Indeed, we should be reforming taxes. That’s why it’s good to see that Ryan’s budget would reduce the U.S. corporate tax rate (already the world’s highest) from 35 percent to 25 percent, and reduce the top individual income rate to the same level, while reforming our complex and unfair tax code. These changes would reverse the flow of jobs to foreign countries, improve incentives for workers and businesses to produce more, and motivate investors and businesses to create new jobs.
Both Ryan’s budget and Heritage’s plan, Saving the American Dream, would take another vital step toward bringing the budget under control: repealing Obamacare. As I’ve shown in past columns, the law is beyond fixing. It must go.
Even if Obamacare were constitutional (and it isn’t), it makes a bad fiscal situation far worse. It adds trillions in new spending -- and billions in new tax hikes. It massively broadens a broken Medicaid program. It takes a failed price-control model for Medicare -- and expands it. And it introduces a new subsidy scheme that is financially unsustainable.
“We must make our choice between economy and liberty or profusion and servitude,” Jefferson writes. “If we can prevent the government from wasting the labors of the people, under the pretense of caring for them, they will be happy.” Lawmakers should heed the words of our third president -- and have the courage to steer us off the path of financial misery.