President Obama:
Why are you doing all of these bailouts? They are doing nothing but moving America to a more and more socialist country. They are providing a national well fare system that people will rely on. What is going to happen when people stop lending to America? We need people to be encouraged to work. Sitting at home and receiving a paycheck from the government is not an encouragement.
My solution is simple. It is a complete overhaul of the federal government tax system. I know that this will put a lot of people out of jobs for a while but it will create many more jobs.
First, cancel out all of the stimulus packages that have been passed in the past few years.
Second, eliminate all federal income taxes for everyone. You should have enough money from the stimulus packages to cover what the government needs for now. By eliminating federal income taxes, everyone that pays taxes now will see an immediate increase in income. (I know people without jobs do not get helped, but that comes in a minute). With the increased income, people with jobs will spend more, eat out more, and start paying their home loans. The effect of this will stimulate the banking system and require businesses to hire more people which will eventually drastically drop the unemployment rate.
Next, create a national sales tax system and make the sales tax on everything that is new and not a food item. 15% - 20% would not be a bad rate. Now everyone pays their equal share of taxes. Existing homes would be purchased. Americans would begin to save more. The banks will be able to make more loans. The economy would completely revamp itself.
Finally, create a monthly rebate to everyone. This rebate could eliminate welfare and other assistant programs. Everyone is treated equally by the government. This could help eliminate homelessness. The poor get the same tax breaks as the rich. The rich get the same help from the government as the poor. Everyone would be treated equally.
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