Can ‘Economic Freedom Zones’ Help Detroit? – Dec 6th

Can ‘Economic Freedom Zones’ Help Detroit? – Dec 6th

Paul might have said some strong words before regarding Detroit but that doesn’t mean he isn’t concerned. Our guy is headed there on Dec 6th to reveal a legislative proposal that could provide much needed help for the city. Maybe “Economic Freedom Zones” is the answer.

“Senator Paul plans to unveil a proposal that gets government out of the way and provides new opportunities for prosperity.” (RAND PAC/Courier-Journal)

Back in August, Sen. Paul told Glenn Beck that he was working on a “Republican alternative” to a federal bailout of Detroit. If the title of his speaking event is any suggestion (“Renewing the Opportunity for Prosperity: Economic Freedom Zones“), the plan will boost economy in these troubled areas by offering tax breaks. This gives people the opportunity to take that money that would otherwise go elsewhere and re-invest it back into Detroit.

“[Last month in Paintsville, Kentucky, Paul stated that he had plans to introduce a bill for the creation of] ‘Economic Freedom Zones’ in areas where unemployment is higher than 12 percent. Under his proposal, personal and corporate income tax in those zones would drop to 5 percent and employee withholding and the employer FICA match would be reduced by 2 percent, for a period of five years. The rates would then be gradually raised back to normal over another five-year period.” (Floyd County Times)

We’ll see what Sen. Paul ultimately says in December to the Detroit Economic Club, but don’t let comments like “over my dead body” get to you.

“I should probably take my wife’s advice and count to 10 before I speak sometimes,” Paul told the newspaper. “While I said that, the reason I say that is you shouldn’t bail out a city that doesn’t change its policies.”

He added: “Right now I think Detroit is in a downward spiral and something’s got to be done.” (Courier-Journal)

Check out our previous comments about Paul’s Economic Freedom Zones. And let us know what you think in the comments. Is this the way to save Detroit?

 
 
Photograph courtesy of russteaches, via Flickr Creative Commons

 

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