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Lets say in 2012 Rick Perry wins and the first thing he does is cut the capital gains, estate tax to 0%, eliminate the corporate tax, and cuts the top marginal tax bracket to 15% will it unleash the economic engine of the private sector that will rain down prosperity for all? Will it create a massive flood of private sector jobs that will significantly reduce unemployment?
It would tend to accelerate the trend to outsourcing.
No, because those corporations and businesses will just take those savings to hire more people overseas because it simply is cheaper for labor, employees are higher educated, and it's easier to hire and fire people. I know that's what I would do with my businesses that I own at least. So, yes, please bring the tax bracket down for us business owners, our investments, so we can make even more money elsewhere.
You'll never find the candidate. They are not being offered to you.
One funny thing people worry about is the dollar will no long be accepted by China. Uh, isn't that what we want? I mean everyone says stop buying Chinese junk or else they might stop selling it to us because our dollar has no appeal.
This is the kind of economic commentary I see. My recommendation is to read 19th century economics first and stop reading syndicated articles on the Internet that "it could be this but on the other hand it could be that" and "save a dollar a day with coffee in a thermos".
No candidate will do this:
* A tax holiday on the tax disguised as retirement insurance. The social security withholding is a direct tax on labor like a gun to its head.
* Raise interest rates to restore the fortunes of savers who are the most efficient with their placement of capital. This will also offset any inflation from the deficit. Its also a sound rescue plan for those on fixed incomes. End the tax holiday on the banksters.
*Increase the deficit to offset rising interest rates to keep up the money supply growing moderately.
* Increase the gas tax(sorry, the populace should not be fleeced by financial gimmicks, but you are still pigs)
* demand that China floats their currency or apply tariffs.
* Turn Mcmansions into jails for Wall Street crooks. Housing will be provided for the guards from the ground flood up. Basements will be converted into holding cells.
All a deficit means is the money supply will increase. As long as it offsets the shrinkage of private credit in concert with higher interest rates there will be no inflation. As long as the "expense" incurred is put into the hands of labor and not spent on boondoggles, there will be no effective "debt". All that will happen is more interest free money will circulate instead having to contribute into the prostitution expense fund for Citibank VPs.
No, because those corporations and businesses will just take those savings to hire more people overseas because it simply is cheaper for labor, employees are higher educated, and it's easier to hire and fire people. I know that's what I would do with my businesses that I own at least. So, yes, please bring the tax bracket down for us business owners, our investments, so we can make even more money elsewhere.
We are being exploited like a Colony. They take our raw products and dump their manufactured goods on us. Welcome to the Third World
Rick Perry cannot do any of those things. Congress can.
That's right. Rick Perry (whoever that is) can ask, but it's ultimately up to Congress.
It would be pointless to cut Capital Gains Tax to 0%. The only thing that would do is eliminate revenues and increase the budget deficit which ultimately gets converted into more National Debt which will drive down the credit rating even further and eventually stop the gravy-train.
Rail transportation is the only real potential job growth sector (other than health care) and the Teamster's Union will block that.
Quote:
Originally Posted by bradykp
slashing the military in half would cut jobs.
Ironically, so would ending the wars in Iraq, Afghanistan, Libya and Syria. A lot of jobs are tied to the production of war materiel in the US.
Quote:
Originally Posted by bradykp
getting rid of the Department of Homeland security would cut jobs.
Perhaps. Some of those jobs might be shifted to the private sector, but I doubt it.
They'll have 10 security guards at a $4.1 Million shopping mall, but they won't put even one security guard on a $60 Million aircraft.
How daft is that?
Quote:
Originally Posted by Boompa
We are being exploited like a Colony. They take our raw products and dump their manufactured goods on us. Welcome to the Third World
So how does it feel?
You didn't have problem doing that to dozens of countries over the last 100 years, which is how you acquired all of your wealth and your standard of living and your jobs that pay 125x to 500x what other people in the world made.
Now that it's being done to you, it seems you're filled with angst.
Lets say in 2012 Rick Perry wins and the first thing he does is cut the capital gains, estate tax to 0%, eliminate the corporate tax, and cuts the top marginal tax bracket to 15% will it unleash the economic engine of the private sector that will rain down prosperity for all? Will it create a massive flood of private sector jobs that will significantly reduce unemployment?
No.
The reason we have high unemployment in the US is because jobs are overseas. Initially in the 90s and early 2000s companies moved overseas to reduce costs: primarily labor costs. Labor costs include taxes (IMO not a huge amount), salaries and regulatory compliance around worker rights and benefits...
I just finished a research paper on outsourcing, and it seems a newer trend in outsourcing is so companies can position themselves to get a piece of the pie in "emerging markets."
Lots of companies are doing the same thing.
Imagine you're a CEO or own a company...are you going to come back to the US because of lower taxes...and give up ground to competitors? NO way. Taxes were not a major factor in outsourcing...and "job creators" actually have a lot more cash than they've had for a while, and a lot of companies are more profitable than ever AND are hiring... overseas.
I would LOVE to pay ZERO capital gains. It would be awesome, so I hope they do it...but sadly for a lot of us state-siders, there's NOTHING (whoops did I say that) the government can do to force the private sector to create jobs in the US. Nothing, zilch, nada. No matter what they promise.
We are being exploited like a Colony. They take our raw products and dump their manufactured goods on us. Welcome to the Third World
Well we're to blame mainly because our education system is failing, our healthcare is failing, and we put to much emphasis on capitalism when the main drive is to make more profits.
Since when is it a business owner's duty to hire within the US even though it helps people out? When it boils down to going out of business to keep jobs here vs. making a profit, most, if not all businesses will take it overseas.
With the internet, the world has become a global economy and you can work anywhere and sell to anywhere. It makes no sense to hire someone in the US, pay employment taxes, state, federal, EDD, worker's compensation, benefits, etc. when you can hire someone in another country with better education and more experience with half the wage. Is it right? No, but it's capitalism and the system works on survival of the fittest and right now we are not the fittest.
Sure we can hate on the Chinese and India, and it's easy to because they're eating our lunch, but you either better your game or you lose. The US continues to spend and spend, even at the consumer level - buying on credit, but still not making anything. Our standard of living remains high, but we're not making the same amount of money we once used to. So you either cut your spending habits or move to a smaller house and take up that dishwashing job you always abhor - neither of which Americans want to do.
bidness don't need no guberment. If day wawnt ta go ovah sees day con dodat
I don't mind them not using my navy to protect the sea lanes.
I don't mind if Microsoft can't use the police and court systems to protect their patents.
I don't mind Cargill not getting corn subsidies.
I don't mind my tax dollars not buying their stuff.
I don't mind not spending more money on the Military because of the exploitation backlash and anti-americanism.
I don't mind not invading countries to get the minerals and running the pipe lines.
I don't mind not subsidizing water for millionaire farmers.
The estate tax should be eliminated for moral reasons, but I don't know what it will do to the economy. Similarly, captal gains taxes should only apply to assets held less than 10 years.
If we switch from an income tax to a consumption tax the government will collect more but the honest taxpayers will pay less. Why? Because drug dealers, pimps, thieves, and businesspeople who work "under the table" will have to now pay their fair share of taxes when they spend their money. That's why some call it the "fair tax." Maintain a 30% flat tax for annual income over $500K, and allow only one tax credit: for income from investments that create jobs.
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