Ten Things to Fix the Ongoing US Fiscal Cliff
1. Equalize tax rates for ordinary income, dividends and capital gains to promote growth .
2. Keep maximum tax rate at 35 percent to promote growth and be competitive in a global economy.
3. Set minimum required tax rates on adjusted gross income (AGI) as follows: 5 percent for incomes from $1 to 25,000; 10 percent for $25,001 to 50,000; 15 percent for 50,001 to 75,000; 20 percent for 75,001 to 100,000; 25 percent for $100,001 to 250,000; 30 percent for $250,001 to 500,000; 32 percent on $500,001 to 1,000,000; and 35 percent on AGI from $1,000,001 and above.
4. Lower corporate tax rate to 35 percent.
5. Fix the housing problem to promote growth of GDP at 4 percent and higher.
6.. Fix loan processing delays for small business and individuals to promote safe new loans to promote GDP growth of 4 percent and higher.
7.. Raise the social security contribution income ceiling to $500,000.
8. Raise reduced social security benefits beginning age to 65 and full benefits to 70 years as beginning in 2051.
9. Reduce discretionary federal budget by 10 percent beginning in Fiscal 2014.
10. Set and implement overall policy goal of eliminating approaching $1,200 billion annual deficit beginning in 2012-2013 by raising revenue by $600 billion and reducing expenditure by $600 billion beginning with the Fiscal Year 2013 already underway. A 50:50 solution is fair to solve the annual deficit problem and to begin to pay off the approaching $20 trillion debt by 2016-2017.
The above ten suggestions, if implemented, would get the economy roaring to more than 4 percent annual growth for a long time. Unemployment may come down from the current 7.7 percent to 5 percent by 2016-2017 in this scenario.
Best wishes to America and the world in 2013.
Happy New Year 2013.
1. Equalize tax rates for ordinary income, dividends and capital gains to promote growth .
2. Keep maximum tax rate at 35 percent to promote growth and be competitive in a global economy.
3. Set minimum required tax rates on adjusted gross income (AGI) as follows: 5 percent for incomes from $1 to 25,000; 10 percent for $25,001 to 50,000; 15 percent for 50,001 to 75,000; 20 percent for 75,001 to 100,000; 25 percent for $100,001 to 250,000; 30 percent for $250,001 to 500,000; 32 percent on $500,001 to 1,000,000; and 35 percent on AGI from $1,000,001 and above.
4. Lower corporate tax rate to 35 percent.
5. Fix the housing problem to promote growth of GDP at 4 percent and higher.
6.. Fix loan processing delays for small business and individuals to promote safe new loans to promote GDP growth of 4 percent and higher.
7.. Raise the social security contribution income ceiling to $500,000.
8. Raise reduced social security benefits beginning age to 65 and full benefits to 70 years as beginning in 2051.
9. Reduce discretionary federal budget by 10 percent beginning in Fiscal 2014.
10. Set and implement overall policy goal of eliminating approaching $1,200 billion annual deficit beginning in 2012-2013 by raising revenue by $600 billion and reducing expenditure by $600 billion beginning with the Fiscal Year 2013 already underway. A 50:50 solution is fair to solve the annual deficit problem and to begin to pay off the approaching $20 trillion debt by 2016-2017.
The above ten suggestions, if implemented, would get the economy roaring to more than 4 percent annual growth for a long time. Unemployment may come down from the current 7.7 percent to 5 percent by 2016-2017 in this scenario.
Best wishes to America and the world in 2013.
Happy New Year 2013.
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