President Obama said in the New York Times said that he rejected the argument that more tax cuts are needed in the plan and that piecemeal measures would be sufficient, arguing that Americans made their intentions clear in the election.He said, "I reject these theories, and so did the American people when they went to the polls in November and voted resoundingly for change"
I totally disagree! People did not vote for the pork-filled "stimulus" package. If he would remember, he ran on a tax cut for 95% of Americas. I guess that he forgot.
What this ecomony needs an influx of cash!!!
We, the consumers, need more money in our pockets and confidence that we can do it what we want. The economy is paralyzed.
People are not confident that they will have a job or money to pay bills. No one is buying anything and hoarding their money. Corporations are saving for the next shoe to drop.
The only way to make an immediate impact on the ecomony and give a boost is to cut taxes, both for individuals and corporations.
First, there needs to be tax cut for ALL TAXPAYERS!! Not a refund check of our money. A refund check is a one-time thing that most people pay a bill off or save it. It does not get into the stream of commerce. A tax cut is (or should be) permanent that people can count on for years to come and can budget, plan and SPEND!!!!
Second, there needs to be corporate tax cut. The U.S. has the highest corporate tax rate IN THE WORLD!!! It needs to cut to at least 25%. This will affect the economy two fold. First, corporations do not "pay" taxes. The consumers pay it when the buy from companies. Secondly, it will allow companies to have more money for investing in employees, equipement, supplies, expansion, etc.
Third, eliminate the capital gains tax!! This is the most regressive tax. It punishes achievement and discourages investment. Why invest when you are going to be taxed at 15%? People should be rewarded for putting their money and talents at risk.
The President wrote this in an opt-ed piece in the New York Times, "this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse. The Action Americans Need."
He is totally wrong!! If Congress and the President would do these three things, it would immediately help the economy. That is the action that we need, NOW!
