Sen. Rand Paul has secured a vote on his amendment to the Energy and Water Development and Related Agencies Appropriations Act. This amendment, the Economic Freedom Zones Act of 2015, would drastically alter the way the United States fights the War on Poverty.
The Economic Freedom Zones Act would establish “free market enterprise zones” with lower taxes ” in order to help facilitate the creation of new jobs, entrepreneurial opportunities, enhance and renew educational opportunities and increase community involvement in bankrupt or economically distressed areas.” The zones would apply to any zip code with unemployment one and a half times greater the national average of 5.5 percent.
“Economic Freedom Zones would be the largest anti-poverty initiative since the War on Poverty. There are many communities in our country, and throughout Kentucky, still waiting and praying for economic recovery and opportunity,” said Sen. Paul in a press release.
The legislation would provide for a series of tax cuts, such as reducing the corporate and individual income tax to 5% and lowering payroll taxes by 2%. It would also ease regulation, such as suspending the Davis-Bacon wage requirements and streamlining the National Environmental Policy Act. The amendment would also give a $5,000 per child educational tax credit to parents.
Sen. Paul said further:
“The Economic Freedom Zones Act will allow impoverished areas to remove the shackles of big government by reducing taxes, regulations, and burdensome work requirements. By taking drastic, meaningful action, my legislation will create new jobs, get these communities back to work, and give Americans in these areas the chance to succeed. I am proud to have secured a vote on my proposal this week.”
The Act was originally introduced in March 2015 but died in committee.