WHAT SHOULD BE DONE IF WE COULD FIX THINGS IN THE US?
Dr. Laurie Roth
February 4, 2011
Let’s cut to the bottom line and visualize together getting stuff done.
The first thing I would do: Kill the Obamacare Bill and start over with a plan that isn’t socialist, doesn’t tax the people, doesn’t ration care, doesn’t limit competition and doesn’t pay for abortions.
We must repeal the entire Health Care bill as it now stands. It has already been voted down as unconstitutional by two Federal Judges. There will be more as the 26 law suits by tons of states are addressed. Then we must explore REAL Health care change and answers, such as portability, torte reform, increasing affordability by increasing competition and common sense.
We should explore real incentives for clinics and hospitals to offer reduced rates for seniors and the needy and to help friends and relatives pay health care bills. We can fix our Health care needs as a country without going socialist or bankrupting us if we have the right vision and will.
Next we need to tackle REAL tax reform
The last thing Americans need are more taxes. A large and swift way to heal up our economy, create tons of jobs and get the value of our money working in the right direction, is to not only drastically cut taxes but to change the whole tax system.
I have come to the conclusion that the most fair, innovative, simple way is the Automated Payment Transaction Tax (APT Tax). This could be a national sales tax also. The bottom line is this would work if our leaders would get themselves off ‘greedy’ and ‘stupid’ and do it. This week I interviewed on my radio show, a 45 year veteran CPA, Duard Lawley, who has written many tax and accounting books www.lawleybooks.com. He and I talked about the reality of pursuing a national sales tax. He referenced the brilliant work of Professor Feige’s work www.apttax.com from the University of Wisconsin who has developed a fabulous, roll out plan for the APT Tax. These are a few of the nuggets in this plan.
The APT Tax plan would be a ‘revenue neutral’ tiny tax rate collected on each transaction in the economy. No special interests, no exemptions, no loop holes, no tax forms to fill out and no monstrous tax code as we have now.
Professor Feige has worked out that with this method our money transactions would be estimated at 100 times the size of our current tax system intake now. If our yearly transactions stayed at the level we are now the tax on each transaction would be (0.3%). Even if this rate had to be adjusted due to transaction levels falling another 50% that would still only be (0.6%).
Professor Feige says this type of tax would save us at least $500 billion yearly by stopping the need for collection and enforcement of all the taxes.
The bottom line here is that the next President and leadership team needs to do real math, figure out what running the Government really costs and streamline out the endless waste. Then with the real budget to run the Government, implement an APT tax and/or national sales tax and stop personal income tax, stop corporate income tax, stop state income tax, fuel tax, capital gains tax, gift tax, estate tax and excise tax.
This would take some thinking and planning but without this kind of tax reform in our vision it won’t get done. We will just keep paying more and more taxes and turn into redistribution of wealth surfs.
Both Professor Fiege and Duard Lawley state that we do slightly over 400 trillion a year in Government transactions. Therefore if there was even a 2% sales tax that could bring in 8 trillion a year without any other taxation. Right now, our national budget and expenditure is around 4 trillion a year. The three monster line items in our country are military, social security and medicare/medicaide and CHIPS. Together, those three make up nearly 2.2 trillion dollars a year. Education, roads and other bills are dramatically smaller and could easily be contained within another trillion or so. Therefore, since we have 14 trillion in debt and pay 6% interest each year on that (not small money) we should start whacking it down with the rest of the money that would come in, 3-4 trillion. Even with interest building, we could have it gone in 4-5 years. Imagine what the freedom from debt would do to the value of our dollar and our economy.
Support American Exceptionalism again
Once people have their money to spend and invest again, we need to support in every way possible the return of being entrepreneurial, making and manufacturing things in America. How do we make US business want to work from America again? Stop stupid regulation, fantasy and environmental controls for starters.
We have been known as the country who has lead in all kinds of business and industry. We were never the copy cat country who settled to do more importing than exporting. That is not American. That is not our history and we must stop that trend and lead again. American business must come home, while continuing to explore in a fair way international and trade relationships.
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There is too much to cover of what needs to be done in one article, but stopping forced and unaffordable health care, introducing real tax reform and building American exceptionalism again is a great start. We will get our miraculous country back. God bless America. Let’s keep thinking.
THE ROTH REVOLUTION
We all must do our small part in getting back our country and freedoms. Therefore I have started just this week ‘The Roth Revolution’ to draw patriots together in a social networking association. It is free, members can blog, chat, post pictures and speak their mind on the issues, to the many that are joining in. I will be blogging and communicating regularly with you myself, putting out the Roth Report, providing cutting edge faxes for you to send to congress on critical issues facing us and exploring ways we can together make a difference. Just go to The Roth Show and click on the Roth Revolution banner. Tell your friends to join also. Together, we will take our country back.
� 2011 Dr. Laurie Roth - All Rights Reserved