The Economic Freedom Act

Discussion in 'Economy' started by Zander, Jul 7, 2010.

  1. Zander
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    Zander Platinum Member

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    One of the toughest challenges we face in the economy is job creation. Government either has policies that foster the creation of jobs or policies that hinder it. Obama's Big Gigantic Government has spent Trillions upon Trillions bailing out Union members, Bankers, and Big Business. Yet, by practically any measure, the "stimulus" has failed and the economy is still losing jobs. Over 16% underemployed is not a pretty picture.

    It is time to change course and take actions that have been proven to work. Representative Jim Jordan (R-OH) has sponsored a new bill "the Economic Freedom Act" (H.R. 5029), that I believe is a step in the right direction. Here are the details:

    Economic Freedom Act - Congressman Jim Jordan
    The bill would also save money by terminating TARP and repealing the remaining stimulus. I sent my Congressman an e-mail today urging him to support this bill.
     
  2. topspin
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    topspin BANNED

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    that will be hugely popular among independents and republicans.

    Obama better hope his last third of the stimulus kicks the ecomony in gear or the next republican President will be rolling this out.
     
  3. Immanuel
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    Immanuel Gold Member

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    Looks to me like all that it does is to cut taxes. It does not seem to address the real problem and that is spending. Also, to rely on those cuts to reduce unemployment is pie in the sky... hopey-changey kind of thinking.

    At first glance, I don't hold out much hope for this.

    Immie
     
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    topspin BANNED

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    I think you'd have instant above average growth. The payroll tax is how they should have done the stimulus. IE give it to mainstreet not wallstreet. The fact that some guy got to keep his house in the hamptons doesn't do a lot for the economy.
     
  5. Toro
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    Toro Diamond Member

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    This looks like something that will permanently increase the deficit.

    On the spending side, he is saying we should end temporary spending programs. Well, most of the TARP money - which was used almost exclusively to backstop the financial system - has been used and is now being returned, so there isn't any "spending" to be saved there.

    The stimulus has earmarked $500 billion in spending. Thus far, a little over half has been spent. The rest are tax cuts. Am I to assume that the bill would end the stimulus tax cuts as well? There are still $120 billion in budget-busting tax cuts to come. Or are all tax cuts good, no matter what the affect on the deficit? I'm assuming, given the tenor of his bill, that he still wants the tax cuts part of the stimulus, thus total savings from his spending cuts is $130 billion. And that is a one-time savings. His tax cuts are ongoing.

    Recovery.gov

    Capital gains taxes in a typical year are almost that alone. Everything added together will merely add to the deficit.
     
  6. Oddball
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    Oddball BANNED Supporting Member

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    What tax cuts?

    Screwing around with withholding tables doesn't cut anyone's tax rates.
     
  7. editec
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    editec Mr. Forgot-it-All

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    ?




    Here's the bill in discussion.

    It's a grand idea if you happen to be very wealthy

    </H3>
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    Ever get a job or contract from a broke dick?
     
  9. Big Fitz
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    Big Fitz User Quit *****

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    ooh I'm up for this!
     
  10. midcan5
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    midcan5 liberal / progressive

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    This stupidity gets older and more empty, and yet it is repeated so often you'd wonder why and how reality is so far removed from the tax ideologues on the right? Jobs are going overseas and blaming that on government may be have partial truth to it, but the incentive to move is primarily based in labor costs and unless Americans can survive on a few dollars a day ain't gonna change much.

    So as an American who buys American, supports unions and fair wages, and has done some limited fighting against the outsourcing of American work, can you say the same.



    "... the tax burden on America's rich is falling, not growing. The top 0.01 percent of households has seen their tax bite fall by a full 25 percentage points since 1980. That was when 'trickle down' economics began, arguing that the rich spending more would benefit everyone as a whole. But America's poor have simply been getting poorer: clearly that theory has not worked in reality."

    Wake up: the American Dream is over | World news | The Observer

    "There is no historical evidence that tax cuts spur economic growth. The highest period of growth in U.S. history (1933-1973) also saw its highest tax rates on the rich: 70 to 91 percent. During this period, the general tax rate climbed as well, but it reached a plateau in 1969, and growth slowed down five years later. Almost all rich nations have higher general taxes than the U.S., and they are growing faster as well."


    Tax cuts spur economic growth
    The Idolatry of Ideology-Why Tax Cuts Hurt the Economy by Russ Beaton
    Spending Cuts Vs. Tax Increases at the State Level, 10/30/01
    Myth: The rich get rich because of their merit.
    The rich get rich because of their merit.



    "What improves the circumstances of the greater part can never be regarded as an inconveniency to the whole. No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable." The Wealth of Nations, Adam Smith
     

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