Rush Limbaugh offers a bipartisan stimulus package idea. Rush’s proposal isn’t perfect, but it certainly makes a great deal more sense than Obama’s.
There’s a serious debate in this country as to how best to end the recession. The average recession will last five to 11 months; the average recovery will last six years. Recessions will end on their own if they’re left alone. What can make the recession worse is the wrong kind of government intervention.
I believe the wrong kind is precisely what President Barack Obama has proposed….
Yes, elections have consequences. But where’s the bipartisanship, Mr. Obama? This does not have to be a divisive issue. My proposal is a genuine compromise.
Fifty-three percent of American voters voted for Barack Obama; 46% voted for John McCain, and 1% voted for wackos. Give that 1% to President Obama. Let’s say the vote was 54% to 46%. As a way to bring the country together and at the same time determine the most effective way to deal with recessions, under the Obama-Limbaugh Stimulus Plan of 2009: 54% of the $900 billion — $486 billion — will be spent on infrastructure and pork as defined by Mr. Obama and the Democrats; 46% — $414 billion — will be directed toward tax cuts, as determined by me.
Then we compare. We see which stimulus actually works. This is bipartisanship! It would satisfy the American people’s wishes, as polls currently note; and it would also serve as a measurable test as to which approach best stimulates job growth.
I say, cut the U.S. corporate tax rate — at 35%, among the highest of all industrialized nations — in half. Suspend the capital gains tax for a year to incentivize new investment, after which it would be reimposed at 10%. Then get out of the way! Once Wall Street starts ticking up 500 points a day, the rest of the private sector will follow. There’s no reason to tell the American people their future is bleak. There’s no reason, as the administration is doing, to depress their hopes. There’s no reason to insist that recovery can’t happen quickly, because it can.
As a side note, this editorial makes it clear that Rush Limbaugh has become the main conservative source of leadership for the Republican Party.
Carrie M
Too bad none of our *cough* “elected representatives” *cough* will actually listen to such reason.
Wilma
Using your words:
I say, cut the U.S. corporate tax rate—at 35%, among the highest of all industrialized nations—in half. Suspend the capital gains tax for a year to incentivize new investment, after which it would be reimposed at 10%.
First of all if corporations wouldn’t ‘rig’ their write-offs/create deliberate ‘losses’ (and I should know, I’ve audited some of the biggest ones), and stop trying to find as many loop-holes to avoid paying their FAIR SHARE, we just might get what is TRULY OWED.
Lowering the % merely adds to their ability to KEEP AVOIDING THEIR TAX OBLIGATION (and they’ve paid me good money to make sure they don’t have to cough up what is really due and payable).
As to capital gains, we should allow ALL CAPITAL LOSSES to be declared – 100%; in ANY GIVEN YEAR THE LOSS OCCURS – not held to a maximum of $3,000. Because of the limitation, a small business; individual – or large corporation has to take that carry-over loss for years – until they ‘go broke’, but certainly this isn’t fair because a capital gain is reported the YEAR IN WHICH IT OCCURS; so should the CAPITAL LOSS.
Further, if corporations weren’t burdened with excessive costs for legal and accounting services just to protect their butts and manage their money so it can be moved around to minimize their tax obligation, we would long ago have solved some of the financial problem.
Not everyone gets involved with the stock market; whether the market is booming or dying, it doesn’t help the poor; needy, handicapped and disabled.
I’d like to add a bit more, but I’m just too angered by this post to do so………….
Scott D
I have a better idea. Let’s take all the states that voted for Obama and let them pay the taxes and get all the pork. People in the states that voted for McCain get the tax cuts, but no pork projects. Now THERE would be a difference you could track. And it would really help out Mayflower, Allied and United Van Lines.
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