President Bush campaigned of a platform of tax cuts for corporations and for upper income people.
As I remember, the argument was something to the effect that allowing the rich to keep more money would encourage them toinvest that money in America, thus driving long term economic gain for everyone through more jobs, better jobs, more tax revenue through increased commerce which would result in lower government and national debt. Now we need something entirely new.
I propose paying our fair share. People get emotional over taxes, period. It's going to happen regardless of the plan. So lets have a simple plan. I propose our current ltax law is unlawful because it can't be understood. People do not pay their fair share. Poor people use a lot of expensive social services. Rich people use a lot of very expensive protection services. So...if you earn less than $50,000 in a year you pay 10% tax, Period. If you earn $50,001 to $500,000, you pay 20%. If you earn more than that you pay 30%. Unearned annual income from investments held for more than five years that amounts to over $5,000 up to $500,000 is taxed at 20% and over that it is taxed t 30%. All unearned income from investments held less than five years and all windfall income is taxed at 40%. Cheaters forfit all income for the year that they cheated. The same rates apply for corporations who wish to do business with or within the United States.
If any member of congress receives value (money, trips, candy, etc.) from any entity that would benefit from any legislation then that congreaa person is prohibited from voting on that legislation. Violations will result in the forfiture of that congressional seat and the nulling and vioding of that legislation. To protect free speech, congress people can introduce and debate the legislation, they just can't vote on it. This does not apply to the interests of the home state provided any value recieved is votes.
Please keep in mind that I am only trying to look at the United States economy with out including the hundreds of billions, perhaps trillions of dollars that have evaporated in the Iraq debacle.
We have given this economic plan seven years to work. That is a fair amount of time over which we should be able to spot success or failure. I think the final grade has to be failure. This is why. The richest people and corporations have been getting to keep more money for the past seven years so they could re-invest it. They did this. But, they did not re-invest in new stuff for the United States. They have been buying each other out, ccarving each other up, selling each other off and generally running around and around in ever shifting, ever merging circles. The economic engines that are supposed to drive our economy look more and more like the pack of tigers in the politically incorrect story of Little Black Sambo.
- Hedge Funds - Limited to the wealthiest financial gruops, very risky, and virtually tax free.
- Sub-Prime mortgages - What a Great idea! Lend to people who can't afford a house, mortgages that they will not be able to pay back after two years. This forces them to refinance all of the equity that a booming housing market has inflated because they get slapped with a penalty when they do it. And NOBODY saw this bust coming?
- Investing in China - I bought a pair of shoes that have holes for stitching. The shoes are glued together, Not a stitch on them! How do I know? The glue comes unstuck after one month. Can I buy shoes not made in China? No. They are making our food, our drugs, our automobile tires, our toy, our clothes, our tools and almost everything else in our stores today. I think you could write the names of corporations investing in America on the back of a match book
- Labor - how much money is the business sector investing in illegal immagration? - Billions. How many billions? I don't know off hand. But does anyone else out there have an estimate on how many billions of dollars get wired and mailed back to foreign countries in small ($20, $50 $100 per week or month) increments? This money is leaving our economy and going to poor areas of Asia, Africa, Europe and South and Central America. Some of it is being recycled to pay for more human smuggeling. Businesses are not being held accountable.
- Lobbying - How much money must rich people and rich corporations be making off of our current fiscal policy that they actually show profit from investing hundreds and hundreds of millions of dollars with sitting congressional people?
- Oil - It seems that since the top secret Dick Cheney energy policy was adopted the price of fuel has been rising. All of the increases are going to the energy companies. Last year a $1.00 /gal freedom from oil tax on $2.00/gal gasoline would have been policical suicide. This year $1.00 tax on $3.00/gal gas is anathma. But we still got the price rise and we have nothing to show for it except the forcast of $4.00 gas next year. Lets put the tax in place and use it to rebuild roads and bridges and offer a prize of $50,000,000 to the first five people who invent, build and have tested a retrofittable 100 mpg auto engine or propulsion system that can be retrofitted into existing vehiclesat a consumer cost of no more than $5,000. I would also propose that tvery member of the first factory that can produce those affordable engines at a six sigma quality level each get $1,000,000 after the first year.