Did you know that there is over $13 trillion of American Capital in offshore banks due to the high tax structure in this country, money that could be used to create jobs?
How to bring that money back home?
Install a federal consumption tax to replace the federal income tax and all other income taxes including the social security tax.
A well researched proposal called the FairTax would do the job. If the FairTax eclipsed income taxes, not only would the IRS be out of your life, but the $13 trillion in moneys held in offshore banks would come home, dramatically stimulating the economy.
Grimgold
If we really want to help our country, we need to resuscitate and implement the Social Credit system, not push through yet another restructuring of how the government taxes us.
Comment by Peregrin — December 5, 2008 @ 2:35 am
Peregrin, tell me more.
Comment by grimgold — December 5, 2008 @ 10:47 am
So you are advocating the distributionalist system, where the means of production are not owned by the individual?
Comment by grimgold — December 5, 2008 @ 4:31 pm
This is a common misconception. This is not a distributionalist system and it does not take means of production away from anyone, with the exception of taking away the ability of banks to create new money by fiat.
Understanding Social Credit means disassociating in your mind the concepts of “wealth” and “money.” “Money” is just a medium of exchange. “Wealth” is the real resources and production goods of the entire system.
The basic problem with our economic system is the consistent disparity between production and consumption. Social Credit seeks to balance the disparity. It’s worth a read.
Comment by Peregrin — December 8, 2008 @ 2:06 am
Good idea, Peregrin, as well as reinstituting tariffs and rebuilding our manufacturing base.
Low-paid workers in a ‘service economy’ can’t afford to buy decent homes and save money as they are always living on the edge, and we’ve seen what happens when you increase the credit lending limits beyond the ability of the lendee to pay — it’s a sure disaster.
It baffles me why our ‘economic experts’ can’t get it through their thick skulls that basing an economy on the production of other countries inevitably leads to a devalued currency and a depression as people paid low wages simply can’t afford to buy products manufactured elsewhere — especially the big ticket items like TVs, cars, electronics and appliances.
Since Reagan, we’ve been living on the fumes of our once great economy.
Comment by RS Janes — December 8, 2008 @ 7:51 pm
Peregrin, you are absolutely on target. Wow! Fiat money is evil. Unfortunately most people don’t even know what fiat money is, so the govt gets away with it.
RS, easy on the raising of tariffs; that was one of the things that turned the 1929 recession into the Great Depression.
Another idea to help our economy:
One of the benefits of a federal consumption tax is its efficiency. It would make America more competitive.
For example, businesses would no longer have to employ tax accountants, tax attorneys, and tax lobbyists so as to cope with that Nazi organization, the IRS.
All these costs are passed on to the consumer resulting in higher prices, and therefore lowered ability to compete on a global scale.
The federal consumption tax substituting for all income taxes, so they would be utterly abolished, would again make us conpetitive so we would once again become more than a service economy.
Please at least thumb thru the FairTax book.
Thanks, Grimmy
Comment by grimgold — December 8, 2008 @ 9:35 pm