Skip to comments.How To Undo The Failure Of Obamanomics — Big Tax Cuts
Posted on 02/28/2014 12:11:39 PM PST by Jim Robinson
Fiscal Policy: President Obama is putting all his political chips on raising the minimum wage to 10.10 an hour, but so far that issue isn't gaining much political traction.
The 500,000 job losses confirmed last week by the Congressional Budget Office certainly were a mortal wound to the legislative push as well they should be when we have nearly 20 million Americans already unemployed or underemployed.
But most Americans have a much bigger concern than raising the minimum wage. Only about 5% of workers make that little (the average is well above $20 an hour), and most receiving the minimum stay there for only three to six months before they get a raise, according to the Employment Policies Institute.
The minimum wage is mostly a starter wage for most workers and is mostly paid to workers in the restaurant industry.
What's causing high anxiety among middle-class workers is what's happening to their own wages and salaries: They're shrinking. Statisticians at Sentier Research, which examines trends in household income in America relying on Census Bureau data, recently reported this highly distressing news:
The median income household has lost $3,661 in inflation-adjusted income under the Obama presidency. In January 2009 these families earned $55,958. At the end of 2013 their earnings fell to $52,297.
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Here's the outline of a plan that would jump-start growth: First, cut personal and small-business income-tax rates across the board by 15%. Second, take capital-gains taxes back down to 15%. Third, chop the corporate tax to 20% (less than the international average) and allow American companies with affiliates abroad to repatriate earnings back to the U.S. at a 5% to 10% rate.
These policies would be the steroids shot for the economy and provide the real stimulus that Obama's near-trillion spending bonanza never delivered.
(Excerpt) Read more at news.investors.com ...
The news media seems to be ignoring the GOP jobs bills and plans in DC, obviously hoping that by not reporting them that they can pretend that the GOP “has no jobs plans.”
The GOP has Jobs Plans...
Keystone pipeline approval.
Columbia River Aqueduct to run freshwater from the mouth of the Columbia at the Pacific Ocean down to California’s drought-struck agricultural Valley.
Amnesty for repatriating U.S. money currently offshore (about $1 Trillion) in exchange for immediately investing those monies.
Repeal of 0bamacare so that healthcare rates decline 25%, more people are insured than today, and the old system that worked is put back into play for superior healthcare and economic boosts.
Legalizing hemp nationwide for an agricultural boost.
Giving away 5% of the 50% of our nation’s land that the federal government owns to create a new Oklahoma Land Rush economic boost for anyone willing to work the land (e.g. farming, ranching, solar power, windmills, fishing, timber, drilling, mining, etc.), with the unemployed getting first dibs.
...no fewer than 16 jobs bills have PASSED THE HOUSE and have been languishing in Senator Reid’s office (which again, the news media won’t report), including:
Restoring Healthy Forests for Healthy Communities Act
H.R. 1526 would renew the federal government’s commitment to manage federal forests for the benefit of rural schools and counties. This legislation would create over 200,000 direct and indirect jobs; provide stable funding for counties to use for education and infrastructure; save taxpayers nearly $400 million over 10 years; improve local management of our federal forests; and help reduce the risk of wildfires.
Offshore Energy and Jobs Act
H.R. 2231 would open new areas to offshore energy production that contain the greatest amount of oil and natural gas resources. It would generate $1.5 billion in new revenue over ten years according to the Congressional Budget Office and could create up to 1.2 million long-term jobs.
Federal Lands Jobs and Energy Security Act of 2013
H.R. 1965 is a package of bills to protect and expand onshore American energy production and create new American jobs by streamlining government red-tape and regulations. The package includes:
Federal Lands Jobs and Energy Security Act, which would reform the leasing process for onshore oil and natural gas projects on federal lands, reform the process for energy permitting, and set clear rules for the development of U.S. oil shale resources.
Planning for American Energy Act, which would establish common sense steps to create an all-of-the-above American energy plan for using federal lands to meet our Nation’s energy needs.
National Petroleum Reserve Alaska Access Act, which would unlock the full potential of energy resources in the National Petroleum Reserve-Alaska (NPR-A).
BLM Live Internet Auctions Act, which would give the Secretary of the Interior the authority to conduct internet-based auctions for onshore leases.
Native American Energy Act, which would streamline burdensome and duplicative government regulations that are blocking Indian tribes from developing energy resources on their own land and creating new jobs.
National Strategic and Critical Minerals Production Act
HR. 761 would allow the United States to more efficiently develop its strategic and critical minerals, such as rare earth elements, that are vital to job creation, American economic competitiveness, and national security. For every job in metals mining, an estimated 2.3 additional jobs are generated, and for every nonmetals mining job, an additional 1.6 jobs are created.
Bureau of Reclamation Conduit Hydropower Development Equity and Jobs Act
H.R. 1963 would remove outdated federal statutory barriers to conduit hydropower development at eleven Bureau of Reclamation projects in the inter-mountain west. This will create jobs and generate thousands of mega-watts of hydropower at no cost to taxpayers and will create revenue for local power providers and the federal government.
Empower Small Business Owners
Small business owners are being bogged down by burdensome regulations from Washington that prevent job creation and hinder economic growth. We must remove onerous regulations that are redundant, harm small businesses, and impede private sector investment and job creation.
Review of Federal Regulations
H. Res. 72 - Passed by the House (391-28) on February 11, 2011
Reducing Regulatory Burdens Act
H.R. 872 - Senate has taken no action to date
Energy Tax Prevention Act
H.R. 910 - Senate has taken no action to date
Disapproval of FCC’s Net Neutrality Regulations
H.J. Res. 37 - Senate has blocked a companion measure by a vote of 46-52
Clean Water Cooperative Federalism Act
H.R. 2018 - Senate has taken no action to date
Consumer Financial Protection & Soundness Improvement Act
H.R. 1315 - Senate has taken no action to date
Protecting Jobs from Government Interference Act
H.R. 2587 - Senate has taken no action to date
Transparency in Regulatory Analysis of Impacts on the Nation Act
H.R. 2401 - Senate has taken no action to date
Cement Sector Regulatory Relief Act
H.R. 2681 - Senate has taken no action to date
EPA Regulatory Relief Act
H.R. 2250 - Senate has taken no action to date
Coal Residuals Reuse and Management Act
H.R. 2273 - Senate has taken no action to date
Workforce Democracy and Fairness Act
H.R. 3094 - Senate has taken no action to date
Regulatory Accountability Act
H.R. 3010 - Senate has taken no action to date
Regulatory Flexibility Improvements Act
H.R. 527 - Senate has taken no action to date
H.R. 10 - Senate has taken no action to date
Farm Dust Regulation Prevention Act
H.R. 1633 - Senate has taken no action to date
Sacramento-San Joaquin Valley Water Reliabilty Act
H.R. 1837 - Senate has taken no action to date
Land in Accomack County, Virginia
H.R. 2087 - Senate has taken no action to date
Red Tape Reduction and Small Business Job Creation Act
H.R. 4078 - Senate has taken no action to date
Minnesota Education Investment and Employment Act
H.R. 5544 - Senate has taken no action to date
Fix The Tax Code To Help Job Creators
America’s tax code has grown too complicated and cumbersome. We need a tax code that is flatter, fairer, and simpler to ensure that everyone pays their fair share, lessen the burden on families, generate economic expansion, and create jobs by making America more competitive.
Small Business Tax Cut Act
H.R. 9 - Senate has taken no action to date
Senate has taken no action to date
Health Care Cost Reduction Act
H.R. 436 - Senate has taken no action to date
Job Protection and Recession Prevention Act
H.R. 8 - Senate has taken no action to date
Pathway to Job Creation through a Simpler, Fairer Tax Code Act
H.R. 6169 - Senate has taken no action to date
Increase Competitiveness for U.S. Manufacturers
The more that American businesses export, the more they produce. The more businesses produce, the more workers they need. This means job creation. Expanding market access for U.S. made products will be a shot in the arm for businesses small and large and will create jobs.
Southeast Arizona Land Exchange and Conservation Act
H.R. 1904 - Senate has taken no action to date
National Stategic and Critical Minerals Production Act of 2012
H.R. 4402 - Senate has taken no action to date
Encourage Entrepreneurship and Growth
America has historically been on the cutting edge of innovation and technological development, but we are increasingly falling behind our global competitors. We must make it easier for existing businesses to grow and allow more start-up companies to flourish.
Veterans Opportunity to Work Act
H.R. 2433 - Senate has taken no action to date
Fairness for High-Skilled Immigrants Act
H.R. 3012 - Senate has taken no action to date
Senate has taken no action to date
STEM Jobs Act
H.R. 6429 - Senate has taken no action to date
Maximize Domestic Energy Production
The energy sector is crucial to our economic growth, and high energy costs have a major impact on job creation. We need policies that allow us to harness our abundant supply of natural resources in America, develop new sources of energy, and create jobs here at home.
Restarting American Offshore Leasing Now Act
H.R. 1230 - Senate has taken no action to date
Senate has taken no action to date
Putting the Gulf of Mexico Back to Work Act
H.R. 1229 - Senate has taken no action to date
Reversing President Obama’a Offshore Moratorium Act
H.R. 1231 - Senate has taken no action to date
Jobs and Energy Permitting Act
H.R. 2021 - Senate has taken no action to date
North American-Made Energy Security Act
H.R. 1938 - Senate has taken no action to date
Senate has taken no action to date
Protecting Next Generation Energy Security (PIONEERS) Act
H.R. 3408 - Passed by the House (237-187) on February 16, 2012
Hydropower Development and Rural Jobs Act
H.R. 2842 - Senate has taken no action to date
Conservation and Economic Growth Act
H.R. 2578 - Senate has taken no action to date
Domestic Energy and Jobs Act
H.R. 4480 - Senate has taken no action to date
Senate has taken no action to date
Congressional Replacement of President Obama’s Energy-Restricting and Job-Limiting Offshore Drilling Plan
H.R. 6082 - Senate has taken no action to date
Coal Miner Employment and Domestic Energy Infrastructure Protection Act
H.R. 3409 - Senate has taken no action to date
Now, to be fair *some* House bills have been passed by the Senate and signed by the President, including job-related bills such as:
Small Business Paperwork Mandate Elimination Act
H.R. 4 - Signed into law by the President on April 14, 2011
H.R. 674 - To amend the Internal Revenue Code of 1986 to repeal the imposition of 3 percent withholding on certain payments made to vendors by government entities
Signed into law by the President on November 21, 2011
Middle Class Tax Relief and Job Creation Act of 2012
H.R. 3630 - Signed into law by the President on February 22, 2012
US-Colombia Trade Promotion Agreement Implementation Act
H.R. 3078 - Signed by the President on October 21, 2011
US-Panama Trade Promotion Agreement Implementation Act
H.R. 3079 - Signed by the President on October 21, 2011
US-Korea Free Trade Agreement Implementation Act
H.R. 3080 - Signed by the President on October 21, 2011
FAA Modernization and Reform Act
H.R. 658 - Signed by the President on February 14, 2012
Apply Countervailing Duty to Nonmarket Economy Countries
H.R. 4105 - Signed into law by the President on March 13, 2012
The America Invents Act
H.R. 1249 - Signed into law by the President on September 16, 2011
Jumpstart Our Business Startups “JOBS” Act
H.R. 3606 - Signed into law by the President on March 3, 2012
FDA Safety and Innovation Act
S. 3187 - Signed into law by the President on July 9, 2012
Thanks Southack. You always have evidence to back up your positive posts. it’s too bad that the only place it might resonate or gain wider attention is on this forum.
Well it would certainly make the next debate on raising the debt limit intersting. Because you know there won’t be any cuts in spending to offset the loss in revenue.
What loss of revenue? Cut the taxes, cut the regulations, cut the government, put our people back to work and let the country prosper.
That sounds a lot like Reaganomics. It worked before...
What we’re suffering currently is trickle up poverty.
And that is almost certain to be the end result down the line. But the immediate result of tax cuts has always been to reduce tax receipts and increase the deficit for the first year or two. Once they kick in and provide the stimulus they are designed to promote then revenue rises, deficits shrink and even become surpluses. So in the short term tax cuts need matching spending cuts or the deficit goes up, and how likely is that to happen with the Congress we have? Not very.
Work 48 hours and only the wages for the 48 hours would be taxable. The extra 4 hours pay would be untaxable.
It would only apply to hourly workers, so the money would be pumped into middleclass households.
It would help prevent tax-bracket creep that unfairly taxes the guy working his @ss off to get ahead.
The best part is not one dime would go to the lazy for sitting on their @ss, or for spitting out a pup every 9 months!
Worked for Kennedy, worked for Reagan and it’ll work again. A rising tide lifts all boats. Meanwhile, Obama’s big spending, big taxing, big borrowing policies are sinking the ship.
Nice work!! I have copied it and will share. Great information. Thank you
I like that. I like the idea of maximums all together.
For instance, the 1% wealthy would be capped at some high amount, let's say $1 Million, so that that every penny after that is untaxed. Yes, I know that this may not play well in Peoria.
I would like to see a maximum on certain lawsuits. Again, fat chance.
I would like to see lifetime maximums on welfare. You ding the system for say, $1/2 million, no mas. Dreaming.
Term limits = maximums. 'Nuff said.
I would like to see a combined maximum tax rate. Federal, State, Local of say (don't shoot me), 30%.
You get the idea.
These tax cuts would help some.....but Kennedy and Reagan weren’t looking at $60 trillion in unfunded Soc Sec and Medicare liabilities.
I have a question: If Obamacare is a Federal Tax...can I take a tax deduction for paying my Medicare and Supplement?
Just cut the stupid taxes already. It’d be infinitely better than what we’re doing now.
we make pretty good money for wage earners....but not enough....a big old fat tax cut across the board for tax payers would be a huge relief for many of us and I’m talking tax cuts....at least bring back the Bush tax cuts......
Few could argue with the fact that the untaxed overtime would only go to those working for a living.
A guy that makes 80K working 65 hours a week shouldn’t be bumped into the tax bracket of someone that makes 80K working 35 hours a week and getting 6 weeks vacation.
Insolence! You will be audited by the IRS for questioning the wisdom of your central government.