Reading Time: 5 Minutes
| By Arrow | October 29, 2024 |
With the U.S. presidential election (and with it, Virginia’s Senate election) just one week away on November 5, 2024, voters may benefit from a quick reminder of one candidate’s policy to support cutting taxes, fostering energy independence, and reducing the cost of living for Virginians.
Hung Cao, retired Navy Captain and Special Operator, and Virginia’s Republican nominee for the Senate, promises to do just that: Cut your taxes, foster energy independence, and as a result, lower your cost of living.
Cao will fulfill this agenda at an individual capacity as a Senator from Virginia, as well as a member of President Donald J. Trump’s America First / MAGA (Make America Great Again) coalition in Washington.
A Summary of Hung Cao’s Economic Platform
At the lone debate between Cao and incumbent Senator Tim Kaine on Wednesday, October 2, 2024, Cao responded to the question of how he would reduce the cost of living for Virginians.
In a nutshell, Cao’s economic platform focuses on five things:
- Energy Independence
- Supporting Nuclear Power
- Deregulation for Domestic Industries
- Lowering Taxes for Americans
- Imposing Tariffs on Foreign Imported Goods
These five points are quickly elaborated upon here:
- Energy Independence: Cao considers U.S. energy independence essential for controlling inflation and lowering consumer costs. By increasing domestic energy production, especially through nuclear power, he believes the U.S. can stabilize prices across various sectors, from agriculture to transportation, while reducing reliance on foreign oil.
- Supporting Nuclear Power: Cao advocates for nuclear energy as the cleanest and most efficient power source available, making it central to a sustainable, self-sufficient energy strategy in Virginia and nationally. He sees nuclear as a superior alternative to wind and solar for large-scale needs.
- Deregulation for Domestic Industries: He argues that over-regulation pushes U.S. industries overseas, despite American practices being among the cleanest and most efficient. Easing regulations, in his view, would help retain and grow U.S. manufacturing capacity.
- Lowering Taxes for Americans: Cao emphasizes the need to reduce tax burdens on both businesses and individuals, seeing lower taxes as a way to relieve financial pressures on consumers and support business growth domestically. This tax approach is aligned with his goal of reducing costs across the board for Americans.
- Imposing Tariffs on Foreign Imported Goods: Rather than imposing additional taxes on domestic industries, Cao supports placing taxes on imports (tariffs) to shield American businesses from foreign competition and keep manufacturing and production strong within the U.S.
Overall, Cao’s platform focuses on self-reliance, deregulation, lower domestic taxes, and reduced dependency on foreign resources to address inflation, reduce consumer costs, and build a more resilient American economy.
The Economy: Hung Cao’s Full Answer from the Debate
A transcription of the exchange between Cao and moderator Tom Schaad is below (from timestamps 10:41 to 13:12):
Tom Schaad: “Thank you. We’ll shift to the cost of living. The economy is the top issue for Virginia voters. We recently spoke with a woman shopping at the grocery store. Here’s what she said.”
Virginia Voter: “I have to budget certain things I’m not used to budgeting in order to get basic necessities like milk, bread, cheese, etc.”
Tom Schaad: “Mr. Cao, Virginians on average are spending $1,100 more per month on the same everyday items they did in January of 2021. The Bureau of Labor Statistics says that amount is slightly higher than the national average. Mr. Cao, please give us one specific policy you would prioritize to bring down costs. You have 60 seconds.”
Hung Cao: “Right now, we need to be energy independent—that is the crux of everything. If it costs more for a farmer to farm their land, it costs more for a trucker to bring it there. We’ve been made dependent on oil from countries that hate us, like Iran and Venezuela. These countries hate us in the Middle East. We need to be energy independent in this country. That means unleashing all the energy we can to bring forth American power. I heard him (Kaine) say at a forum a couple of weeks ago that solar and wind are supposedly more efficient than nuclear power. Can you imagine one of our aircraft carriers on wind power? Do you want to put sails on that? I’m a warrior by trade but also an engineer and a physicist, and I’m telling you, that’s wrong. Nuclear power is the cleanest and most efficient form of energy out there. We need to explore more of that in Virginia to become energy independent and stop relying on other countries.”
Tom Schaad: “To clarify, that would be your one policy—energy independence?”
Hung Cao: “Yes.”
Tom Schaad: “OK, thank you. Another follow-up now, Mr. Cao. If elected, former President Donald Trump has promised to tax all imported items. Would you support that policy?”
Hung Cao: “Why are our industries being pushed out? Basically, we’ve put so many regulations on industry that we’re forced to send it outwards. We have the cleanest practices in America, including oil production. Then we push it out to other countries, and with the Inflation Reduction Act and, you know, it’s really clean, green energy. And what we need to do is not tax our industries here. What we need to do is tax other countries bringing in goods, because our people are being taxed here and when they bring abroad as well.”
Tom Schaad: “Thank you.”
Conclusion
Vote Hung Cao for lower taxes, lower inflation, and overall lower cost of living for you and your family.
Also, vote Hung Cao to ensure a Republican majority in the Senate and the success of President Trump’s America First / MAGA agenda for Virginia and across America.
For more information on how to vote in Virginia, click here.
Freedom For Vietnam 