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The Tax Storm is Upon Us
Federal Tax Policy has suppressed working people at all levels of the economic strata. There is no better income to treat preferentially, than EARNED income. We want all people to work, and thus should not make personal wages earned by work the primary target of the IRS.
Since the 1980's, a shift away from taxing corportations, allowing corporate income to be shifted and hidden outside the United States, and lowering duties on imported goods has virtually eliminated corporate income taxes. Import dutes and excise taxes paid 100% of our Federal Governments Operations from our Revolution up until the 1930's.
To restore fairness, improve mobility by work from poverty to independence, to give workers pride in thier acheivement, and to reduce dependancy, I advocate a shift in Federal Tax Policy to favor lower and middle class workers.
Since the 1980's, a shift away from taxing corportations, allowing corporate income to be shifted and hidden outside the United States, and lowering duties on imported goods has virtually eliminated corporate income taxes. Import dutes and excise taxes paid 100% of our Federal Governments Operations from our Revolution up until the 1930's.
To restore fairness, improve mobility by work from poverty to independence, to give workers pride in thier acheivement, and to reduce dependancy, I advocate a shift in Federal Tax Policy to favor lower and middle class workers.
Some Folks can Fix Anythig
We are all a product of our experience, and see life from our own view. If you want to be represented by someone who knows your challanges, then vote for a person who has walked your walk, and you will get a tax policy that reflects your views. These elements are the core of tax fairness:
1) Eliminate preferential income tax rates for capital gains. Capital gains is false income. It reflects speculative perception, not actual earnings. Many people make money on market movement, via manipulation and insider trading. Always at the expense of other investors. Capitol gains should have a 10% premium income tax rate.
2) Dividends should be taxed at a flat rate of 15%, and excluded from all State Income Taxes. Dividends are the prime mechanism of keeping companies honest. How often have you heard of a company claiming it made lots of money, like Enron that did not return cash to shareholders? Preferential treatment of dividends, including those held in 401k plans build a solid framework for corporate investment.
3) Revise 401k plan rules to stabilize retirement savings, and eliminate high fees charged by plan managers. As 401k plans allow pre-tax income to be put aside, the cash portion put in by employees should be placed in accounts that are invested only in Treasury Bonds that fund the public debt. In return for the preferential tax treatment, Americans would fund the majority of our Federal Debt, making them conscience of public spending. And, no person would ever loose value in their cash portion. The company matching portion, would still be allowed to be invested in funds, stocks and other investment articles.
4) Raise import duties to rational levels. We have lowered duties on imported goods over the lasts 30 years, to the extent that our own labor rates have plummeted to third world levels. Americans should not have to compete with the poorest of the worlds economies. The Constitution says we formed this government for mutual prosperity. The second power enumerated in the Constitution given to Congress, is to regulate Trade between the Sovereign States, Foreign Nations and among the Indiant Tribes. Duties are not anti-Capitolist. They are a fundamental part of our heritage, envisioned by the Founding Fathers to protect our Colonial industries from being destroyed by the economic power houses of Europe. They were all businessmen, and knew the perils, thus outlining this power of Congress as the most important aspect of regulating commerce. If the Commerce Clause can be invoked in so many unrelated areas, it surely can be used to regulate Commerce with Foreign Nations. (See drop down menu for Letter to Editor of Sept. 29, 2007)
5) Eliminate all forms of tax credits for corporations, in return for allowing a cash accounting system that can expense all investment and development costs immediately rather than amortized. By allowing corporations to expense tooling, development and equipment, businesses will do more to sustain existing markets, and to develop new products.
6) Set a 35% Corporate Income Tax rate. To often companies have fooled investors with hiding losses on their books. This can only occur when the IRS has no stake in the truth. If company A claims to have made money, and a straight forward system of collecting taxes is established without loopholes, then companies will not be able to misstate earnings. When a company claims earings, the IRS will be there to say 'show me the cash'. A company that can pay it's taxes, is far more apt to be solvent, and it's books more accurate for shareholders. Along with emphacizing preferential tax treatment of shareholder dividends, this will make honest companies, that generate hard earnings, and that pay shareholder dividends in cash, gems of a stable Wall Street.
1) Eliminate preferential income tax rates for capital gains. Capital gains is false income. It reflects speculative perception, not actual earnings. Many people make money on market movement, via manipulation and insider trading. Always at the expense of other investors. Capitol gains should have a 10% premium income tax rate.
2) Dividends should be taxed at a flat rate of 15%, and excluded from all State Income Taxes. Dividends are the prime mechanism of keeping companies honest. How often have you heard of a company claiming it made lots of money, like Enron that did not return cash to shareholders? Preferential treatment of dividends, including those held in 401k plans build a solid framework for corporate investment.
3) Revise 401k plan rules to stabilize retirement savings, and eliminate high fees charged by plan managers. As 401k plans allow pre-tax income to be put aside, the cash portion put in by employees should be placed in accounts that are invested only in Treasury Bonds that fund the public debt. In return for the preferential tax treatment, Americans would fund the majority of our Federal Debt, making them conscience of public spending. And, no person would ever loose value in their cash portion. The company matching portion, would still be allowed to be invested in funds, stocks and other investment articles.
4) Raise import duties to rational levels. We have lowered duties on imported goods over the lasts 30 years, to the extent that our own labor rates have plummeted to third world levels. Americans should not have to compete with the poorest of the worlds economies. The Constitution says we formed this government for mutual prosperity. The second power enumerated in the Constitution given to Congress, is to regulate Trade between the Sovereign States, Foreign Nations and among the Indiant Tribes. Duties are not anti-Capitolist. They are a fundamental part of our heritage, envisioned by the Founding Fathers to protect our Colonial industries from being destroyed by the economic power houses of Europe. They were all businessmen, and knew the perils, thus outlining this power of Congress as the most important aspect of regulating commerce. If the Commerce Clause can be invoked in so many unrelated areas, it surely can be used to regulate Commerce with Foreign Nations. (See drop down menu for Letter to Editor of Sept. 29, 2007)
5) Eliminate all forms of tax credits for corporations, in return for allowing a cash accounting system that can expense all investment and development costs immediately rather than amortized. By allowing corporations to expense tooling, development and equipment, businesses will do more to sustain existing markets, and to develop new products.
6) Set a 35% Corporate Income Tax rate. To often companies have fooled investors with hiding losses on their books. This can only occur when the IRS has no stake in the truth. If company A claims to have made money, and a straight forward system of collecting taxes is established without loopholes, then companies will not be able to misstate earnings. When a company claims earings, the IRS will be there to say 'show me the cash'. A company that can pay it's taxes, is far more apt to be solvent, and it's books more accurate for shareholders. Along with emphacizing preferential tax treatment of shareholder dividends, this will make honest companies, that generate hard earnings, and that pay shareholder dividends in cash, gems of a stable Wall Street.
