Season’s Ripe for an Economic Candidate!

Considering that the U.S. Economy has been in a near 30 year (there’s support for stating it goes back to 1970) death spiral you’d think that a Presidential candidate would have had ample time to craft a compelling economic plan as part of their platform. The obvious target is the Tax System however, you really can’t deal with that until you deal with trade policy that suspends portions of the tax code where the beneficial interests of the multi-nationals are concerned (of course no candidate would dare tell you that truth).

I’ve written extensively about various tax concepts over the years and I’ve modeled several versions and I believe my latest iteration is by far the best yet (more on this in a moment). So, if you’re a candidate or a conscientious voter, might I suggest that you read my third book, Valor in Prosperity, or for the thinned down version consider the following:

(1) Suspend all International Trade Agreements.

(2) Suspend all legislative acts that transfer regulator authority via enabling legislation; if the representative process didn’t specify the specific regulatory code being enforced then no entity, subordinate to the Congress, should ever have legislative power to create it.

(3) Restore the Glass-Steagall Act; reposition the Federal Reserve under the authority of the U.S. Treasury reforming currency issuance to a ratio of real (excluding Gov’t) GDP based on and measured solely on productive (fungible) output.

(4) Consolidate all government retirement plans under the Social Security Administration. Ultimately phasing-out that system with a far better alternative (more on this if you ask or care to read one of my books.)

(5) Abandon ObamaCare and all government affiliated health care programs such as Medicaid/Medicare in favor of a far better market-centered approach that shifts the burden of performance to the market-based healthcare system.

(6) Incentivize investment in domestic productive capacity, at the corporate/business/investor level, thru the only tax-based accommodation available; rate reduction credits tied to domestic production & export levels.

(7) Disable collective bargaining entitlements/mandates in favor of a comprehensive (national) standard with punitive enforcement powers overseen by Congress however administered by regional labor court.

(8) Mandate Federal term limits of no more than 2 terms.

(9) Mandate that no actively serving Senator or Congressperson can run for the Presidency.

(10) Pass a Constitutional Amendment that eliminates, special interest trafficking of funds to any Federal elected official or employee.

(11) Pass a Constitutional Amendment limiting any/all donations to elected officials or campaigns to a maximum of $500, by individuals only, for the current campaign, but in no event for the duration of a current term. The Amendment should also establish a Public Broadcast Channel(s) which will be made available to all candidates for a period, which includes any/all campaign activities, of 90 Days prior to an election.

(12) Tax Code: For individuals, establish a minimum annual tax liability based on 12.5 percent of their gross annual income from active employment income only offset, annually, by an amount equal to 5.75 percent transaction tax paid on all non-consumable items/purchases collected at point of sale.

For corporations/business entities (excluding only the Self Employed) the method of revenues subject to tax would be dramatically altered. The tax rate would be 9.5 percent and applicable to Annual Gross Revenues reduced only by direct production costs attributable only to domestic production including active capacity plant costs, direct production and production administrative wages and 30 percent of development costs specifically attributed to product development. A maximum rate reduction credit of three, four or five percent would be available based on domestic component percentage of either products produced in the U.S.; the applicable ration would be 70 percent, 80 percent and 90 percent respectively. Companies selling products within the U.S. having no domestic production or minimum tax liability would be assigned a supplementary excise tax, terminal collected or secured, of 4.25 percent calculated at published retail price net of any product loss.

(13) Pass a Constitutional Amendment prohibiting the use of specifically allocated funds for any other purpose then as intended; this would prohibit the use or raiding of SS or Highway Transportation fund, as an example, for general fund/use purposes.

(14) Pass a Constitutional Amendment requiring an annual balanced budget including all off-budget items.

There’s several other areas that need to be addressed such as various, incestuous and fiscally malignant, bureaucracies such as the Dept. of Education, EPA, BLM and GSA to name a few. Then of course there is the U.S.P.S and Amtrak, necessary entities that given the demand and nature of their function should be profitable enterprises. Then of course there are other economic capacities that the government should be making money from such as Oil & Gas Leases and Mineral and Timber Reserves etc.

Clearly, with this short essay you can see there are many targets of opportunity. Use this information, sound and practical as it is, to start challenging candidates. If you have questions, post your thoughts and I will gladly reply.

Curtis C. Greco, Founder

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