Custom Search

Sunday, September 18, 2011

Buffet Tax and Jobs Bill

Is President Obama on target to fix the broken finances of the U.S. Government with his two recent proposals? In one hand he is asking for a jobs bill to create jobs and in the other he is proposing a tax increase on millionaires. In some respects I think he has the right idea but needs to go further with fixing the budget and the nations ongoing debt problem.

Common sense tells you that you can’t pay all of your household bills if you have less coming in than going out. Common sense also tells you that in order to fix that problem you have to cut spending first and increase income. No matter how you look at the process the two are joined for the end result. All of the bills need to be paid and paying down the nations debt should be a prerogative for both political parties.

The “Buffet Tax” where millionaires will pay a minimum percentage is a good start at a second job income coming in for the treasury. It makes sense to tax someone like Warren Buffet that pays less tax percentage wise than someone raising three kids on a middle class paycheck. The majority of income that financially sound millionaires make is from income from investments that are taxed at 15%. If you have three kids on your middle income salary you are taxed around 23% of your total income on average. With the treasury shelling out more than it takes in then you need the extra job income from the “Buffet Tax”.

Then comes the jobs bill that is supposedly paid partially for with the above mentioned tax increase on millionaires. What jobs are going to be created is the long term question? Green jobs are good but the nation needs jobs in the manufacturing sector where products are made and goods are sold that feed more MADE IN THE USA jobs. You can not hand out checks to industries that are going to take the money and run for the border to outsource even more American jobs. Or in the case of some “Green” jobs, file bankruptcy after a couple of years. Do we really need a jobs bill? Damn straight we do! What the jobs bill needs is some meat and potatoes of long term good jobs that will be in America for more than two or three years. It can be done and it can be done in several American Made industries. One industry is where I suggest that the jobs bill should start.

When you look at jobs in this country, one of the largest is the automotive industry that has the single ability to feed growth of new jobs down the supply chain. Ergo why George W. Bush had no choice other than to bailout the industry when the economy crashed. When you build automotive plants no matter who the brand name is, it builds second stage, third stage, fourth stage, fifth stage, sixth and seventh stage and even more jobs outside of that plant in suppliers plants and the transportation industries. Thousands of small companies all across this country feed the automotive industry with parts and each widget made here is made by someone paying into the U.S. Treasury in the form of a payroll tax.

It’s time to bring the jobs back and you do that by offering incentives to overseas companies to build more automotive plants here in the United States. How do we do that? The same way local communities do by offering companies tax incentives and financing for the new plants. Every plant that is built is a win win for long term good paying American jobs. The trickle down from the automotive industry and each plant no matter where it is placed is phenomenal. Entire cities and thousands of jobs, homes, and communities are built around them and that is just common sense. Who looses?

Can we get these companies to build plants in America? Of course we can and it is a plan that both political parties can and should agree on. The President could charm any manufacturer to build their goods here in America and Speaker Bohner could sell it to his political friends in the business community. Together they could get it done. But they won’t.

It is more important for the political parties to bicker over politics rather than put bread on American workers tables. The end result is that both of them will be eating cake after a two hundred dollar dinner of good food and good drink. But you should know that they both really care about good long term jobs for America.

End of discussion is that the President wants a jobs bill but that would make him look good if it succeeded and that would make the Republican’s look bad and the only outcome that is acceptable to the GOP is no new jobs and no new taxes. How that is politically sound for a struggling economy is beyond me but they do wave the flag pretty damn good so I’m sold on it. NOT!

I guess Marie Antoinette was somewhat right. But no cake for all of you looking for a good job at a good wage. But make sure you vote Republican because that will help you get a good job at a good wage and then you can continue to pay more than millionaires in taxes percentage wise if you can find a job. It only makes sense. And pigs will fly.

First class if they are on the menu at the RNC fund raising dinner. Try applying in the food service industry. It is after all a job.


Labels: , , , , , , , , , , ,

AddThis Social Bookmark Button


Blogger zed said...

I'm not sure taxes are the issue. Surely the money saved is offset by the cost to ship goods here.

All things being equal, it's the labor costs. We cannot compete with overseas companies that don't spend on workers' health insurance. Also, American workers demand higher wages to maintain a decent standard of living.

Finally, most Americans will still buy what's cheaper. I've made the choice to never own a foreign car in the three decades I've had cars.

9:06 PM  
Blogger Ranch Chimp said...

There's a Chinese Buffet I like here in the neighborhood and pay 8.25% sales tax when I eat ... as far as job's, I dont know if their hiring though.

8:35 PM  

Post a Comment

Subscribe to Post Comments [Atom]

<< Home