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On Friday at the Detroit Economic Club, Senator Rand Paul said he would introduce a proposal for economic freedom zones in Detriot to help revive the city’s economy. Paul said the model would allow Detroit to keep US$1.3 billion in tax revenue that would otherwise go to the federal government.
Paul promised to introduce the Economic Freedom Zone Act of 2013, that would lower income taxes to five percent and lower the payroll tax to two percent for both employers and employees. It would also suspend the capital gains tax to encourage more investment in businesses and real estate.
“These zones free up Detroit to bail themselves out,” Paul said. “Right now any community with 12 percent [unemployment] or more would be eligible for these freedom zones.”
Freedom Zones will remove govt obstacles to success & provide citizens with a new bargain: Your govt will get out of your way. #Detroit
— Senator Rand Paul (@SenRandPaul) December 6, 2013
Source: The Washington Times.
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