Tags: Spetrino | jobs | revenue | repatriate

Easy Ways to Create Jobs and Increase Revenue

By    |   Friday, 21 Sep 2012 07:40 AM

President Barack Obama and members of Congress claim to be focused on creating jobs and finding revenue. Instead, they have run up a $1.4 trillion deficit, a $16 trillion debt and unemployment is at 8.1 percent. Moreover, the underemployment rate is in the 16.5 percent range.

Yet, many politicians, including the president, want to raise taxes among those making over $250,000.

We can debate the merits about if this is "fair," but it would cause wealthy people to create fewer jobs and spend less money — and give less money to charity.

Editor's Note: Small-Town Ohio Accountant Uses Simple Forgotten Secret to Help Investors Pocket Millions

I asked my clients who fall into this category and almost 90 percent told me that they would spend less, hire less or give less to charity.

Here are the steps I recommend for increasing revenue and creating new jobs.

Step 1. Cut all federal salaries by 15 percent. We can’t cut federal jobs in this economy; we will not fire anyone or eliminate their job. Instead, everyone will take a 15 percent pay cut. If they don't like it, I am sure those who are unemployed or underemployed will be glad to take their job.

Those of us in the private sector have taken those cuts as the economy has worsened — why not public employees?

Step 2. A repatriation tax holiday — a tax break for companies bringing back overseas profits to the United States.

Huge U.S. multinational corporations have billions of dollars overseas.

Under a repatriation tax holiday, U.S. companies would be enticed to bring foreign profits back to the United States by taxing them at a 15 percent tax rate, rather than the current top corporate rate of 35 percent.

I would add that 20 percent of all money repatriated would have to go to creating new U.S. jobs.

Cisco has more than $48 billion in cash, and almost all of it is overseas. Cisco CEO John Chambers has said he would double the dividend for shareholders if a law such as this is passed.

The extra $1.3 billion dollars in dividends would be taxed at 15 percent and bring in $180 million in federal, state and city taxes — and this is all just from Cisco.

Also, the government would have more revenue from people working, and states wouldn’t be burdened with massive unemployment payments.

Editor's Note: Small-Town Ohio Accountant Uses Simple Forgotten Secret to Help Investors Pocket Millions

Some politicians are even starting to understand this.

Sen. Charles Schumer, D-N.Y., has said that his party would be willing to consider a tax repatriation holiday, provided the companies that benefit from the lower tax rate use the funds to help create jobs.

Please call or email your Congressman and Senator and tell them you support such a bill.

Please email us at dividendfeedback@newsmax.com with your comments.


About the Author: Bill Spetrino

Bill Spetrino is a member of the Moneynews Financial Brain Trust. Click Here to read more of his articles. He is also the editor of the Dividend Machine. Discover more by Clicking Here Now.

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BillSpetrino
President Barack Obama and members of Congress claim to be focused on creating jobs and finding revenue. Instead, they have run up a $1.4 trillion deficit, a $16 trillion debt and unemployment is at 8.1 percent. Moreover, the underemployment rate is in the 16.5 percent range.
Spetrino,jobs,revenue,repatriate
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2012-40-21
Friday, 21 Sep 2012 07:40 AM
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