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More Jobs, Fewer and Lower Taxes (Page 2)
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First KISS: Create Jobs Right Now
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Create jobs immediately by eliminating the corporate income tax (and all other
fees, local taxes, assessments, ad nauseum) for any corporation that adds 10%
to its permanent workforce and/or 20% to its total workforce.
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Corporations are not the bad guys, it's the over-paid greedy dogs at the top
that need to be leashed and disciplined by their employers - the shareholders,
theoretically anyway. How about this for a start: all salaries above $1 million
are paid in the form of dividends on common stock; all bonuses are "divvied up"
dollar for dollar between all employees, full time or part time; there are no
stock option programs.
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Offset the Federal tax revenue loss by outlawing all forms of "earmarks" on any
legislation ever; limiting all lobbying efforts to legitimate industry, employee,
and public interest associations; and by enacting a 2% Federal Sales Tax on
everything purchased by final consumers - no exceptions, period.
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Create "Green Energy Bonds", sold to investors with full federal guarantees,
and used to help start up a Green Energy Investment Bank chartered only to
provide low interest loans for developmental private sector projects. While
we're at it, bring back the distinctions between, commercial banks, savings
and loans, and investment banks.
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Second KISS: Lower and Eliminate Taxes
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Lower taxes immediately by phasing in a mandated private SSRIA program for all
workers, private and public, from 1st day mailroom clerk to President of the
US of A. Reduce Social Security Taxes to 3% over a five-year period and use
that money to create a deferred, fixed-income, life-annuity for every worker.
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Seventy percent of SSRIA investments would include US Government Bonds, state
and local Municipal Securities, with the balance managed in non-derivative,
individual equity investments regarded as Investment Grade Value Stocks. No
investment income of any kind would ever be taxable by any government.
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SSRIAs would be created and managed by fixed-annuity experienced private sector
companies, and the annuity contracts would "travel" with the employee until
retirement. All SSRIAs would have identical provisions, no sales commissions or
marketing expenses, and slightly below industry level investment management fees.
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Employees would be assigned randomly to provider companies, and each contract
would include "return of premium" term life insurance until annuitized. Add
an additional 3% to the Federal Sales Tax to replace the reduction in federal
tax revenue.
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Third KISS: Produce Sustainable Economic Growth
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Now that we've become more competitive in world markets, assured retirement
benefits for all workers, and helped to save the planet, it's time to provide
equal opportunity for all of us to attain the American Dream without big
brother's assistance.
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Replace the personal income tax side of the Internal Revenue Code with a 5% flat
tax and an additional 10% sales tax - maybe even a mandated 2% insurance premium
for universal basic medical coverage. But at the end of the process, all
reported income pays a 5% income tax - no exclusions, deductions, adjustments,
minimums, period, and done!
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Every purchase for final consumption generates a 15% contribution to support
what we hope will become a smaller, less corrupt, more creative group of
term-limited politicians. And, once the budget becomes balanced, further tax
reductions will ensue.
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Hey, write your congressperson, make some noise, Tweet, Digg, whatever. Now
this is capital "c" change we can deal with - or at least dream about.
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Steve Selengut is the author of The Brainwashing of the
American Investor: The Book that Wall Street Does Not Want YOU to Read",
and "A Millionaire's Secret Investment Strategy". One of his
websites: Kiawah Golf
Investment Seminars.
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