Monday, August 8, 2011

How To Fix This Economy In Three Easy Steps

The economic condition is very serious, and anyone serious about fixing it would need to take quick and drastic steps.

Step 1: I said it before - businesses have $3 trillion stashed overseaes because they do not want to pay 35% tax on it. Give them "tax amnesty" on that money provided they bring it home and escrow 25% to be used specifically for hiring and buying U.S. equipment. This would insure between 500,000 to 1,000,000 jobs quickly. Instead of losing 35%, they are allowed to expand, which benefits them and the economy.

Step 2: Place a 5 year moratorium on all regulations passed in the last 5 years. This would take pressure off businesses and give them breathing room, allowing them to plan their 5 year business plan and increase hiring

Step 3: Eliminate the capital gains tax for a minimum of 5 years, to induce investment to grow business and give "faith" to investors whose retirement 401K's have taken a beating

And for those who believe we need more taxes, I agree. But not RAISING taxes. Currently, 49% of all working people pay no taxes at all. I believe all citizens should be vested in America and have some skin in the game. I've been saying that for years. Maybe now is the time to make that happen. There is no excuse for any able-bodied person to be getting a free ride.

If Obama & Congress were to immediately do these three things, the economy would improve overnight just on the speculation, alone.

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