Taxes & Spending: Specifics on What the GOP Should Do
Posted by iusbvision on November 7, 2010
Welcome Daily Caller readers!
1 – The massive tax code allows the super rich to hide money so they don’t pay their fair share. The tax code also picks winners and losers and slants the playing field against small and medium-sized domestic businesses.
2 – The cost of compliance with the tax code is in itself a massive tax.
3 – We need a fairer, flatter and simpler tax system that encourages people to create wealth.
4 – Change the tax code so that the rate for small business S-Corps is smaller than the high wage earner rate and not tied to it.
5 – There are not enough “rich” people to sock anyways to handle the deficit.
6 – Lower the corporate income tax but eliminate some loopholes to help attract wealth back from overseas. We have the second highest corporate income tax in the industrialized world. That sends jobs away.
7 – The best way to increase revenue is with lower tax rates that stimulate and attract wealth creation and investment. Creating and inviting more wealth to tax is the best way to increase revenue. When jobs, wealth, investment goes to China, we can’t tax it.
8 – Wealth goes where it is treated well and more and more that isn’t here.
9 – The private sector simply cannot support a government that costs $3 trillion dollars a year and stay competitive.
On Spending & Legislation:
Reform on spending has to come in forms both large and small. Remember that Obama said in the 2008 campaign that he wanted to cut spending from the 2008 levels (and instead it went through the roof).
1 – Cut spending back to 2008 levels immediately (except unemployment).
2 – Earmark abuse must come to an end. Granted legislative earmarks usually add up to less than $20 billion a year, many of these earmarks go to lobbyists clients and are used for paybacks and corruption.
3 – End funding for NPR, Arts and other fluff. Sorry folks we are dangerously in debt now.
4 – For many unionized and other federal employees, their pay is 30-300% higher than their counterparts in the private sector. On top of that many federal employees pay next to nothing for their benefits. This must be reformed. This goes for many of the states as well.
5 – We need means testing for Social Security & Medicare. We do not need to be paying for Rush Limbaugh’s and Bill Gates’ Medicare.
6 – We need to reign in executive earmark/pork spending like much of the stimulus package and the $411 Billion pork bill that was passed days after.
7 – We need a massive reform in education spending as most of it goes to bureaucrats and vested interests, not toward educating the kids.
8 – Pass SERIOUS mortgage reform.
9 – Have a review of every government agency. Either shape up, reform or ship out. Is their expense justified or is it better just to take that money and return it to the states or pay the debt.
10 – Reign in the Federal Reserve and stop them from trashing our currency.
11 – Pass FDA reform so our companies can bring new medicines and innovations to market cheaper.
12 – Pass wage & hour reform to make exceptions for apprenticeships. The minimum wage is high enough now that apprenticeship jobs for young people to teach them trade skills have almost all disappeared. Young people who do not wish to go to college need skills so they can have good jobs later. The lack of skilled labor has brought in illegal aliens to do those jobs, especially in construction.
13 – Review laws that have little benefit but kill jobs (the light bulb law comes to mind)
14 – Create enterprise zones with incentives to attract wealth.
15 – 80%+ of college graduates are not finding good jobs, student loan repayment penalties should be suspended till the economy recovers.
16 – Deal with ObamaCare problems.
17 – Re-enable the Clinton/Gingrich/Kasich Welfare Reform law that was reversed with the stimulus package.
18 – Allow states to make their own low cost health care programs like the brilliant Indiana HIP program (and many other reforms).