LeMieux's debt reduction plan: raise retirement age and drop corporate tax
George LeMieux, Republican candidate for U.S. Senate, on Wednesday released what he calls his "platform for economic freedom," an elaborate list of positions he's taking on debt reduction, regulations and entitement programs.
LeMieux's said that budget cuts alone won't work. "We are not going to cut our way into fiscal prosperity,'' he said. But he does want a cap on federal spending and strict a reduction in entitlement spending that includes raising the retirement age to 69.
He also wants 25 percent reduction in the corporate tax rate. The cost, he says, would be more than offset by his plan to eliminate corporate tax loopholes, subsidies and giveaways. "Our tax code is ridiculous,'' he said. "It needs to be fairer and flatter."
LeMieux, the former campaign manager and chief of staff to former Gov. Charlie Crist, was appointed by Crist to fill the unexpired term of former U.S. Sen. Mel Martinez in 2009. He held the post until Marco Rubio won the open seat in 2010. He outlined his proposals, dubbed "freedom to work, freedom from debt. freedom from foreign dependence and freedom to pursue the American Dream" at a 45-minute press conference today.
* Wants an unspecified "flatter and fairer tax structure."
* Supports a "repatriation tax holiday for corporations" that operate off-shore
* Repeal Dodd-Frank, the Affordable Care Act, the EPA's nutrient water standards and other EPA regulations.
* Sunset all federal regulations and require a vote of Congress to sustain them
* Pass a national right-to-work law and prohibit unions from "interfering in private business decisions such as employee relocation or operations."
* Reduce government spending to 2007 levels, cap federal spending, require federal agencies to reduce budgets 10 percent, and balance the budget in two years.
* Raise the requirement age to 69 for Social Security and Medicare for anyone currently under age 55.
* Permanently ban earmarks, freeze federal salaries, except for military.
* Ban domestic oil and natural gas drilling; allow drilling 100 miles off Florida's coast -- and not in the Everglades; build more nuclear reactors.
* Give parents the ability to choose their local school
* Abolish Fannie Mae and Freddie Mac