Obama’s Plan is a Good Start

Mr. Obama, put forward a long over due jobs/stimulus package to a joint session of Congress and while my conservative friends would hate to hear me say it, it was a good start. I must admit I’m seriously tired of hearing Obama drone on about taxing the rich or how Buffett wants to pay more taxes by closing loop holes, but that said I like elements of his plan.

Reducing both the employee and employer ( small businesses) social security taxes is a strong step in the right direction. Small businesses need relief and as a CEO of a small business I’m happy about this.

Giving incentives for companies to hire long term unemployed is also a good step in the right direction.

Finally, I don’t like government jobs programs; however, if you are going to do it, the best place to do it is in infrastructure projects as the President proposes.

The Republicans should not dismiss this Plan with partisan politics, instead they should use this as an opportunity to improve and add to Mr Obama’s plan. They should pass his plan with the following additions:

1. Allow a one- time repatriation of off-shore profits back to the US at a flat 20% tax rate. With off shore untaxed profits of roughly 2 trillion dollars the treasury could raise some fast cash to help pay for Obama’s plan. The repatriated profits aftertax could be used by corporations to invest in new business leading to more jobs.
2. Eliminate the capital gains tax for investments made into small business permeant. Small business creates over 50% of the jobs in the US. Let’s create an ongoing incentive to invest in the Google’s and Apple’s of tomorrow today.
3. Eliminate all tax loop holes to all of Warren Buffett’s companies. Also introduce a windfall tax on the expected profits he’ll make from investing in Bank of America a TARP sponsored bank and any other assets he buys that the government rescued. His shareholders will be pissed but it should make him happy as he seems to want to pay more taxes. I seriously doubt that Warren Buffett personally pays lower taxes than a secretary does – this is self serving disingenuous rhetoric from Obama about the man in Omaha who is looking to stay in the good graces of this Adminstration. Good graces that will allow him to feed from the trough of TARP sponsored assets that our government has invested in, that he wants to buy on the cheap.
4. Allow families to deduct the cost of tuition for there dependents and allow tax credits for displaced workers to go back to school. We need to focus on having good jobs, but we also need to focus on having well prepared workers as well.
5. Eliminate unnecessary regulations that prohibit growth.

I’m sure there is more that can be done but this is a good start and will boost employment, investment and increase the tax base. The Republicans have an opportunity to contribute to the President’s plan, I’ll be watching for leadership by Congress.

http://usat.ly/od7kQX

Tweet This Post

The President isn’t serious about Jobs

Watch this video:  CEO Tells Congress he was fined for hiring too many people.

The take away:

In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold.

The President and Congress don’t need to spend another $447 billion to create jobs.  They only have to lift regulations.

President Obama said “If you love me, you gotta help me pass this bill.”

Mr. President:  If you were serious about creating jobs, why can’t Boeing open their finished factory doors due to the NLRB?

Mr. President:  Why did the DOJ instruct Gibson Guitars to ship jobs over seas ?

Sorry Mr President.  I don’t love you.  I love my country.  Something your administration seems intent on dismantling.

Tweet This Post