December 7, 2013
Sen. Rand Paul vowed Friday to push a proposal to create “economic freedom zones” in Detroit that would slash taxes and regulatory red tape in an attempt to revive the city’s economy.
Speaking at the Detroit Economic Club, Mr. Paul, a potential 2016 GOP presidential candidate, said that the model could be used in cities and counties across the nation and said that it would allow Detroit to hang onto $1.3 billion in tax revenue that otherwise would have been sent to the federal government.
“What Detroit needs to thrive is not Washington’s domineering hand, but freedom from big government’s mastery,” the Kentucky Republican said. “The answer to poverty and unemployment is not another government stimulus. It is simply leaving more money in the hands of those who earn it.”
Detroit recently became the largest municipality in the history of the nation to enter Chapter 9 bankruptcy. The city faces an $18 billion in debt and long-term liabilities.
This article was posted: Saturday, December 7, 2013 at 7:05 am