Guest post from Jim Hayden:
To deal with the current economic situation, raise the top income tax rate to 50% and repeal the special (low) rates for long-term capital gains and qualified dividends. If more revenue is needed, initiate a small (4-6%) VAT to supplement the income tax.
Re-introduce the concept of Federal revenue sharing with the States and Municipalities, as was done in the Nixon administration.
Re: spending – analyse possible cuts in military spending, especially as it relates to troops stationed overseas.
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Jim Hayden has been an Enrolled Agent since 1972. He is the father of six children and likes to salmon fish at South Haven, Michigan.
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This guest post was submitted in response to my query about how the best way to deal with the current economic situation. This post does not necessarily reflect my thoughts and feelings.
Your comments and reactions are, of course, appreciated. Just play nice. I have standards. And I don’t want to have to delete you.
