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The simple solution : eliminate all domestic taxes on domestic producers and labor.
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Stop taxing them. Period. Zero. Nada.
It makes no sense to penalize the productive and reward the non-productive.
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Zero taxes on American business and labor will trigger an economic recovery.
In addition, the elimination of the administrative overhead and insane mix of tax subsidy and penalty will straighten out the crazy policies implemented over the last 80 years.
Taxing imported goods wouldn't level the playing field.
Tariffs are assessed based on declared values on a customs invoice, not the retail value. The problem arises from a typical invoice such as the following:
Item: Ladies Leather Handbag
Country of Origin: INDIA
Materials: Leather (cow), cloth (cotton)
Declared Value: $3.75
Duty @ 40%: $1.50
Now, that leather handbag is imported for Cole Haan, which then sells it for $350 retail. Even a 400% duty would only be $15.
Taxing imported goods wouldn't level the playing field.
Tariffs are assessed based on declared values on a customs invoice, not the retail value. The problem arises from a typical invoice such as the following:
Item: Ladies Leather Handbag
Country of Origin: INDIA
Materials: Leather (cow), cloth (cotton)
Declared Value: $3.75
Duty @ 40%: $1.50
Now, that leather handbag is imported for Cole Haan, which then sells it for $350 retail. Even a 400% duty would only be $15.
I didn't know that, thank you for the insight! That seems a huge flaw in the system to me!
I would be very wary of it. Do we really want to bring such low wage labor-intensive work here? I don't think so. Top-secret information: We actually export some goods and services to China. That would end.
Yes but our importation far surpasses our exports. I think if you went to Cleveland and asked the lovely (and broke) folks there if they would like to learn a new trade and earn some money, I bet you'd find that most would be in favor of low wages and labor intensive work. Something is better than nothing.
Which brings up a point, what happened to apprenticeships in this country. Used to be, you could go be an apprentice for say a HVAC company, they would train you on the job (for pennies) until you learned your craft. If we started promoting apprenticeships heavily again, this would help labor wages and train folks how to operate without blowing tons of their wealth on college entry fees.
I completely support a tariff on all foreign made goods that are not made in accordance with the laws that we impose on American made goods. America's period of greatest economic growth took place under high import tariffs (1860s to 1920s). During that period, Great Britain was embracing Free Trade and their manufacturing declined precipitously. Same thing is happening today between US and China. Since we don't study history anymore, people don't know this.
I'll have to read up on it Retroit thanks for the info. +1, we should be taxed less or equal to the tariffs placed on imports. That was kind of what I was getting at by starting this thread. I really don't care if we **** off China, if they are going to cheat and use slave labor to get rich off of us, someone in Govt. needs to have the balls to put a stop to the madness. I don't believe in a One World Economy, that's not sustainable. We need to get back to protecting our assets and not caring so much about feeding the rest of the world.
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