As a friend and I discussed the stimulus spending bill, we began to understand what an opportunity the Congress has, right now, this month, to make changes that really would stimulate the economy.
First, for those who have lost their jobs, extend the length of unemployment benefits. Provide some assistance to those who are in danger of losing their houses because of their recent job loss. Second, take this opportunity to replace the countless tax laws of the country and rewrite them on one or two pieces of paper. Replace income tax, payroll tax, capital gains tax, tax on interest, tax on dividends, inheritance tax, excise taxes — with one simple tax. That could be a flat tax (which is quite progressive), it could be the Fair Tax or it could be another tax, but the criterion should be that the law should not exceed two pages. Make the tax change permanent, so all can plan for the future. Make the tax rates low enough to reduce the withholding for all working Americans — starting as soon as the law is passed.
Put money in the hands of the citizens. We know how to spend it wisely.
George E. Keller, Asheville