On November 12, 2012, Matthew O’Brien writes in The Atlantic:
A $50,000 deduction cap would raise taxes on the rich as much as letting the Bush tax cuts for the rich expire would––without raising tax rates.
We need to focus on economic growth and create “customers with money” so that our private sector businesses can thrive will simultaneously broadening private, individual ownership of new FUTURE productive capital investments. In order to pay down the national debt and eliminate deficits we must create a growth economy whereby we finance economic growth simultaneously with creating new private, individual ownership of FUTURE income-producing producti
ve capital assets.
We must shift subsidies to broadening private, individual ownership in companies developing new energy production solutions and infrastructure and tax “hoggist” incomes paid to CEOs and others who seek to own productive power that they cannot or won’t use for consumption. These super-rich Americans are beggaring their neighbor––the equivalency of mass murder––the impact of concentrated capital ownership.
In order to practically reduce the spending on the military-industrial complex derived from the economy prop-up from taxation and national debt, we need to shift focus to creating new productive capital wealth and expand the economy to broaden private, individual ownership among ALL Americans.
The mission needs to be an Economic Marshall Plan with the objective of enable ALL Americans to become financially independent through growing capital ownership dividends and jobs that pay decent wages and salaries. Presently, Americans are dependent on jobs as their ONLY source of income and jobs are constantly being destroyed or degraded as a result of global wage level competition and significantly tectonic shifts in the technologies of production.
