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We all need to save money to send our kids to college, to buy our first house, and to retire. But the truth is that most of us don't save very much.

Americans are not saving enough for retirement.

Saving enough to retire has become impossible for most Americans.

Anything that we can do to raise personal savings is very much in the interest of this country.

What I do is allow middle-income families to finally be able to save their money tax-free. No tax on interest dividends or capital gains for middle-income Americans.

If I could wave a magic wand, we would eliminate income tax; we would eliminate corporate tax. We would abolish the IRS, and we could replace all of it with one federal consumption tax.

This is a simple change that will provide a huge financial boost for many Americans, particularly low- to moderate-income families. It is an important step in making sure we do everything we can to encourage all Americans to save and plan for the future.

Obviously, people with low or even moderate incomes could not afford such savings rates, and even diligent savings from their low wages would not be enough to pay for either retirement or healthcare.

So we want to change the tax system. We want it to be fair, and we want to see some tax relief because people do three things when they get a little extra money in their pocket: They save it or they spend it or they invest it.

We need to end permanently the tax that punishes American values of savings and investment and of building small businesses and family farms and ranches.