Focus on Jobs by Eliminating the Income Tax
Here is a letter to the Los Angeles Times:
President Obama recently declared “it was time again for Washington to focus on jobs” (Now, Congress and Obama need to focus on jobs, August 3). Having already experienced the recent failures of economic stimulus under Bush and Obama, there is a better mechanism for increasing the lackluster growth rate of GDP and job creation – eliminating the income tax on individuals and corporations and replacing it with a consumption tax.
Eliminating income taxes will ignite a whole new jobs boom by creating an environment of certainty for businesses, removing the need to seek out loopholes and foreign labor markets. Corporations will flock to the US, leading to greater competition among industries that will create countless jobs in the process.
Moreover, eliminating income taxes will increase individuals’ consumption, investment, and savings, resulting in an improved rate of economic growth. Due to the ensuing rise in consumption, sufficient tax revenues will be collected to fund the federal government. Most importantly, the removal of unfair tax advantages to politically well-connected corporations, individuals, and interest groups will create a level playing field and certainty for all market participants – fostering and encouraging economic activity.
Craig D. Schlesinger