Tax for the super rich

Tax the Rich

The "Buffett Rule" ... it would be easier for Obama to just call his super-rich friends, especially liberals like Buffett, Turner, and Soros.

When he talks to them he can request that they send a check to IRS ... to relieve their guilt.

The point is, there is no reason to impose this on all of the super wealthy. Some of them are actually entrepreneurs and embrace capitalism. If the business climate was more favorable, they might actually be in a position to create more jobs.

The current administrations failure of leadership and understanding especially in economics creates a tenuous business climate. Which reservations about possible new regulations or increased taxes, businesses and entrepreneurs cannot gamble on new jobs. Until an affirmative business policy is established, the economy will struggle.

The quickest solution for jobs creation is 5-fold:

1. Eliminate corporate income taxes:
   The corporate income tax is like a tariff on our own companies.
   Eliminating these taxes would allow US companies to be MORE competitive in the world market.
   If the can acquire more business, then more jobs can be created.
2. Increase/create more tariffs:
   Tariffs would decrease the appeal of imported goods.
   Domestic companies would have to replace the imported goods.
   More demand would translate to more jobs.
3. Penalize companies that outsource:
   Make it cost prohibitive for companies to send jobs oversees.
   They will have no choice but to create domestic jobs.
4. Suspend H-1B visas and other work visas:
   No matter what politicians purport, these jobs can be done by US citizens.
   Replacing every visa worker with a US citizen would create quite a few jobs.
5. Lower all income tax rates:
   The economy is driven by consumerism. If consumers have more disposable income,
   they will spend more. Overall demand in all areas would increase and more jobs would
   be needed.

Additionally, as more and more jobs are created, you have more and more consumers. These new consumers would contribute the growth of the economy. Under this model, the economy can keep growing as long as the government stops interfering.

Note: On bullet 5, the optimal solution is to replace the income tax with a national sales tax. It was not mentioned there because we were looking for quick solutions. Also, contrary to liberal alarmists on this concept, there would be no need to have a 17% sales tax. 2% should be sufficient especially if it included all real estate sales and rent/leases.