Funding infrastructure through deficit spending is not a good idea.
1. $13 Trillion would be added to the deficit over 10 yrs. plus Corporations might be able to ” create toll roads” or worse cronyism would prevail preventing the funding of enough infrastructure programs.
2. Lowering domestic corp tax to 15% is not a good idea , though I too accepted the notion at first. This scheme would add to the deficit and not generate revenue, worse it creates subsidies for Corporations making 40% profit. Let’s be reasonable.
3. My original proposal of 25-28% is more in line with current tax policy thinking at MIT.
4. A tax on Corporate Foreign profits. Both forgiveness for prior yrs and a 15% tax going forward would be a revenue generator.
5. Lowering the Domestic tax too much creates problems with the structure of Fannie and Freddie which would cause them to show a loss when they’ve been generating profits for years. This is a problem, requiring a solution. There may be others.
6.We need infrastructure spending. The way to raise Trillions is to create revenue.
- 1. Increase the income limit on the payroll deduction making SS Medicare & Medicaid solvent for generations
- 2. Tax derivatives as I previously proposed @ 6 basis points. 6 cents on every $100. Curtail risk / asset ratios. Chase and Citi are still systemically vulnerable and significant. According to Basel lll, bank risk is still undetermined.
- 3. Retire QE by writing a check to 154,000,000 Americans for $12,000 each. Instead of propping up Wall Street, Main Street would have additional spending power and the money would circulate back into the economy .
See you at 11 am. Let’s chat about jobs for Americans !