To continue getting breaking news and the full stories from The Boston Globe, subscribe today.
November 11, 2012
ECONOMICS PROFESSOR, BOSTON UNIVERSITY
How best to get our economy moving in the right direction? All four of the local experts on the economy have slightly different takes on how best to get it done. Although all have excellent ideas, I agree most with Lisa Lynch. As a volunteer tax preparer with AARP, I am in a position to see refundable tax credits in action. Our mission is to assist taxpayers in the low to moderate income levels, and as such, most return money is spent before it is received. I have heard some pretty sad stories over the years, but it is one of the few jobs that I have had where I feel good about what I have accomplished when the day is done. Controlling taxes on small business is another good idea. Making the United States a desirable place to start and operate a business can only help our situation. Employed people pay taxes. There is much in the tax code that should be looked at with an eye toward eliminating the sweetheart deals for big business that have been put there over the years by a bought and paid for congress.
Here is some advice to President Obaba from someone who voted for him:
(1) Forge a budget agreement which will incrementally increase the taxes on the 1% of wage earners while cutting some programs across the board - an agreement on a budget which is not perfect, is better than no agreement at all.
(2) Introduce new legislation which would take the volotility out of the stock market by banning ALL REGULATED INVESTMENT COMPANIES (RICS) from holding Swap contracts, Options, Puts, Calls, and other "synthetic" securiies so the "idiots" who manage large portfolio's can no longer impress their friends at cocktail parties with how much of retired Americans' money they lost each work.
(3) Introduce a " JOBS EXPATRIATION ACT of 2013" which would put a federal tax on any publicly tyraded Corporation with greater than 100 employees of $250,000 per US job expatriated beyond some minimal aloowable figure of twenty or so jobs per annum. This would help solidify the financial services industry in the City of Boston and other other areas where business executives like state Street's Jay Hooley have bacome incredibly rich incredibly quickly by wiping out - in the case of State Street Corp - what I estimate to 3200 US middle calss jobs ion the past three years.
US Rangers lead the way !!!!!!!!!!!!
Read these suggestions twice. These are experts! Could not believe that their recommendations are the most important items on their minds to help USA go forward.