Libertarian Party unveils 'Prosperity Plan'

We've seen the mess the Democrats and the Republicans have made of the U.S. economy. Does anyone else have a better idea?

I'm glad you asked. The Libertarian Party, the nation's third largest political party, has released its "Prosperity Plan" calling for the repeal of the income tax and an end to corporate welfare. The plan also scraps IRS, balances the federal budget, curbs tax hikes and eliminated bailouts.

"Tens of millions of Americans are angry, fed up and demand real reform," Libertarian National Committee Chairman William Redpath said in a statement. "The Libertarian Party is the only party that agrees with those tens of millions of Americans that government should stay out of both their pocketbook and their personal decisions."

The "Prosperity Plan" would:

1) Repeal the income tax: Adopt legislation repealing the income tax and abolishing the Internal Revenue Service. Until the income tax is repealed, adopt legislation preserving the 2001 and 2003 tax cuts and enacting across-the-board income tax cuts.

2) Adopt the Balanced Budget Amendment: Adopt a constitutional amendment requiring the federal budget be balanced, and balanced exclusively by cutting expenditures, not by raising taxes.

3) Abolish corporate welfare and bailouts: Adopt federal legislation prohibiting any federal spending program that provides payments or unique benefits and advantages to specific companies or industries, terminating programs that provide direct grants to businesses, eliminating programs that provide research and other services for industries and ending programs that provide subsidized loans or insurance to businesses.

You can download the entire Libertarian "Prosperity Plan" at http://www.lp.org