You're elected POTUS what is your economic plan?

[James Bond 007]

I'd start with repealing the 17th amendment and replacing the federal income tax with the VAT.  This would allow more money in the pockets of Americans.  Tax values added to products, materials, or services throughout manufacturing and distribution.  Manufacturers would remit the difference of the two amounts and retain the rest for themselves.  Differences remitted to the federal government will generate additional tax revenue.  Companies purchasing manufactured products to sell in stock may deduct VAT's. 

As for banks, I'd propose that they are to force sell or divest collateralized debt obligations backed by preferred securities.  It's very important that banks don't engage in propriety trading or invest in hedge funds of private equity.  Liabilities should be limited for the largest banks.  Any deposit taking institution is to be forbidden from engaging in risky behavior.  My administration would encourage banks to allow flexible mortgage rates in order to stabilize the housing market ensuring they get their money back to stabilize the housing market.

Free trade is essential for the consumer in increasing competition and enforcing ethical measurements. It's also good for foreign policy. The reason companies move overseas is higher wages, corporate taxes, and regulations.  In order to bring them back, the corporate tax would be lowered to 34%.  Our nation should be embarrassed by having the highest corporate tax in the world.  Those who lose their jobs due to outsourcing, I would propose an extremely lengthy and detailed bill to provide job training programs. 

Immigration would be encouraged to help our economy at a near open boarder stance.  Guest Worker programs increase competition. 

What this country needs is a constitutional amendment guaranteeing an annual minimum wage increase based on the cost of living.  Initially, I'd call on congress to raise it to $8.00/hour or slightly higher.  States should be running this on their own as well.  However, a base pay is necessary for the sustenance of the less fortunate. 

I'm not sure if welfare fits into the economy, but I'm going to since I've included the private sector.  Our goal is to maintain the welfare reform levels and policies from the 80's and 90's.  One welfare parent would be required to work at least 16 hours a week.  Single parents would be required to further their education if unemployed.  Teen parents would be required to stay in high school to receive benefits.  All welfare recipients would be required by law to work at least 100 hours in a month.  Unemployment benefits would be maintained at their current levels. States struggling to meet these requirements would receive Block Grants in order to provide flexibility and the same goes for TANF.  Block grants for food stamps would continue in their current form but of course could be adjusted based on the economy.

Regarding social security, I propose Al Gore's idea of a lock box where congress isn't allowed to touch this portion of our budget.  We owe it to our seniors.  The retirement age would be set at 62.  Younger workers in the workforce is important for a continuing nation of prosperity from sea to shining sea.  Medicare for seniors would be maintained as a fundamental of our nation's compassion. 

On another thread I proposed my medicaid/healthcare plan.  Those making under roughly $30,000 would be eligible for medicaid and couples making under $50,000 as long as their employer doesn't offer benefits.  There wouldn't be a requirement as in Obamacare.  Insurance companies still can't deny for pre-existing conditions and parents could keep their kids on their insurance until the age of 25. Illegal immigrants would be welcome to apply for medicaid if qualified.  The fact of the matter is that if they go to the emergency room, they can't be denied treatment.  Therefore, we'd be paying for it anyways after the fact.  This way it's paid for up front.

[RightBehind]

Something must be done as far as income inequality and job creation in this country is concerned. I have one of two ideas. The first is return to the top tax bracket numbers before Reagan substantially lowered it. Or, I would say to the rich if they're really the job creators, have your tax cuts and less regulations. If you can get the economy going, have at it. If, however, you don't start giving people jobs with these breaks, I will hit you harder than any president ever has before.

[James Bond 007]

Something must be done as far as income inequality and job creation in this country is concerned. I have one of two ideas. The first is return to the top tax bracket numbers before Reagan substantially lowered it. Or, I would say to the rich if they're really the job creators, have your tax cuts and less regulations. If you can get the economy going, have at it. If, however, you don't start giving people jobs with these breaks, I will hit you harder than any president ever has before.

How tax cuts create jobs is just common sense spending in the free market.  I get more money, buy a boat, now it benefits the boating industry and places I go to with my boat such as the fishing industry, places to go boating, resorts.  They all get my business and are improved.  Now combine this with everyone buying different things or investing money.  At some point jobs are created as a result of more spending and business.  Jobs are also the last thing to come because in that case when you hire someone you're making a long term decision.  Higher taxes pay for services but there's no way it comes into contact with creating jobs except at the IRS.  Rather than have any taxes, we need to adopt the VAT used in other countries.  If we lower corporate taxes, the price increase throughout distribution will offset and a portion of the price of goods will be going towards the federal government as a source of revenue.  So simply having lower taxes doesn't directly create jobs either, but increased business allowing a company to hire more workers if needed. 

[RightBehind]

So I don't see why we can't have a massive tax cut for the poor and middle class and raise on the richest of the rich because you need tax revenue.

[James Bond 007]

So I don't see why we can't have a massive tax cut for the poor and middle class and raise on the richest of the rich because you need tax revenue.

Hardly anyone in the bottom 50% pays any taxes to begin with.  Romney was dead on about the 47% regarding the number of people who don't pay taxes.  We can't cut taxes for someone who doesn't pay any taxes to begin with. 

[RightBehind]

Do you propose taxing or raising taxes on the poor and/or working poor?

Also, some rich people/corporations not only pay no taxes, they get money from the government despite not paying taxes.

[Classic Conservative]

I'd propose a simple flat tax of 11% for all individuals except those who make under $20,000 who will pay an tax of 3%. I'd end all other federal taxes on individuals. I'd create a business flat tax of 16% for all businesses, small or large. I'd also end all corporate and energy subsides and invest all federal income into the infrastructure, military and government programs including Social Security and Medicare which I would reform for a more sounder and longer social program so we can help our house in order.

[🦀🎂🦀🎂]

in the states?

I would guarantee an annual income for all citizens - a full living pension after 66, a reduced grant foe those below the age and a child grant for those below 18 (of which a portion would be locked up in a government medium-risk savings fund and released upon a citizen reaching their 18th birthday to be used for self-betterment (tuition, business starting etc.) All income on top of these grants should be taxed (including pensions, capital gains etc.) at progressive rates. This would create a flexible workforce, especially when coupled with a national adult education scheme for cheap rapid retraining of adult workers.

A series of regional infrastructure investment banks should be set up to provide low-interest loans to municipalities. The Federal Reserve should aggressively target hoarded cash, by placing negative income rates and eliminating paper money. Eliminate corporation tax for mutual organisations, and persuade companies to become co-operative or at least allow employees to elect half their boards (quasi-German model). Turn public companies into mutuals; use mutual contracters. Enforce a 12 to 1 wage ratio law.

Replace all land taxes (property taxes, estate tax) with LVT. Distribute LVT directly to states on conditions they eliminate their property taxes.

Enshrine positive economic rights as human rights in the constitution. Tax methane, carbon, certain costly vices and financial transactions and place revenue into a locked sovereign wealth fund. (lobby for a global FTA). Abolish all tariffs. A surtax on migrant workers.

Abolish all subsidies of farms (beyond insurance), arms companies and trade, fossil fuels, and lobby for the abolition of all special tax credits (like filming credits) amongst the states.

[OSR stands with Israel]

Pass tax reform which makes the different tax rates 8%,15%, 22%, 29% and with rules that people making over 5,000,000 dont get loopholes. Oh and raise capital gains to 25%

Reform Welfare where people on welfare are required to attend job training  so they can get jobs which pay 40,000-60,000

Fund major infrastructure projects  to rebuild roads, and bridges and create jobs

Fund trade schools instead of funding degrees which get people few good jobs so people can get mid paying blue collar jobs

Fine and put sanctions on companies which higher illegal immigrants, which then would force them to higher americans

Get rid of  regulations which harm small business growth

Appoint a fed chairman who is not afraid to raise interest rates to deflate a housing or auto bubble

Stop all big corporate subsidies so they dont get unfair advantages against small business

[Free Bird]

Replacing all Federal taxes with an APT tax, and encourage the States to do the same with rates that they see appropriate, ideally so that part of the money raised in specific municipalities could be returned to them for their funding
Abolition of the 16th Amendment
Taking a hacksaw to the federal budget
Passing a Balanced Budget Amendment, which would also require that it be built from the ground up each time
Abolishing the Federal Reserve and subsequently returning the power of money to the Treasury, while finding some way to make it sound once again

[James Bond 007]

Do you propose taxing or raising taxes on the poor and/or working poor?

Also, some rich people/corporations not only pay no taxes, they get money from the government despite not paying taxes.

I stated the answers above and there's no point in repeating myself.

[James Bond 007]

I think at first I said 17th amendment, but I meant repeal the 16th amendment which is the federal income tax.  I had them mixed up and I'm not sure how to change it.  I hope those of you reading understand I meant to repeal the 16th amendment and not the 17th.  Someone mentioned interest rates which I didn't really touch because it's up to the federal reserve chairman.  As POTUS though it's important to understand that interest rates must reflect the current state of the economy.  As long as they don't raise it during an election year, I'm fine with that.

[Murica!]

Considering to get elected I'd have to feign being a left wing social democrat at the minimum(and not to mention softening some of my, how should I say it, less then likeable personality). Here would be my plan.

Busnisses over 1000 employees are "incentivesed"* to adopt  co-determination.

Striking workers may legally purchase the business they are striking against, regardless of owner consent.

Creation of a national public credit union allowing for lower rate lending to those that need it.

Nationalize public services(water, electricity etc) and run it through elected representatives of the workers, not government bureaucrats

Nationalize public transport( including airlines) with the same system of management.

Nationalize the automotive industry and place it under UAW control.

Nationalize coal and place it under the NMWU.

Tax incentives for unionization and cooperatives, while removing subsidies to oil and other fossil fuels.

Remove legislated free trade and replace with total free trade with a removal of all tariffs and other trade barriers, regardless of country.

Total open borders with instant citizenship to all people that enter.

End the war on drugs and nationalize the pharmaceutical industry and place under union control.

Creation of " National Industry" for the unemployed.
, which will create workshops in all cities.

Free higher education along with a democratic national health service.

 
*by incentivized I mean brutally taxed and harassed

(I would also never do this as this is a massive betrayal of my ideals but it was fun to think about none the less.)

[RightBehind]

Do you propose taxing or raising taxes on the poor and/or working poor?

Also, some rich people/corporations not only pay no taxes, they get money from the government despite not paying taxes.

I stated the answers above and there's no point in repeating myself.

All I was pointing out was you said the bottom 50% hardly pays taxes while I countered in saying people of higher class don't either.

[136or142]

I haven't costed this out, but to start:
1.Eliminate the corporate income tax and increase dividend and capital gains taxes.  In this way, corporations are given an incentive to reinvest their money and only that money that is paid out in dividends is taxed.

Cutting the capital gains tax may have led to some short term increases in investments, but I think it mostly ends up just causing market bubbles.

2.Eliminate the corporate payment of payroll taxes.  Corporate payroll taxes are essentially a tax on jobs and I can't think of anything stupider than that.

I'd pay for that by increasing pollution taxes.  Start with a 'carbon tax' and then work on other forms of pollution taxes that can be feasibly done.

The rate of all environmental taxes should be based on the equimarginal principle.

3.Over time I'd start to reduce income taxes and increase sales taxes.  Sales taxes are generally more efficient than income taxes but overall I think a mix of the two is best.  I realize that would increase collection and enforcement costs but it would also lead to the lowest possible rate for both, and as the finance minister for some French King said "The art of taxation is to produce the most feathers with the least amount of clucking from the chicken."

4.Also over time I'd eliminate many social welfare programs around and replace them with a GAIN (also known as basic income or 'mincome.')

5.I'd increase spending on infrastructure by around $150 billion a year and finance it by cutting the already hugely bloated Defense Department budget.

6.Continue to promote free trade agreements but not sign any agreement that uses the present dispute settlement mechanism that favors corporations that sue governments.  I'd especially not sign any agreement that allows corporations to sue for 'lost future profits.'  Since when are future profits guaranteed?

[136or142]

Something must be done as far as income inequality and job creation in this country is concerned. I have one of two ideas. The first is return to the top tax bracket numbers before Reagan substantially lowered it. Or, I would say to the rich if they're really the job creators, have your tax cuts and less regulations. If you can get the economy going, have at it. If, however, you don't start giving people jobs with these breaks, I will hit you harder than any president ever has before.

How tax cuts create jobs is just common sense spending in the free market.  I get more money, buy a boat, now it benefits the boating industry and places I go to with my boat such as the fishing industry, places to go boating, resorts.  They all get my business and are improved.  Now combine this with everyone buying different things or investing money.  At some point jobs are created as a result of more spending and business.  Jobs are also the last thing to come because in that case when you hire someone you're making a long term decision.  Higher taxes pay for services but there's no way it comes into contact with creating jobs except at the IRS.  Rather than have any taxes, we need to adopt the VAT used in other countries.  If we lower corporate taxes, the price increase throughout distribution will offset and a portion of the price of goods will be going towards the federal government as a source of revenue.  So simply having lower taxes doesn't directly create jobs either, but increased business allowing a company to hire more workers if needed.  

Milton Friedman et al showed that in the long run only increasing productive output (aka the 'supply side') increases GDP and creates jobs.  Cutting taxes for individuals that is matched by a cut in government spending generally cancels each other out.  I realize some supply siders still argue that personal tax cuts boost long run growth, but I think the data mostly shows this argument is nonsense.  Cutting personal taxes without cutting spending just results in a higher deficit which when the economy is operating at full potential output just means that banks have less money to loan to other people.

Also, at least in the short term a tax cut that is used to buy a boat will cause a reduction in GDP if the boat is imported.

One calculation of GDP is:
C + G + I + (X-M)

where C is consumer spending
G is government investment
I is corporate investment
X are exports
M are imports

So, as you can see, if the money is spent on imports, in the short term, that will reduce GDP.  Of course, based on current account/capital account, that money should come back into the country (though maybe not in a form that adds to GDP,) however, in the U.S case, there are other countries that use the U.S dollar and many commodities are also bought in U.S dollars (the U.S being the world reserve currency,) so, I think it can take many years for the dollars to get back into the U.S.

Maybe Ag can correct me on that last point if I'm wrong.

[136or142]

So I don't see why we can't have a massive tax cut for the poor and middle class and raise on the richest of the rich because you need tax revenue.

Hardly anyone in the bottom 50% pays any taxes to begin with.  Romney was dead on about the 47% regarding the number of people who don't pay taxes.  We can't cut taxes for someone who doesn't pay any taxes to begin with.  

This is false.  Hardly anyone in the bottom 50% doesn't pay much, if any, INCOME tax, but they pay sales taxes, payroll taxes and property taxes through either their property or as part of their rent.  They also pay all sorts of other fees such as school fees where applicable and for licenses.  

Finally, they also pay for externalities such as increased health expenses caused by pollution.  The poorest actually tend to pay the highest for these things.

[Taco Truck 🚚]

Hardly anyone in the bottom 50% pays any taxes to begin with.  Romney was dead on about the 47% regarding the number of people who don't pay taxes.

That's a lie.  People at the bottom pay all kinds of taxes and fees.  Sales tax, gas tax, property tax, etc.  And red state Republicans have lowered "taxes" but raised "fees".  Call it what you want.  But when I have to send money to the government that's a tax.  In fact your VAT idea is that same strategy on steroids.  A horribly regressive tax system.

[136or142]

Hardly anyone in the bottom 50% pays any taxes to begin with.  Romney was dead on about the 47% regarding the number of people who don't pay taxes.

That's a lie.  People at the bottom pay all kinds of taxes and fees.  Sales tax, gas tax, property tax, etc.  And red state Republicans have lowered "taxes" but raised "fees".  Call it what you want.  But when I have to send money to the government that's a tax.  In fact your VAT idea is that same strategy on steroids.  A horribly regressive tax system.

I said the same thing right above you.  

There seems to be this meme with a lot of Republicans that only income taxes count when it comes to  paying taxes.  

Whether Donald Trump becomes the nominee or not, I suspect that with his getting a large number of working class and even unemployed whites (mainly white males) to vote for him, Republicans will drop this meme, at least at the national level.  Republican governors in individual states will likely keep on keeping on, though.

I didn't think of the gas tax, but I mentioned that poor people are especially hard hit by externalities, whether its through suffering greater health problems or through eating poorer quality foods (foods with less nutrients due to environmental damage).  Externalities aren't generally considered a tax, but I think they absolutely should be.

You also didn't mention payroll taxes, which for many lower income people are the largest percent of taxes that they pay, at least at the federal level.

Finally, I think sales taxes can be made fair if combined with a basic guaranteed income.

[President Johnson]

A very ambitious program:

- Tax cuts for small and medium sized businesses
- Tax cuts for the middle class, no federal income tax for those making less than 25,000$/year
- Reform regulations; put an expert commission (with different interests; business leaders, unions, employees, academics) together to fined out, which regulations can be abolished or reformed. Bureaucracy must be condemed.
- Close tax loopholes
- Increase taxes for higher incomes; top tax rate 49% for those making more than 500,000$ year
- one time tax of 15% for those making more than 400,000$ to pay down the federal debt
- Tax Wall Street
- renegotiating trade deals to get rid or lower of the huge trade deficits
- implement a guest worker program, but only for employers, who can't find Americans to do the job
- increase the minimum wage to 13$ an hour. Further automatic increases on an annual basis linked to inflation in the various states.
- give tax breaks to renewable energies, that they become cheaper. I would also consider a training program for coal workers (and others working in the energy industry) that they can find other jobs.
- Trying to eliminate wasteful spending. Defense budget would be cut, but not too massive.
- Paid family leave

My main goal would be a balanced budget and pay down the debt.

[Kingpoleon]

Tax Brackets(7)

$50,000-$75,000: 10%
$75,000-$125,000: 15%
$125,000-$200,000: 25%
$200,000-$450,000: 33.3%
$450,000-$700,000: 37.5%
$700,000-$1,500,000: 40%
$1,500,000+: 45%


A 5.0% federal sales tax on all non-consumption purchases for those making >$50,000 a year is instituted. Consider armed forces/veterans exemptions and making it 25% for those making over a million.

Make equal taxations on businesses and labor unions, cutting it for those with under fifty members/staff/volunteers/interns. Exempt it for those with under ten.

Raise the minimum wage $0.50 every three months until it's $10.00.

[they don't love you like i love you]

All liberal, all the time

[Murica!]

All liberal, all the time

The fyck  does that even mean

[RFayette]

My big 5:  

1. Move to a flat tax, ideally a ~28-30% national sales tax with a "pre-bate check" for all Americans (adjusted for cost-of-living).  Phase this in over time so we can transition.
2. Label China a currency manipulator and re-negotiate for more favorable trade agreements, with stronger wage/labor requirements in other countries.  Put tight restrictions on product dumping.
3. Invest more in infrastructure and science research & development, with special attention to improving energy transmission and clean energy production, combatting cyber-crime, studying how to cure cancer & Alzheimer's, and improving energy efficiency in household devices.  
4. Send all welfare dollars block-granted back to the states, including Medicare and Social Security.  Move to privatize remaining programs and agencies.
5. Eliminate the H1B visa program (or heavily curtail it).  Reduce the number of new immigrants by at least 75% and deport those already here (with a narrow path to legal status for those here for 5+ years, with no chance of citizenship).

[beaver2.0]

1. Leave WTO, IMF, NAFTA, TPP
2. Institute high tariffs on foreign products
3. Prohibit foreign energy after a while, begin massive progress into American energy.  Massive subsidies for WV windfarms.  Loosen coal restrictions.
4. Punish companies that move jobs overseas
5. Bust trusts
6. Destroy right-to-work.
7. Increase minimum wage to $10.