Your Opinion: Thoughts on taxes, Social Security
Friday, September 16, 2011
There was a somewhat spirited exchange among Republican candidates at the Florida debate with some jabs at each other and interesting, somewhat general in nature.
My old boss used to say, it’s okay to complain and want to see things done better, but if you do, you should have a specific idea to discuss to change things.
I heard about reducing corporate taxes from 35 percent to 0 percent for bringing jobs back into our country and tax credits for hiring new employees. My old company used to manufacture in Terra Haute, Ind., but was shut down due to increased government regulations.
Today the first step is done in China, then shipped to Germany for processing and shipped to Ireland for packaging and then shipped to the U.S. I wonder how this is cost effective.
We should be like Japan. They let foreign business invest but the most a foreign country can own is 40 percent of a business. Since this is a free enterprise country we should reward our businesses by tax breaks. The more we produce in our country the better tax breaks you can get. It should be a graduated level from the top level of 35 percent downward depending on how much production we retain at home.
It is unrealistic to believe that we would put any corporate company at a 0 percent tax rate. The more people we put to work the more tax money we generate. One more person working creates jobs for three more and then nine more, 25 more etc.
They say Social Security is broke. So why haven’t the treasury bonds Social Security holds for the money been put back.
We paid for Social Security. I realize if I had put that money into a private retirement fund I would most likely have more money but a few years back when funds went down 40 percent I was glad I had Social Security in addition.
A private fund will work if the money is taken from a payroll check and invested. Draw a line in the sand and invest in some type of private program.
Where is the funding going to come from to pay out Social Security for current retirees. The government has to come up with actual dollars to repay money that they have already paid out.
Government needs to act responsible and think through programs they propose, identify what they need and how they need to do it, what the cost will be and what will it accomplish.
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