Wednesday, February 20, 2002
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Wednesday, February 20, 2002 |
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Here's how to solve some big problems Since [Dave Hamrick's column] opened up a session of "solve all the world's problems," I have a few ideas regarding what to do: 1. Do not allow companies to REQUIRE employees to maintain matching contributions in company stock. If company stock positions are voluntary, the problem is solved in my mind. Or better yet, repeal capital gains taxes so that every savings account is largely tax deferred. If all accounts are tax deferred, there would be no need for 401k's. 2. Make corporate audits voluntary. Have them be conducted by stock exchanges for companies who are voluntarily submitting to truly independent audits in order to voluntarily have their stock trade on said exchanges. Then the exchanges can ban the companies who fail their audits or fail to have an audit. The exchange would be compelled to protect its own reputation. Their is no need for a government solution. 3. Repeal the 16th amendment to the constitution, "the one that provided for income taxes," and all other federal taxes, and replace them with Rep. [John] Linder's Fair Tax Program. It is essentially a national sales tax with some moderate refund provisions for extremely low income people. It is fair, it is simple, and if the feds are collecting taxes on sales alone then they have no business knowing what you earn (no 1040 forms!). A flat tax is less desirable because it would still require income reporting. 4. Join and contribute to the Libertarian Party (I'm thinking about joining). If they grow in strength, we can break up the two-party system and force coalitions that would strengthen the conservative position. For those who are unfamiliar with the Libertarians, they are the party of maximum personal freedom and responsibility. I have little love for either major party. The Democrats are populists and socialists, and the Republicans behave like watered-down Democrats in order to not appear "mean-spirited". It is like a choice between Classic and Diet Coke. 5. Every law passed by Congress should be required by constitutional amendment to have an expiration date of not more than 10 years. Thus the suffocating layers of bureaucracy would have to constantly be re-justified to stay on the books. 6. The constitution should be amended to not allow the federal budget to be in deficit over any consecutive four-year period. This would allow for deficit spending in recessions, if it was accompanied by surplus budgets during the following recovery years. I don't have the answers to all the world's problems, but I thought I would take a shot at the ones in your Feb. 13th column. Let me know what you think. Bill Gilmer wmgilmer@mindspring.com
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