Monday, March 02, 2009

"No Republican Plan?" Au Contraire!!

Paul Ryan just keeps getting more and more better every week. Here are a few items from the Republican Congressional recovery plan which QueenNancy, HappyHarry, and The Savior stiffarmed.

...Rather than raise the top marginal income tax rate to 39.6%, it should be dropped to 25%. The lower tax brackets should be collapsed to one 10% rate on the first $100,000 for couples. And the top corporate tax rate should be lowered to 25%. This modest reform would put American companies' tax liability more in line with the prevailing rates of our competitors

...Capital gains taxes are a needless burden on investment, savings and risk-taking, activities in short supply these days. Getting rid of this tax could help establish a floor on stock prices and stem the decline in the value of retirement plans by increasing the after-tax rate of return on capital

...We need to return to a sound money policy. That would end uncertainty, help keep interest rates down, and increase the confidence entrepreneurs and investors need to take the risks required for future growth.

I believe the best way to guarantee sound money is to use an explicit, market-based price guide, such as a basket of commodities, in setting monetary policy...

One point on which the Pubbies and The Savior seem to agree is the solution on banks:

The general idea is to establish an entity or fund to purchase troubled assets from financial institutions and then hold them until they could be sold once the market has recovered. The Treasury has announced its intention to use capital from the Troubled Asset Relief Program, along with financing from the Fed's soon-to-be operational Term Asset-Backed Securities Loan Facility, to set up such an entity. It will be a tall task to get all the details and incentives right, but the administration's general strategy appears to be sound.

A good model for this government-sponsored entity is the Resolution Trust Corporation (RTC)...

But there IS the 'entitlement problem.'

With $56 trillion in unfunded liabilities and our social insurance programs set to implode, we must tackle the entitlement crisis. President Barack Obama deserves credit for his recent efforts to build a bipartisan consensus on entitlement reform. But we can't solve the entitlement problem unless we acknowledge why the costs are exploding, and then take action.

I have proposed legislation, called "A Roadmap for America's Future," that would bring permanent solvency to Medicare, Medicaid and Social Security. By transforming these open-ended entitlements into a system with a defined benefit safety net for the low-income and chronically ill, in conjunction with an individually owned, defined contribution system for health and retirement, we can reach the goal of these programs without bankrupting the next generation. It would also show the world and the credit markets that we are serious about our debt and unfunded liabilities...

Not a contentious essay, by the way. Just common-sense stuff.


krshorewood said...

Ah dad, that's still the tax cut mantra. If he was serious about showing the world our seriousness he would not be against tax increases on the wealthy, thus saying to the world we have intention of paying you back.

Dad29 said...

Gee. Tax cuts! Who woulda thunk?

There are SPENDING cuts, too.

Unlike the Left, which spends in order to raise taxes and gain control, the Right wants to spend less in order to reduce taxes and allow people to be free.