He promises to balance the budget, eliminate the debt and restore the economy by cutting taxes without cutting education or damaging transportation and trade.

It's time corporate income taxes were replaced by a tax on distributions from capital, eliminating the debt bias and significantly simplifying the system.

Yet their revenues (and borrowing against them) alleviated but never eliminated his debts.

If you do not want to inject the additional funds, you will need to reduce the share capital down to 35,000, eliminating your debts with the company.

Later the remaining 40% was also repaid by the government, after the government decided to completely eliminate all debts of all local governments.