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Allen Buckley on Budget & Economy

2004 former Libertarian Senate challenger (GA)


Issue T-bills to pay off long-term US debt

[Current] tax payments would cover all annual expenses, and would pay off the existing debt due in each year over 30 years in equal installments. My recommendation would pay off the debt that comes due in a year over 30 years. So a 30-year T-Bill that comes due in 25 years would be paid off in 55 years. [Hence my proposed] 10/x/39 tax system would pay off debt in 50-60 years.
Source: E-mail exchange between Mr. Buckley and OnTheIssues.org Jun 25, 2004

10/x/39 tax system would pay off debt in 50-60 years

A 10/x/39 income tax system should be created, whereby the first $10,000 of taxable income is tax-exempt (a higher amount for married persons filing joint returns, but less than $20,000), the next $490,000 is taxed at whatever rate is necessary to balance the budget (i.e. "x" percentage-the "common rate") and taxable income in excess of $500,000 is taxed at 39%. (Taxable income would be computed after personal exemptions and the standard deduction or itemized deductions.) The tax payments would cover all annual expenses, and would pay off the existing debt due in each year over 30 years in equal installments. (The government could borrow in an emergency situation, but a war such as the war in Iraq would not qualify as an emergency situation.) Long-term capital gains would be taxed at a 20% rate. The earned income credit refundable amount would not be different than that provided under current law.
Source: Campaign website, www.BuckleyForSenate.org Jun 15, 2004

Balanced budget except in emergencies (not War on Terror)

A balanced budget is a MUST, absent an emergency situation, and the ongoing war on terrorism would not constitute and emergency situation.
Source: E-mail exchange between Mr. Buckley and OnTheIssues.org Jun 11, 2004

A balanced federal budget is a MUST, absent emergencies

A balanced federal budget is a MUST, absent an emergency situation, and the ongoing war on terrorism would not qualify as an emergency situation. The federal government is being run as if the country will cease to exist in the very near future. The Bush Administration is trading tomorrow's potential prosperity for its agenda. That's shortsighted, and its not right. A country that is truly being run "for the ages" will not have deficits like those that now exist in the United States.
Source: Campaign website, www.BuckleyForSenate.org, "Views" May 18, 2004

Other candidates on Budget & Economy: Allen Buckley on other issues:
GA Gubernatorial:
Sonny Perdue
GA Senatorial:
Dale Cardwell
Jim Martin
Johnny Isakson
Josh Lanier
Rand Knight
Saxby Chambliss
Vernon Jones


2008 Senate retirements:

Wayne Allard(R,CO)
Larry Craig(R,ID)
Pete Domenici(R,NM)
Chuck Hagel(R,NE)
Trent Lott(R,MS)
Craig Thomas(R,WY)
John Warner(R,VA)

Incoming Obama Administration:

Pres.Barack Obama
V.P.Joe Biden
State:Hillary Clinton
HHS:Tom Daschle
Staff:Rahm Emanuel
DHS:Janet Napolitano
DOC:Bill Richardson
DoD:Robert Gates
A.G.:Eric Holder
Treas.:Tim Geithner
Winners of 2008 Senate Races:
( * if new to the Senate)
AK:*Begich over Stevens
AL:Sessions
AR:Pryor
CO:*Udall
DE:Biden and Kaufman
GA:Chambliss v.Martin (Dec. 2 runoff)
IA:Harkin
ID:*Risch
IL:Durbin
KS:Roberts
KY:McConnell
LA:Landrieu
MA:Kerry
ME:Collins
MI:Levin
MN:Coleman v.Franken (recounting as of Dec.1)
MS4:Wicker
MS6:Cochran
MT:Baucus
NC:*Hagan over Dole
NE:*Johanns
NH:*Shaheen over Sununu
NJ:Lautenberg
NM:*Udall
OK:Inhofe
OR:*Merkley over Smith
RI:Reed
SC:Graham
SD:Johnson
TN:Alexander
TX:Cornyn
VA:*Warner
WV:Rockefeller
WY4:Barrasso
WY6:Enzi
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Page last updated: Dec 02, 2008