The 10-10-10 plan

I don't understand why we have to settle for "9" when we could be a "10"

Herman Cain has his 9-9-9 plan and I fully support it as a great improvement over the current system. But it falls short of a full 10 and we can achieve that.

I am not running for office.....right now.....but if asked I would run and if I did run, I would put the 10-10-10 plan on top of the 9-9-9 plan and the US would be a leader once again.

The 10-10-10 plan

First, I would drop the tax on repatriated money, some say 2 trillion dollars, from 35% to 10%. There is no sense in having a 35% tax on something that in effect keeps the event from occurring. 10% of something is worth much more than 35% of NOTHING.

Not only would the US get 200 billion in taxes IMMEDIATELY as the money came back into the country, and you can bet your life it would come back as they scrambled to take advantage of the lowered taxes before someone changed their mind, but with it would come millions of JOBS. Jobs that will remain in India and China and other countries as long as our government heavily taxes profits coming back into the country.

In one fell swoop, a 70% reduction in taxes on repatriated money would bring in 200 billion MORE in taxes to the government coffers and would add millions of jobs for our unemployed. Remember, we are collecting NONE of the 35% tax because the money will stay offshore. And as long as the money is offshore the jobs will remain offshore.

Second, I would begin collecting the 10 trillion in royalties and taxes that would be available to the US government if oil drilling were opened up in the United States. It really doesn't matter what side you are on as to whether we should GO GREEN. If you love oil and want it to last forever and don't believe in "Peak Oil" then you are for opening up the oil industry. But if you are all GREEN then you should champion a move that would deplete our reserves as soon as possible so that GREEN becomes the ONLY way. As long as the oil is there, green wont happen.....or do you not really believe what you are saying about "Peak Oil"? You cant have it both ways.

Another immediate effect of freeing up oil development would be an immediate drop in oil prices world wide as the futures market absorbed the realization that there would be a lot more oil available in a very short time.

Third, I would eliminate the Income Tax and REPLACE it with a 10% consumption tax on all sales of NEW products. Too often I hear the idea of a sales tax or a consumption tax, but barely is there mention of closing down the IRS. Usually the new taxes are proposed as being in addition to the Income Tax. Just getting rid of the IRS would free up half a Trillion a year in efforts to comply with the outrageously complex IRS code.

These three proposals would immediately put 3/4 of a Trillion dollars into the economy in the first year they were enacted. and another 10 Trillion in tax income in the next several years as the oil industry ramped up.

AND, as all this money flowed into the country and into the treasury and as all those jobs came back from overseas, the economy would BOOM and tax revenues would increase in leaps and bounds as the new wages gave people money to spend and to be taxed at 10%.



"You shall know the truth and the Truth shall set you free."

Jim Isbell
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