Income inequality is the name of the political game in 2014.
Democrats and Republicans alike have taken on the challenge of addressing America’s rampant, deep-seated inequality as the cornerstone of their platform for the upcoming midterm elections.
To this end, President Obama unveiled his first five “promise zones” this afternoon in a White House press conference. These zones are pockets of the country that will receive comprehensive federal assistance after being especially hard hit by the recession. There will ultimately be 20 zones across the country.
The “promise zone” plan – zones are located in San Antonio, Philadelphia, Los Angeles, Southeaster Kentucky and the Choctaw Nation of Oklahoma – aims to cut red tape and streamline federal funding from government agencies. In this way, specific zones can benefit from strategic, targeted government funding in the areas it needs it most.
Across the aisle, Senator Rand Paul introduced a bill to Congress to create “Economic Freedom Zones” that would reduce taxes and ease government regulation in distressed areas.
Speaking in Detroit last month, Paul argued that the measure would “leave over $1.3 billion in Detroit” over 10 years by slashing personal and business income tax to 5 percent, eliminating capital gains taxes and offering other incentives for people and businesses to move to designated zones in economic distress.
Paul was invited to the President’s announcement this afternoon and was expected to join Senate Minority Leader Mitch McConnell at a private meeting with the President to discuss the initiative.
“They say the sincerest form of flatter is in imitation,” Paul told Fox News.