Want to know how we save $1.1 trillion dollars, and help fix our budget mess? As I pointed out two weeks ago, we need to go after the large but many, many tax deductions that benefit only a select few, but effectively flush the public's money down down a rat hole.
One person who agrees, and has additional common sense proposals, is Martin Hutchinson, tax increases that, "far from having a negative effect on the economy, would end subsidies for activities of little economic value."
This is Hutchinson's list of the things we need to think about eliminating, or imposing:
While we can tinker with the specifics, the framework is a good one. We can save about a trillion dollars if we do this right. Again, this isn't rocket science.
- Mark
One person who agrees, and has additional common sense proposals, is Martin Hutchinson, tax increases that, "far from having a negative effect on the economy, would end subsidies for activities of little economic value."
This is Hutchinson's list of the things we need to think about eliminating, or imposing:
* Spending Cuts. Agreed.
* Increase Revenue. Agreed. Here's how we begin ...
1. End tax-deductibility for corporate debt. It only encourages damaging leverage.* Heed the "Deficit Commission." Don't Agree. Here's why.
2. Institute a small "Tobin tax" on Wall Street transactions. This would sharply reduce rent-seeking, "fast trading," and frivolous derivatives activities.
3. Remove the home-mortgage tax credit and end tax deductions for charitable contributions.
* End Wasteful Subsidies. Agreed.
* Stop subsidizing borrowing with low interest rates, which penalizes saving. Agreed.
While we can tinker with the specifics, the framework is a good one. We can save about a trillion dollars if we do this right. Again, this isn't rocket science.
- Mark
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