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November 22, 2011


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Matthew Reynolds

They should close most tax loopholes and reduce rates for the personal income tax.A Sales Tax could replace the revenue lost from cutting tax on inheritances,capital gains,dividends,corporate profits and money repatriated by business from overseas to zero.

A simpler income tax system and taxing consumption rather than wealth creation could spur investment.If you overtax the profits from job creating investment then you do not get new employment opportunities.

A bonfire of regulations and sweeping tax reform could get the economy into a better place via greater efficiency and fewer distortions.A productivity surge as was seen in the Reagan Era could generate millions of new jobs possibly tens of millions on the back of a hyper competitiveness.

Privatisation of healthcare and social security coupled with big cuts in agriculture,labour,education,transportation,energy,commerce and the federal payroll in general could help shrink the federal government.Federal spending raced out of control during the Bush years and has got still more chronic under Obama.

We need to get the US economy up & running and as Harding,Coolidge,JFK and Reagan showed that cutting top rates of income tax produce more revenue as avoidance falls and productivity rises.Even under George W Bush this logic was borne out.

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