The increasing expansion has served to do far more harm than good. The results have been an alarminmigration of policy decisions out of the local school boards and state education departments into the grasp of thefederal government. We need to begin reducing the role of the federal government in our education system andlimiting the department of education to the few programs that have proved successful, like Head Start and collegescholarships. By reducing the department of education the annual savings could be as high as $5 billion.

Proposed Federal Agency Budget Cuts

Return to home

RETIRE REID IN 2010CONNECT WITH DANNYyoutubetwitterfacebook

SIGN UP FOR UPDATES

MEET DANNY

PHOTO GALLERY


5/5



Danny Tarkanian united states senate

HomeHomeGet To Know DannyIssuesMediaTeam TarkEventsGet InvolvedDonatePrivacy Policy

Paid for and authorized by Tarkanian for Senate

840 S Rancho Dr. | Suite 4-614 | Las Vegas, NV 89106 | (702) 228-8198 | Web Strategy by Engage

Documents

Danny Tarkanian News Release 2-8-2010