Senator Mike Lee (R) – Bill Issues May 2012
Please describe a bill or an issue you are working on that directly impacts Utah’s cities and towns. (May 2012)
Nothing is more important to the economic health of the United States than the state of our national finances. Should we continue down our path of unsustainable borrowing, the downward spiral and social unrest of Europe will reach our own shores. Such a scenario would make the financial crisis of 2008 and ongoing economic downturn seem like a mild recession, putting the tax revenue and credit of every American city and every American town in jeopardy.
It is for this reason that I have introduced a budget that will ensure that the federal government once again lives within its means. The budget is the heart of my Saving the American Dream plan, a large-scale proposal that not only puts this country on a sustainable economic path, but also fixes America’s deeply flawed entitlement programs and creates a new simple and transparent tax system. It frees Americans to make financial planning and health care decisions based on their own individual needs and personal choices, promotes personal savings and wealth creation for all income levels, and reduces the burden of government programs on future taxpayers.
The Saving the American Dream plan introduces a new single, unified income-based tax rate on consumption for both individuals and businesses, eliminates special interest loopholes, and retains just two tax credits and three deductions. The Social Security plan transforms the program into a retirement security system similar to a traditional insurance plan, and Medicare transitions to a defined contribution premium support plan that ensures seniors at every income level can afford health insurance. All entitlements are means-tested, eliminating payments to wealthy individuals and preventing sudden poverty as a result of unforeseen events.
Americans understand we have a big problem and that it is going to take big solutions to solve them. Our answer is more freedom, not more government control. The Saving the American Dream budget puts power in the hands of Americans to decide what works best for their own families and needs.