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A Quick Jolt For the Auto Economy, Plus
Ten
by
Steve Selengut
Thirty Billion Dollars is a huge amount of money, but it translates
into less than $100 per US person--- a small price that we should
all be willing to pay to give the Automobile Industry time to
restructure itself and to save a few million jobs.
Give them the green, but have them pay it back in a more economy and
environment friendly manner. Here's the deal:
Every new American-made car buyer would receive a debit card along
with his ownership papers. The card could be used for anything other
than the car purchase itself. Card amounts would vary from $6,000
for "smart" cars, through $3,000 for fuel-efficient sub-compacts,
$1,000 for other borderline greenies.
The debit cards would lose 20% of their value per month if not
negotiated. All debit cards would function as free passes for all
highway tolls so long as they are used with the proper automobiles.
The 60's gas-guzzler tax would be resuscitated and applied to all
V-8's, SUVs, low gas mileage vehicles, and non-commercial-use
trucks--- none of which would be eligible for the debit cards.
The tax would apply to all cars, foreign and domestic, and would be
paid directly to a new private company formed by the top ten US
insurance companies. This company would be the prototype business
model for annuitizing the existing pensions of Social Security
recipients.
And for the rest of us, let's encourage our elected representatives
to try this list of popular economic stimulus ideas. Or, perhaps a
better option, we could just fire them and start over.
One. Phase out all corporate income and nuisance taxes over a
three-year period, 50% immediately. Then, assure that corporations
use 60% of the savings for job creation and/or non-executive salary
increases.
Two. Eliminate all death and gift taxes at any level.
Three. Eliminate all taxation of retirement income received from any
source (including Social Security, IRAs, private pensions, 401(k)s,
etc.), and paid to persons age 55 and over.
Four. Slash Social Security taxes 50% for every employed person, and
initiate a mandatory deferred annuity program (see SSRIA) for
younger workers. Phase out corporate matching Social Security
contributions over three years, as above, and matching self-employed
contributions immediately.
Five. Implement a tort reform strategy that reduces all claims and
legal fees by no less than 60%, and provides controls to assure that
insurance premiums are reduced commensurately. Adopt a doctrine of
personal responsibility for poor judgment, ignorance, stupidity, and
recklessness.
Six. Establish a usury law that limits credit card interest rates,
requires monthly debt reduction for card eligibility, and outlaws
all extra late fees and charges. Allow providers to freeze
delinquent accounts, but require flexible interest rates based on
credit scores. A rate cap and outlawing the unsolicited mailing of
credit applications is imperative.
Seven. Establish a 10% Federal Sales Tax on all cash (currency)
payments for goods and services. Federal sales tax receipts would be
used to fund annuitizing of Social Security payments and to fund
Medicare payments.
Eight. Replace the Internal Revenue Code with a combination of the
Fair Tax and Flat tax proposals that have been circulating through
the Congress for too many years.
Nine. Adopt comprehensive shareholder protection legislation that
would control and regulate abusive salary and benefit structures
afforded corporate executives.
Ten. Eliminate income taxation of all forms of investment income,
including rent, royalties, capital gains, and interest. Landlords
would be required to reduce rents proportionately.
Or, stop the war and spread the wealth around.
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Last modified:
January 01, 2010
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