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November 07, 2008

Comments

John

Obviously, cutting taxes is the way to go. History shows that lower tax rates lead to greater tax revenues, because more money is moving around. Instead, between personal income tax, sales tax, and corporate taxes passed on to the consumer, the aggregate tax is something near 60%! Gee, and you say the economy has been slowing?

Not that Mr. Obama is likely to be reading the News 12 blog comments, but he needs to cut taxes, especially on productive people. Wage-earners and companies that make products expand the economy. People who inherit money, loan money, or gamble it in reselling (stocks, real estate, etc.) are draining the money out of the economy without contributing, and so should carry more of the burden.

In particular, the tax break for offshoring jobs MUST absolutely stop. If American companies keep sending jobs to China, India, and Russia, then clearly there are fewer of us who will be able to help the economy get back on its feet.

Or he can bring back the New Deal. Indebt the country further to the banks (because the money needs to be borrowed from somewhere), and give us all jobs fixing the potholes and repainting buildings. It's socialism, but so is buying out major banks and insurers. At least this would give people a paycheck and get things ready for the next administration.

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