Would you agree with my tax solution?
I know Liberals want taxes to go up and Conservatives want less taxes for businesses to encourage economic growth and job creation, so how can we accomplish both in a fair way?
How about we significantly RAISE import taxes and eliminate export taxes. This would make American made goods cheaper for Americans and more competitive abroad thus creating US jobs and raising government revenue.
Also we should abolish Federal income tax all together and go to a Federal Sales tax system. Groceries would be tax exempt and high end sports cars, yachts, mansions would be taxed at a luxury tax rate. The poor would pay very little to none in taxes since they would mainly only buy groceries.The rich would pay more since they would spend the most. Illegal aliens, drug dealers, and other cash only people would also be forced to pay their fair share that they are not today, since you can't hide your money from the cash register. This also eliminates ALL tax loopholes and removes any reason for the rich to stash their money in Swiss bank accounts, so they can bring their cash back to US banks thus helping to improve our economy.
This is a one two punch combination that should raise revenue for the government, encourage job creation by companies, provide liquidity to US banks, and encourage the public to save and invest their money.
@ Scot B -- This already happens. China, Japan, North Korea, Germany and other countries that we get a lot of our goods from already tax US imports more than we tax theirs. This is giving them an unfair advantage. This is also a large pert of the reason US production has been shipped overseas. A US company can manufacture something in China and import it back to the US with less tax than they can make it here and ship it to China. As long as this imbalance remains there the US will continue to lose manufacturing.
US purchasing goods from China is a large part of their booming economy. They are getting ahead by employing unfair trade practices and manipulating their currency. We need to stop this. If they are going to do these things we need to tax their goods to the point they are no longer profiting from it.