Four reform steps will have capital flowing with no government bureaucracy and
no taxpayer burden.

First, suspend the mark-to-market rule which is
insanely driving companies to unnecessary bankruptcy. If short selling can be
suspended on 799 stocks (an arbitrary number and a warning of the rule by
bureaucrats which is coming under the Paulson plan), the mark-to-market rule can
be suspended for six months and then replaced with a more accurate three year
rolling average mark-to-market.

Second, repeal Sarbanes-Oxley. It failed
with Freddy Mac. It failed with Fannie Mae. It failed with Bear Stearns. It
failed with Lehman Brothers. It failed with AIG. It is crippling our
entrepreneurial economy. I spent three days this week in Silicon Valley.
Everyone agreed Sarbanes-Oxley was crippling the economy. One firm told me they
would bring more than 20 companies public in the next year if the law was
repealed. Its Sarbanes-Oxley’s $3 million per startup annual accounting fee that
is keeping these companies private.

Third, match our competitors in
China and Singapore by going to a zero capital gains tax. Private capital will
flood into Wall Street with zero capital gains and it will come at no cost to
the taxpayer. Even if you believe in a static analytical model in which lower
capital gains taxes mean lower revenues for the Treasury, a zero capital gains
tax costs much less than the Paulson plan. And if you believe in a historic
model (as I do), a zero capital gains tax would lead to a dramatic increase in
federal revenue through a larger, more competitive and more prosperous economy.

Fourth, immediately pass an “all of the above” energy plan designed to
bring home $500 billion of the $700 billion a year we are sending overseas. With
that much energy income the American economy would boom and government revenues
would grow

Source: Corner.NationalReview.com