In short, I agree with Denny Hastert's comments on the subject (MTP, August 2004)
"...We don't lose jobs in this country because our salaries are higher, because our salaries are commensurate with the Italians, with the Germans and the Japanese and the Dutch or whoever. This problem is because with litigation costs, taxation costs and regulation costs.
A big part that of is taxation costs. We can be a more vibrant country. I'm looking into the future, the next 10 or 15 years. We can double our economy. If we double our economy, all the deficits we have today, all those mountains become molehills."
That's the spirit! Why not dare to dream how fast this economy can grow under such circumstances? That's the kind of thinking that first tuned me in to Jack Kemp, the second Republican (after Reagan) to really capture my heart, so to speak.
Why settle for, say, 3% GNP growth in this country being classified as "healthy"? Why not 6? Why not more?
The time, the political will...all the pieces are in place to make a real, serious, honest effort at overhauling the tax system in this country.
Can't wait to get to work on this.
(PS-A little sports-politics did ya know: One reason why the Houston Texans are my favorite NFL team, asides from being my hometown's team, is owner Bob McNair. Bob's also a founder of Americans for Fair Taxation (FR thread on topic here) )
Denny Hastert's comments on the subject (MTP, August 2004):
"...We don't lose jobs in this country because our salaries are higher, because our salaries are commensurate with the Italians, with the Germans and the Japanese and the Dutch or whoever. This problem is because with litigation costs, taxation costs and regulation costs.
A big part that of is taxation costs. We can be a more vibrant country. I'm looking into the future, the next 10 or 15 years. We can double our economy. If we double our economy, all the deficits we have today, all those mountains become molehills."
______________________________________
That's the spirit! Why not dare to dream how fast this economy can grow under such circumstances?
-LL-
______________________________________
Well said.. Now all we have to convince are some self described 'freedom' FReekers, --- and umpteen million socialist welfare lovers of the statist quo income tax system.
"Why settle for, say, 3% GNP growth in this country being classified as 'healthy'? Why not 6? Why not more?"
Thank you! It is great to see someone who sees the big picture. Tom Delay has proposed establishing a goal of doubling the US economy over the next 15 years. To do that, he quite rightly says you need more than tax cuts - you need FTR (Fundamental Tax Reform).
According to Dr. Dale Jorgenson, former chairman of Harvard's department of economics, GDP growth would be 10.5% in the first full year after the FairTax is implemented. The second year it would decline to something like 8 - 9%, if memory serves. It would gradually decline but even 10 years out, the rate of growth would still be about a half percentage point higher than it would be under a continuation of the current system and would stay there indefinitely. Of course, by that time, the total economy would be 1/4 to 1/3 larger than it would otherwise have been.
That rate of economic growth would make a huge difference in most of the economic challenges that we see today - the federal budget deficit, the trade deficit, the lack of good paying jobs in our economy.