You're right, here's a like to the recent and upcoming presentation.
I think $2's easy if the market's stable, but it's hard to rise in a market that's falling and I'm uncertain that won't continue until we have a stronger degree of confidence in the economy recovering. It's unfortunate, but our Politicians are putting Party above Country in not compromising on policies which most American's would say are right for the time.
Personally I'm all for greatly cutting corporate taxes, while greatly increasing revenue from corporations. I know that makes no sense, until you lower the rates dramatically, but remove the loopholes that have many corporations paying nothing. I'm not saying all exemptions should be removed, but lets lower the rate dramatically, strike all the current laws, then revisit those exemptions where a strong enough case is made to do something, but in every case that something should assure some tax is paid.
Some of our biggest corporations with tremendous profits currently pay nothing, or extremely low rates. If I remember correctly GE for example earned $7 billion and paid no taxes. To my way of thinking they shouldn't pay $2+ billion, which they would if they paid at the full corporate tax rate, but a 10% tax rate would cost them $700 million, I believe they'd agree its a fair rate.
There is a risk in simplifying taxes and tax law, we'd be adding to the unemployment picture as so many accountants and tax attorneys wouldn't be needed. Product prices could probably come down as legal and accounting costs would come down and even after paying the taxes, earnings would go up.
Imagine what would happen if we said all the laws past by Congress could be no more than 50 pages double spaced 10 pt. type. I suspect we'd have laws that were easily understood and contained virtually no pork as it couldn't be hidden in thousands of pages. Congressment who wanted billions to build an International Airport somewhere no one flies to, cause it's in his district, would have to write and defend such a bill. I'm not saying the money shouldn't be spent, but instead of that airport, perhaps it ought to be spent building new highways, upgrading our power transmission, sewage systems, fresh water systems, etc. Imagine what would happen if when their is flooding along the Mississippi and a drought in Texas that we could pump some of the excess to where it was needed. While I doubt we could ever pump enough to avoid all floods, we could diminish their impact, especially if we started pumping well before flood stage was actually met.
I know the above won't happen, but there is so much good we could do if we put our mind to it, but what the heck, lets get another International Airport built somewhere in the middle of nowhere, perhaps in time a city will grow around it. It's what our Congressmen do for their district while other Congressmen get their support for building something else equally unneeded in their districts. It's the American Political Way.
Gary
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