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Baby Boomers: Repent Partisan Politics Or Bend Over for Uncle Sam
Wrong direction. Economists since Aristotle, Adam Smith, Kennedy and Reagan knew and demonstrated for millennia: lower tax rates generate higher revenues and more prosperity.
http://www.webcpa.com/news/Tax-Revenues-Dive-50609-1.html?zkPrintable=true
Thus the 1% Transaction Tax to save our economy.
Based on a quadrillion worth of transactions a year, the 1%TTTT can generate $10 Trillion in fair tax revenues a year, enough to pay down our debt with a true spending freeze across the board passed by Congress and upheld by an economically enlightened Supreme Court.
Arguments that a transaction tax may drive markets and economy offshore are specious.
That already happened with 35% income taxes applied inconsistently via special interest lobbyists who produce nothing but hardships for others.
In fact, a 1% Transaction Tax may suck capital back to America from around the world in unprecedented proportions, setting off a chain reaction thermonuclear capital cascade that returns productivity, jobs and saving to America where they belong.
We just have to take stupid beggar thy neighbor politics out of our economy for good.
Can we the people accomplish that this Fall?
Otherwise, get the KY Jelly or Vaseline, passports or plastic body bags and crematoria ready.
Regards*Rich
February 9th, 2010 at 3:28 pm
USA Today just quoted Stephen Goss, chief actuary for the Social Security Administration:
“Things are a little bit worse than had been expected,” he said, “Clearly, we’re going to be negative for a year or two.”
Seems declining mandatory FICA payroll taxes, earlier retirements and 10% disability brought the day of reckoning 7 years earlier than expected.
Hint: This is not inflationary, but default-driven deflation…
Aloha Regards*Rich