WSJ 12.7, Business Fumes Over Carbon Dioxide Rule

Wall Street Journal
Business Fumes Over Carbon Dioxide Rule
December 7, 2009


Steve Forbes today wrote an excellent article appearing today in the Forbes online newsletter warning investors to watch out for Government policy making. Bad government policy inhibits and short circuits free markets which always work better than a government dominated system. Government regulation like the Smoot-Haley Tariff act helped trigger the Great Depression. The Federal Reserve's unbridled printing of money has already helped to stave off recovery.

Now, in the midst of this global warming hype and the useless Copenhagen conference the Obama EPA seeks to mandate and enforce a ludicrous Carbon Dioxide rule-endangerment finding. This is being done without regard for small business, increased taxing, increased consumer costs and the fact that the large nations of the world like China and India will not abide by such nonsense. We exhale carbon dioxide, we our mouths soons been taped?

The U.S. may be responsible for 25 percent of the globes carbon emissions. Martin Feldstein, an outstanding economist and past governmental adviser in saner days, indicates that this concept is nonsense. At best, if we adopt and follow our nation's own ridiculous mandates (Waxman-Markey) or cap and trade at best the climate might benefit by .02 Celsius. This type of reasoning by the administration and their behind the scenes planners, defies logic.

Steve Forbes, as usual has it right when he reiterates, capitalism is the way out of this economic morass. This is why this past week, while visiting with Iowans, along with myself there was utter disbelief that this government is spending time promoting this nonsense. It will further dampen the recovery and continue our slide toward a third world nation profile. This is why I continue to proposeAN INCENTIVIZED PROGRAM FOR RESTORATING THE AMERICAN ECONOMY TO FULL EMPLOYMENT QUICKLY, a return to the values of capitalism.

For job growth, I propose an incentives economic program which proposes to focus on job restoration. In summary the concept is a simple one, Lower state and federal taxes on corporations that return jobs from overseas, or create their numerical equivalents in new occupations for the American worker. Currently, between Iowa's tax rate and that of the federal government, businesses must pay 41.6 percent to government. This type of excessive business taxation has given the U.S. the dubious distinction of being the world's leader in corporate taxes. This "jobs killer" must be dealt with to improve the competitiveness of America. Past proposals of a five or ten percent cut will not make the difference we need to bring the jobs back for over 18 million jobless or underemployed workers.

Specifically,

I propose corporate round tables to meet with the new President after the 2012 elections on federal and state tax reductions for businesses, and to establish monthly goals for corporate job restoration/creation in the U.S.

In the interim period between now and then, I would strongly encourage the administration to recognize that any President must make job restoration-creation a 24/7 number one priority. Any current administration program which increase borrowing and deficits and are unnecessary should be immediately curtailed,

I propose that the Federal government make initial cuts in the corporate tax rate to 10 or 15 percent prior to state's review of their taxes,

I further propose actuarial studies to determine how increased job growth would through the normal payroll tax, prevent deficit growth due to tax reductions at the federal and state levels,

As recently stated by the tax foundation. "The key to improving America's tax competitiveness is a partnership between federal and state law makers to work toward the common goal of lowering the overall business tax burden in the U.S.. Otherwise, the U.S. will continue to call behind in the global tax race simply by standing still."

I propose that government remove itself from blocking the free markets and the principles of capitalism.