Just a Thought
When Ronald Reagan came to office the country was a mess, even worse than now. Unemployment wasn;t as high, but it was close, however, inflation and interest rates were much higher. What di Reagan do to invigorate the economy? CUT TAXES. He reduced 7 tax codes to 3. The rates were 15%, 25% and 35%. Quite frankly, I would have preferred 10%, 15% and 20%.
However, perhaps we are looking at this all wrong. Maybe what we need to do is have those rates at 20%, 15% and 10%. Think about it, you have a family of 4, an un wed mother and three bastard children. She is able to live off Welfare. What incentive is there for that person?
Now, tax her at 20% and let me tell you, she is going to find a job that pays more so that she pays less to the gov't. and takes home more.
Meanwhile, the wealthiest 1% is only paying 10% in taxes freeing up a tremendous amount of venture capital to perhaps spur on that poorest 10% of the population.
Just a thought.
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