This has been bantered about before, but perhaps it’s time to revamp the idea.
After we cut military spending, I have an added solution to help pay down the US debt to China and Japan.
Sine Americans love to gamble, as do the Chinese, we can develop a weekly Debt Lottery.
Depending how many states take part, that number, say 50 people across the country, each week could win up to $1 million.
The interest and surplus would go towards reducing the debt.
Any resident of a state that does not participate would not be allowed to play or win. So you’ll need proof of address and if need be proper identification to buy the ticket.
Add a Patriotic Wealth Tax $250k and up, a flat 10%. A tax on corporate and foreign profits – a calculation would have to be developed and made legally clear so that those hikes in taxes would not be added to American Consumer goods, but to profits only.
Further during this time of National Debt any corporations who moves out of the country to avoid this tax and still wishes to do business in the US will pay double above their profits for the privilege to do business in the US and drop in ranking for all government contracts. Once these businesses leave merging with another corporation, in or out of the US, does not forgive their move, that penalty follows for at least 10 years.
Paying down the debt by those who profit the most and for the freedom this nation provides should be these corporation’s patriotic duty.
Added to these taxes an extra tax on Chinese and Japaneses goods, which would go directly towards the debt, however, an equally offered tax cuts to business who make goods with clean energy, clean waste and who hire American citizens within all US state borders. So Toyota will get a cut for their plants in Alabama, but pay an extra tax for the parts shipped in from Japan or China. Toyota would be free to pass this cost onto American Consumers.
Seems a number of conservatives and libertarians don’t mind that the middle class working stiffs take the hit, “we will have to all suffer,” they say, yet, they get all up in arms when the wealthy and corporations are called in to carry their share of this burden.
That needs to stop.
Those who think we will lose business in the US, think again, go ahead, move your business off shore, trust me, we’ll find someone else to take your place.
I would like to work this article up a bit more thoughtfully as the days go on.
Your thoughts – pros and cons?