During the January 16th debates in Myrtle Beach, South Carolina, Presidential candidate Ron Paul laid down a bombshell by advocating his goal of gradually lowering the personal income tax to 0%, while at the same time shrinking government and finding new sources of revenue for Washington to use to perform its duties. In response to this, economist and Senior editor for the Wall Street Journal not only agreed that Congressman Paul's plan was feasible, but it would also be the greatest job creator for a nation in the history of the world.
Judge Napolitano: But the biggest sound bite of last night comes from another cowboy from Texas. Congressman Ron Paul, whos tax ideas outgunned his opponents.
Ron Paul: We should have the lowest tax that we’ve ever had, and up till 1913 it was 0%. What’s so bad about that?
Debate moderator: So you’re answer is 0?
JN: Zero! Joining me now to discuss abolishing the income tax is a man who’s no stranger to studying and analyzing taxes. He’s Steve Moore, head of the editorial board of the Wall Street Journal.
JN: Can we take Congressman Paul seriously at his word? That were he to be nominated and elected President, he would move to reduce the income tax rates to zero, or as he says, gradually abolish the income tax, shrink the government down to its Constitutional size, and force it to go to other resources for cash.