1976 Republican Platform: Taxes and Government Spending

The Republican Party recognizes that tax policies and spending policies are inseparable. If government spending is not controlled, taxes will inevitably rise either directly or through inflation. By failing to tie spending directly to income, the Democrat-controlled Congress has not kept faith with the American people. Every American knows he cannot continually live beyond his means.

The Republican Party advocates a legislative policy to obtain a balanced federal budget and reduced tax rates. While the best tax reform is tax reduction, we recognize the need for structural tax adjustments to help the working men and women of our nation. To that end, we recommend tax credits for college tuition, post-secondary technical training and child care expenses incurred by working parents.

Over the past two decades of Democrat control of the Congress, our tax laws have become a nightmare of complexity and unfair tax preferences, virtually destroying the credibility of the system. Simplification should be a major goal of tax reform.

We support economic and tax policies to insure the necessary job-producing expansion of our economy. These include hastening capital recovery through new systems of accelerated depreciation, removing the tax burden on equity financing to encourage more capital investment, ending the unfair double taxation of dividends, and supporting proposals to enhance the ability of our working and other citizens to own "a piece of the action" through stock ownership. When balanced by expenditure reductions, the personal exemption should be raised to $ 1,000.

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