“Americans deserve to define their own financial future,” said Lee. “Today, we have a government that mandates, regulates, and controls almost everything we do. As a result, we have an unsustainable debt, less prosperity, and less economic freedom. This plan reverses the endless growth of government and empowers individuals to make their own savings, investment, and health care choices, while creating a better delivery system for America’s safety net services, like Social Security and Medicaid.”
Lee’s budget proposal is modeled on a plan first published by the Heritage Foundation called Saving the American Dream, which eliminates budget deficits after five years and stays balanced thereafter.
The 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 reforms the program into a retirement security system more akin to a traditional insurance plan, and Medicare transitions to a defined contribution premium support plan that ensures seniors at all income levels 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,” Lee added. “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 needs and families.”