I looked up the web site of Michele Bachmann for President and read her 11 Point Plan for stimulating the US Economy out of the Democrat Economic Malaise Strategy. (My brief comments follow.) Funny how the media narrative on Michele Bachmann is mostly about her marriage or knowledge of the finer points of historical battle sites instead of tax policy. Maybe they shy away from Bachmann regarding taxes because she is an attorney who owned a tax firm.
In any case, her plan is refreshingly logical and doable.
1. REPATRIATION. More than 1.2 trillion United States dollars could be brought back to America in days as an immediate "stimulus" if the government would zero out the tax rate on that money until December 31, and then permanently keep it here in the U.S. if taxed at a rate of 5 percent. Foreign earnings totaling over $1.2 trillion is more than the President's failed stimulus and it won't come out of taxpayer wallets. It would increase the value of the dollar, provide valuable capital for the job creators in this country and pump tremendous amounts of money into our economy. (With the Euro almost finished, doesn't this make sense?)
2. REPEAL OBAMACARE. Healthcare is one-sixth of the U.S. economy and this unconstitutional takeover of healthcare by the federal government is creating crippling uncertainty for employers across this country. This legislation does nothing to address the true problem with our healthcare system – cost – and will cost states trillions. I believe it is an intentional backstop to imploding healthcare entitlement programs — Medicare and Medicaid — to transition toward a single payer-system. This is the number one hindrance to job creation in the United States (according to a recently released UBS study). (Almost universal approval from voters since it was rammed down American's throats.)
3. REPEAL THE JOBS AND HOUSING DESTRUCTION ACT, ALSO KNOWN AS DODD-FRANK. This law tightened regulations on banks, made it harder for Americans to obtain credit, and failed to address the systemic problem that caused the Wall Street collapse — leverage. This 849-page bill calls for 400 new sets of rules that will be written on 6000 Federal Register pages, all written by bureaucrats, many of whom have never worked in the financial services field. The law also creates a potentially intrusive Financial Services Consumer Protection Bureau that is not accountable to Congress and which has but a vague mandate to combat misconduct – so in the wrong hands, it could cause its own kind of misconduct. (Don't forget to give Frank more credit for this fiasco.)
4. REPEAL JOB KILLING REGULATIONS. America's job creators and small business owners have lost economic liberty under the weight of $1.8 billion annually in compliance costs with government regulations. Together we sent $2.2 trillion in taxes to the federal government this year. By comparison, job creators spend nearly as much annually to comply with bureaucratic mandates. Obamacare, Dodd-Frank, and the string of mandates and rules from the Environmental Protection Agency — as well as other agencies — are creating such incredible uncertainty in the market. The House Republican leadership has identified 219 planned Obama administration regulations, each of which will cost the economy more than $100 million. This red tape rampage must stop. (Cut the EPA out of the budget.)
5. UNLEASH AMERICAN INVESTMENT. By eliminating unnecessary taxes and regulation, and expanding trade, we will create an incentive for investment in America again. We must do whatever it takes to restore our ability to manufacture here in the U.S. We can do this by reforming the tax code, providing incentive for growth, and allowing the private sector to control the market with little government involvement. (About time before nothing is left but government jobs.)
6. CUT SPENDING AND GOVERNMENT. I have already voted to cut federal spending in the years ahead, every single time I have had the opportunity. In addition, I would phase out quasi-governmental enterprises, such as Fannie and Freddie, and eliminate duplicative government programs and costs. We must decrease government salaries to bring them in line with their private sector counterparts, and we must decrease the number of government employees. Over-spending by the government hurts job creation by devaluing the dollar and stealing capital from the private sector. (Name the cuts you voted for.)
7. CUT TAXES. I've demonstrated a firm commitment to cutting spending and balancing the budget. We need to reduce the number of tax brackets, repeal taxes outlined in Obamacare, fix the Alternative Minimum Tax, and eliminate the Death Tax. In addition, we must make the corporate tax code simpler and fairer, and allow U.S. companies that generate earnings overseas to bring back those profits and invest them in American jobs and growth. (#5, #6,#7, are all neccessary.)
8. LEGALIZE AMERICAN ENERGY PRODUCTION AND AMERICA'S NATURAL RESOURCES. This could create 1.4 million jobs, bringing $800 billion of new revenue into the U.S. Treasury, and increasing domestic energy supplies by 50 percent. The price of energy has a direct impact on nearly ever facet of our lives. We have to abandon the parochial and political energy policies of the past and install a comprehensive energy plan that not only reduces our reliance on unfriendly foreign regimes, but also creates millions of American jobs and generates increased tax revenues. According to the Congressional Research Service, the U.S. has more energy potential than any other country in the world. We should use that potential. It is a better policy to create American jobs and explore in an environmentally-sound way, than to rely on foreign dictators who give little regard to the environment. This includes specific strategies like reviving the logging, timber, mining and metals industries, and bringing federal lands back into productive activity by repealing radical environmental laws that kill access to natural resources. (Make this one of the top three.)
9. INCREASE EXPORTS. This President has been holding hostage trade deals with Colombia, Panama and South Korea as he tries to negotiate favor for Big Labor. The world needs to know that we are open for business and U.S. Companies need to expand beyond our borders to the 95 percent of people who do not live here. (On the way.)
10. PAVE A PATHWAY FOR INNOVATION. Recent reports indicated that the United States has now slipped to 5th in the competitiveness rankings, and 47th in education. How do we expect to lead the world economically when we are not doing what is needed to inspire and foster innovation here at home? The future of the American economy lies with the innovation of this and future generations. (Make greedy colleges account for their costs before any government money goes to them.)
11. ENFORCE AMERICAN IMMIGRATION LAWS. The failure of the federal government to enforce its immigration laws costs federal, state and local governments billions of dollars annually. Our nation was founded on the rule of law, and we must ensure U.S. immigration laws are respected and enforced not only to preserve our national security, but to protect federal, state, and local budgets, and to curb the unfair strain on our country's job markets. (How about this in the top four.)