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Rosenberg: Six Ways to Fix the Economy

Monday, 14 Jun 2010 09:36 AM

Gluskin Sheff analyst David Rosenberg has come up with six ways to fix the U.S. economy.

Were he in charge, Rosenberg would:

1. Give large tax cuts to small businesses because payroll taxes discourage hiring.

2. Permanently reduce energy costs by adopting and implementing a coherent energy policy that weans us off imported oil and supports nuclear, wind, and especially natural gas energy.

3. Provide retraining and skill retooling for long-run unemployed.

4. Cut jobless benefits. Why should people go to work when they can collect money for not working? FDR didn’t do that in the Great Depression and Obama shouldn’t be doing it now.

5. Eliminate the minimum wage. We are not in the dark ages any more in terms of labor protection, Rosenberg notes. Let the market work — and be amazed at how quickly the demand for labor would respond.

6. Reduce marginal personal tax rates. Find or make other ways to raise tax monies other than taxing income, which, in the final analysis, is taxing the work ethic. Remember, there was no federal income tax until 1913 (1917 in Canada).

Eighty economists have written to Congress and the White House that the FairTax, with $22 million of peer-reviewed research behind it, is the best federal tax system to create economic growth, The Port Huron Times Herald reports.

Such a tax would be a national sales tax to replace most other taxes.

Supporters say that taxing consumption instead of work, savings, and investment, the tax base would dramatically expanded and every worker would take home paychecks free of all federal withholding and payroll taxes.

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Gluskin Sheff analyst David Rosenberg has come up with six ways to fix the U.S. economy. Were he in charge, Rosenberg would: 1. Give large tax cuts to small businesses because payroll taxes discourage hiring. 2. Permanently reduce energy costs by adopting and...
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2010-36-14
Monday, 14 Jun 2010 09:36 AM
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