Why Now?
Sunday, November 21, 2004
  Social Security and Tax Simplification
  1. Eliminate the income cap on Social Security taxes, maintain the cap on benefits and the retirement age, and stop using these taxes to finance the deficit.
  2. As originally stated in the Constitutional amendment, all income is the same, without regard to the source.
    1. Capital gains to be taxed during the year in which they are converted to cash and become income with the original cost to be adjusted for inflation before determining taxable gain.
    2. Businesses will only be permitted to deduct the direct costs of producing a product or service with an emphasis on direct.
  3. There is only one type of filer and two forms: one for wage-only filers and one for all others.
  4. The only exemption is the first $15,000 on which no income tax is paid and that is indexed to inflation.
  5. Beginning at $15,001 the rate is 15% and is incremented by 1% at every additional $25,000 beginning at $40,001 up to $515,000, with rate remaining constant above that. All levels are indexed on inflation.
  6. All surpluses are to be used to reduce the National Debt and replace the money from the Social Security trust fund. After that debt is paid off, the rates are to be adjusted downward to reflect the decrease in expenses. The tax rate should be tied to the budget, so that excess spending results in an automatic tax increase to cover the needed funding, unless overridden by a two-thirds vote of both Houses of Congress and approval of the President.

The deficits of the American government are soaking up investment capital from all over the world and depressing global economic development. The value of the dollar has been plunging against other currencies because of the rabid borrowing and this cannot continue forever. It cost $940 to buy 1,000 euros in 2001, today it would cost $1,300.

The savings rate is at rock bottom because the interest rate on savings doesn’t even cover inflation. The Dow-Jones Industrial Average has barely gotten back up to where it was four years ago. You save and invest money for increased wealth, not to watch it disappear. Real estate is the only investment that’s appreciating which a prime factor in rising house prices. If there was something worth investing in, Microsoft wouldn’t be sitting on tens of billions in cash, they would be investing it.

Insurance rates are climbing for all types of insurance because the companies aren’t making any money on their investments.

Even the demented Alan Greenspan has figured it out. We are in trouble and it is Bush’s fault. Every action this government has taken is leading the US and the world to an economic melt down.

 

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