Economic Recovery

August 20, 2011.

Economic Recovery

By T.S.Khanna, August 20, 2011.

Some quick steps for economic recovery are suggested:

• Bring back the outsourced jobs by competitive wages and taxes;

• Eliminate all tax loopholes and adopt a 20% flat rate federal tax and 5% state tax for all income groups

Those who pursue wealth within the legal and moral framework create more wealth than they consume, making the society wealthier. Higher tax rate for higher income is a disincentive. Flat rate tax will be fairer, simpler and increase the revenue.

• Allow tax free income of fifty thousand dollars for everyone (husband-wife $ 100,000) for greater expendable income for shopping and household expenses;

• Disallow voting right to non-taxpayers. 47% of Americans are not paying any tax, due to the loopholes or low income. Free loaders must not be allowed to steer the economy. Only the citizens in good standing who have paid taxes for at least five consecutive years may have the right to vote. This would be constitutional, except for Amendment 24.
  

• Adopt a balanced budget amendment to the Constitution;
  

• Suspend property tax and mortgage deduction from income tax, for personal homes;

• Provide free education only up to primary school. Thereafter, only for those who are scholarship good at studies. Those who do not wish to pursue studies may be picked up for employment training by corporations. The current system of public education is a huge waste of taxpayers' money.
  

• Reduce the salaries and perks of all elected officials by 50% , until the economy recovers. They should be more connected with the people and take a voluntary cut in their compensation and perks.