After expressing serious reservations about the policy discussions of the current election campaign, it seems to me useful to remember that the country’s principal problems can be addressed fairly straightforwardly.
Tax policies are available that would stimulate rational economic growth while reducing the deficit. Income taxes should be lowered on all incomes below $250,000, and taxes should be raised on elective spending, such as gasoline not consumed to earn the taxpayer’s living, as with taxis or delivery vehicles. Restaurant meals, luxury goods, and financial transactions other than simple equity or bond-market buying and selling could be lightly taxed, but very profitably for the Treasury. Taxes on capital-gains and dividend and interest income should all be reduced, and former Senator Santorum’s proposal for an extended and increased family tax credit and a reduced tax rate for manufacturing should be enacted, if not exactly as he proposes.
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