Sen. Rand Paul (R-Ky.), during a keynote address before the Detroit Economic Club on Friday, unveiled his plan to revitalize the city – which is $18 billion in debt – by setting up economic freedom zones.
Paul plans to introduce a bill next week which would lower personal and corporate income taxes in the city to five percent and the payroll tax to two percent for employers and employees.
“To thrive, Detroit needs less government and more freedom, less red tape, less punitive taxes, more money left in Detroit. The answer to poverty and unemployment is not another government stimulus. It’s simply leaving more money in the hands of those who earned it,” Paul said.
The proposed zones were inspired by former GOP vice presidential candidate Jack Kemp, Paul said.
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