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June 13, 2011


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Matthew Reynolds

As we read in The Sunday Times recently business the USA have £2 trillion in cash in the bank.Also killing off the federal corporate income tax would according to what I heard on Fox News lately bring tens of millions of jobs to the USA.

What we need in the US is a plan to kill off Obamacare,to slash the federal payroll year on year for six years and to reform entitlements & healthcare.Whole government departments such as education,labour & agriculture should die.Many federal functions should go to the state level with no federal funding so if the states want it then they must fund it.Federal mandates need to be scrapped.Procurement needs to be more efficient too.All regulations introduced since January 2008 get an automatic sunset clause meaning that they expire as of January 2013 unless renewed by Congress.All new rules die after a year unless renewed by Congress and small business can opt out of a huge number of federal regulations which could be watered down for big business.For every new rule brought two must die and all federal agencies & departments get the money spent on regulating business as a fixed item of spending to be cut year on year.

Corporate income tax,death tax,dividend taxes & capital gains tax get phased out over six years.Federal oversight needs paring back too.Most personal income tax breaks need to die and Sales Tax could rise.This along with some money from cutting federal spending could pay for reducing personal income taxes so the first $20,000 p/a is free from tax (or $40,000 p/a for married couples),with incomes of between £20,000 p/a & $200,000 taxed taxed at 15%(or between $40,000 p/a & $400,000 p/a for married couples) taxed at 15% and incomes exceeding $200,000 p/a (or $400,000 p/a for married couples ) taxed at 25%.That could be phased in over six years in which time the budget will be balanced.

These tax cuts would send investment surging and with it higher productivity and thus more revenue.Less tax dodging due to lower & simpler taxes would boost revenue too.

We need to see revenue rise and federal spending fall to foster job growth & deficit reduction.Surely these ideas can only be better than the Obama inspired fiasco that we have now ? They mean certainty & stability as well as a sound conservative direction of travel.

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