Here's the solution to economic crisis

March 2, 2009
No need for more taxpayer bailouts and economic stimulus, if politicians would do the following:

First, repeal all sales taxes and replace the lost revenue with an import tax/tariff on imported labor and manufactured goods.

Second, repeal all local tax incentives that shift business costs to taxpayers and that create poverty-wage jobs; or change these incentives to pay a living wage, minimum wage of $14/hour (parent with one child).

Third, re-regulate banks and financial corporations.

Fourth, enact a windfall profits tax on oil and gas companies. But rebate this money through tax incentives for drilling and building refineries (including ethanol ones in other countries) as well as eliminating the 54-cents-a-gallon import tax on sugarcane ethanol. This strategy will slow these companies from using excess profits to enrich executives and to buy company stock.

Fifth, increase taxes on fuel-guzzling vehicles, wealthy individuals and corporations (eliminating corporate welfare and tax loopholes) to pay for the Wall Street bailout, the Iraq war and to pump more oil in Iraq for export. These strategies will lower the $11 trillion ($14 trillion forecasted) taxpayer debt, leading to a stronger dollar that will reduce inflation and increase the number of good-paying jobs with benefits for American citizens.


Brent Pittman
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