The emperor's new economic plan
Here it is, the emphatic and delusional ranting of his majesty the Emperor Barack Obama. This is what America needs, don't read it, don't pay any attention to the opinions of others, believe me when I say, "This is the bill that Congress needs to pass."
His highness states empirically that the recommended jobs package would combine tax cuts, by reducing the Social Security payroll tax. What he doesn't say is that down the road there will be no Social Security plan. This is fine and dandy for those not counting on Social Security, but how many Americans are not?
Citizens of America, if you do not come from a wealthy family, if you do not have a retirement package at your place of employment or if you do not believe that others will offer you handouts upon retirement, you have to realize that this scam is going to bury you. Literally.
A man sitting next to me in a waiting room recently began holding forth, disparagingly, on "Boehner and his crew" and the fact that "they have never given Obama a chance."
Sometime into his commentary he revealed his Republican allegiance. Yay!
Similarly, I, a Democrat, sometimes think New York Times conservative columnist David Brooks has good ideas.
But far too many Republicans in Congress resemble terrorists.
Our own Sen. Rand Paul voted to crash our economy, taking the world economy down with it. Thankfully, reason prevailed.
Now this 112th Congress has returned from summer vacation and is hard at work trying to accomplish anything constructive.
With 9 percent unemployment costing our country $1 trillion a year in lost productivity, you'd think they would create jobs.
Instead you are going to hear a lot of hogwash from these terrorists like "taxing the rich kills jobs" and "we can't afford unemployment insurance" and "the debt is our main problem" — fallacies coined by our other senator, Mitch McConnell, and his Republican cabal.
Clearly, their objective is to keep the economy sour, using it as a political weapon to make President Barack Obama look bad.
Terrorism: "... violent acts which are intended to create fear (terror), are perpetrated for a religious, political or ideological goal, and deliberately target or disregard the safety of [innocent bystanders]."
If the shoe fits, wear it.
A patriotic tax
The definition of a patriot is: "One who loves, supports and defends one's country."
I was a soldier during the Vietnam War, stationed in Udorn, Thailand, for two years. The soldiers in South Vietnam and Guam paid no taxes on the measly income they received. Though stationed closer to North Vietnam than those in the South, I was required to pay taxes on my $390 per month income. I did not complain about the troops in the South but thought it strange the troops in Guam paid no taxes while we had to.
In the end, I did my job and paid my taxes. It was the patriotic thing to do.
Most of today's very high earners derive most of their income from capital gains. The federal capital gains tax is 15 percent. We need to revise the tax code so these rich — and, by the way, you don't see many of their sons or daughters going off to war — pay their fair and patriotic share.
Eliminating loopholes and certain exemptions, deductions and tax credits could lower the nominal tax rate on the wealthy from 35 percent to 25 percent (Republicans and Tea Party followers would love this). At the same time, raise the capital gains tax rate to 25 percent (they would hate this).
Many of our forefathers not only donated their time but their lives and material wealth to the cause of freedom. It is now time the wealthy do the patriotic thing and "fight" for the cause of freedom by paying their fair share.
Surely you've heard the one about the football coach who routinely punted the ball away on first down. Asked why, he responded, "It's defense that wins games."
From our republic's birth the federal government has been beefing up its defensive playbook. Each new formation began with good intentions; some have worked well, others haven't, but most still exist nevertheless. Recently, the government seems to have adopted a prevent defense against its own offense.
The defense-only strategy isn't working. Team USA needs to break out the offensive playbook. It's in a steel safe labeled Patient Protection and Affordable Care Act in Washington. Crack the safe to remove the film-wrapped package labeled EPA Energy/Climate Change/Endangered Species. Cut that to find rigid plastic packaging labeled Dodd-Frank Wall Street Reform and Consumer Protection Act. Slice that to find a shrink-wrap labeled NLRB and Other Regulations and Unfunded Mandates. Retrieve the Offensive Playbook: Private Sector.
Open the Offensive Playbook. Execute chapter one steps: (1) Cut corporate tax rate to 0-10 percent; urge the repatriation of offshore profits. (2) Eliminate capital gains tax; eliminate estate tax and Alternate Minimum Tax. (3) Establish lower minimum wage for inexperienced 18-25-year-olds. (4) Adjust personal tax rates.
Unbridling the offense will renew consumer and business confidence, put sidelined cash into play, and begin rebuilding the economy and creating private-sector jobs while also increasing tax receipts.