THERE ARE WAYS TO SAVE THE ECONOMY, BUT GOVERNMENT REFUSES TO PAY ATTENTION

Obama, Democrats favor worst of bad ideas
http://finance.townhall.com/columnists/bobbeauprez/2012/12/31/obama-democrats-favor-worst-of-bad-ideas-n1476435/page/full/
Townhall – Bob Beauprez – 12/31/2012

Earlier this month, Scott Hodge, President of the Tax Foundation, published a ranking of fifteen ideas to create "new revenues as a component of any bipartisan deal to reduce the federal deficit." Hodge utilized findings of extensive studies by OECD economists (a 34 nation organization of which the U.S. is a member) that established a hierarchy of which taxes are most and least harmful for long-term economic growth.

With the OECD framework as a starting point, Hodge and the Tax Foundation evaluated and commented on potential outcomes from Obama's contributions to the fiscal cliff negotiations.

Rather that promoting growth as Obama claims, wrapped up in his fiscal cliff proposed idea package are three of the four MOST HARMFUL actions that could be taken among the entire list of fifteen possibilities evaluated by the OECD.

According to Hodge raising tax rates on high income individuals – the current Holy Grail for Obama – will result in lowering GDP by 0.44%. As a result, for every $1 of new revenue to the government, GDP would shrink by $2.77.

Raising Revenue:  The Least Worse Options

http://taxfoundation.org/article/raising-revenue-least-worst-options
Tax Foundation – Scott A. Hodge – 12/5/2012

It really is an interesting read to quickly scroll through this list, because too few in any level of government seem to be aware of the any way to save the taxpayers’ funds.

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