Sunday, May 02, 2010

Senate Candidate Bates

I have a couple of problems with Senate Candidate Bates.

  • The combined state and federal corporate tax rate is 39.9% - the second highest such tax rate in the world. I propose that we slash the federal corporate tax rate from 35% to 24%, and then down to 20% as soon as possible after that. That would be an immediate tax cut of 31% for all employers in America. Additionally, this tax rate would be a flat tax that would reduce the tax compliance burden of companies, thereby freeing up more resources for job creation.
  • The bailouts must stop; the government takeovers must end. The federal government needs to shed the ownership and creditor positions that it has with many large companies. Tax cuts and the elimination of unnecessary regulations will help individuals, families, and businesses recover from the economic downturn. I will work to eliminate the death tax, reduce the capital gains tax, cut the recently raised payroll tax, make the 2003 income tax cuts permanent, and permanently index the Alternative Minimum Tax for inflation. Lower taxes give you more control over your future, and that, in turn, makes our economy stronger.
  • Federal spending is out of control. Our deficit for FY2009 was $1.4 trillion, and our national debt currently stands at $12.6 trillion and is growing every day.
This would be nice, but with trillion dollar deficits, does he actually believe we can grow our way out of it? The Deficit for 2009 was over $1.9 Trillion. Bates being a financial adviser uses the government published value instead of the US Treasury published values. Missing a half trillion in one year is a pretty large financial error. What I want is a representative that will tell expose and tell the truth. This is not a very good start.
  • I also support the development of nuclear power plants and coal-to-liquid fuels, the expansion of our nation’s oil refining capacity, and the pursuit of alternative energy sources such as wind, solar, and ethanol, free of government subsidies.
What we have is a non technical person speaking about a subject he has no concept of. Nuclear power created highly radioactive waste. What does he plan to do with it? Before some one states he supports nuclear power, they better have an idea of the cost. Nuclear power will cost 14 cents a Kw-hour. You could build four windmills for this cost and have them run 25% of the time and still produce more energy, cleaner and no waste. I agree with is position that all energy development must be free of government subsidies. May the best energy source win.

  • Social Security, Medicare, and Medicaid are all on an unsustainable path that will wreck our economy if nothing is done to address them. Reforming these programs, particularly Social Security, starts with protecting current beneficiaries benefits. After insuring that current benefits will not be reduced, we must move these programs towards a more personal, individual-focused system.
Wow, this is a mouth full. After insuring that current benefits will not be reduced. How does he plan to do this? He is a financial planner. Maybe the numbers are just too large for him to comprehend. To pay just those who are age 65 and over, would require a down payment deposit into Social Security of over $8 Trillion!! That means no one under age 65 gets a dime. Now if you want to pay those over 50 their promised benefits, you still must maintain a SS-OASI tax of over 8% This means there is only 2.6% for individual accounts. Yet I hear that current benefits would include those over age 40. Sorry Bates, but this is automatic out.

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