1. Drop corporate tax rate to 10%.
2. Repeal Sarbanes Oxley.
3. Drop Capital Gains tax to 0.5% and use all of the revenue to pay off whatever “bailout” plan Congress approves.
4. Freeze the federal budget — no new spending, no budget increases, except maybe defense.
Why:
1. Corp taxes in the USA are the second highest in the world. Drop them to the lowest, and watch the foreign investment soar. Bring money and jobs back to our own country without having to pass more regulation that won’t work. Obama bemoans jobs moving off-shore. Duh! His plan to raise taxes on corporations will only make the problem worse. McCain’s plan doesn’t go far enough. We want to be the best place for companies to come to and set up shop, not the second or third best.
2. SOX is a disaster, not accomplishing its goal and preventing thousands of companies from going public. Like it or not, we have a public market economy; most of us rely on new and profitable companies entering the public exchange for our retirement plans. SOX is a massive hindrance.
3. Removing the punishment of capital gains tax means people will be more likely to invest their earnings, spurning growth, instead of hiding their money away in other areas that aren’t taxed so high but don’t benefit the public on a whole, or sending their money overseas where it doesn’t benefit our economy. Remember, we need growth and investment to raise the value of our currency and make jobs.
4. Obviously, we spend too much.
The answer to getting out of debt; to rising unemployment; to revenue shortfalls (not that we have that), is growth — not more government interference.
Feel free to write my name in for President come November 4.