I can easily find How Wall Street and the Beltway think. The trouble remains that these ideas have brought Us grief repetitively over the years. I told All who would listen that the Bush Tax Cuts were bad, and have been doing so since they were first proposed during the 2000 Presidential campaign. Now, they want to do it one more time, with all the expectant results which never occur. There has to be a better way, but even if there was an easily definable one, the Lobbies would never allow passage.
The Democrats need a rallying Cry in the Tax debate. I would call for the elimination of the Flow-Through of the current Tax system. Everyone thinks that higher Tax brackets are taxed at the stated Tax rates, but they are only taxed at those rates after they have received the same Tax advantage as the lower Income brackets; this process creating a great hole in tax revenues. I would adopt a tax provision stating that each Taxpayer must pay the Tax rate stipulated for their Income bracket, throughout the total of their Income; not just on what had not previously been taxed at a lower rate. It is a Call on which Democrats can block new Republican tax legislation which would further denude tax revenues, and do so with widespread Public support when the Issue starts to be discussed.
My Pet Initiative is a uniform Tariff of 6% on all foreign Products. This would bring in a great deal of tax revenue, and alter the entire Debt posture of the Country; not just for Government debt, but also for Consumer Credit, all within the context of loosening up the extension of Business Credit. What is most apparent consists of the failure of the Government–federal, State, and Local–to control their Expenditures. This, more than Credit Default Swaps, has presented the stress in the financial markets; they unable to continually meet a rising demand for Credit which is never actually repaid except with further Debt. Everyone knows that this Debt is building faster than actual Production Profits, and the later has to be devoted to many other economic factors. There must be Change, and sooner than later. lgl