3 ways to improve Economy of USA

In this short video from Learn Liberty website, Harvard Economist Jeff Miron explains 3 simple ways to revive the economic recession of USA (whose impact will naturally be global).
1. Cut entitlements: That is, Government should decrease spending on Medicaid, Medicare and Social Security. In other words, cut down on welfare to an extent.
2. Freeze new Governmental regulations on businesses so that businesses can focus more on creating products.
3. Simplify Taxes and go for purchase-tax: The current income-tax based system has grown into a complex system resulting in a huge bureaucracy, proliferation of tax-professionals and needless to say, people have to devote a substantial amount of time to track their taxes and compliance.  Miron urges that the current cumbersome system be abolished and replaced by a simple flat tax that everyone pays on consumtion (ie, when I buy an item from market).
By the way, Faitax organization has also been pushing for similar reform.
Here is the video:

 

6 thoughts on “3 ways to improve Economy of USA”

  1. I am in agreement of one simple purchase or Transaction tax to replace income tax.How much could be this Purchase tax?? What advantage it can give in terms of statistical format?? I agree to abolish Income tax completely.." Tax-payers Money" is defeating terms to the society..I can see the prevention of wastage & unnecessary devaluation of usable products can be avoided.What happens to the transaction of usable items??or second sale items?? as it is , we are paying purchase tax on every item that we buy..

    1. There is an economic way to put the arengmut of the tax junkies into the trash:(money invested by government)= (money taken from citizen) (administrative overhead) (economic damage by taxation) (economic damage by arbitrary reallocation of resources without market feedback)There is no way you can argue that growing government makes sense in the long run. Even if you have no moral principles (can’t argue on that ground with leftist crooks).

    1. Of course, any state that does not have an inmcoe tax is not going to tax your pension. In addition, there are states that tax wages but no pensions, such as Pennsylvania, and states that do not tax certain pensions, such as your federal pension.Louisiana, for example, has an inmcoe tax, taxes pensions, but waives state inmcoe tax on certain pensions, including your federal pension. There are 10 states that do not tax federal pensions:AlabamaHawaiiIllinoisKansasLouisianaMassachusettsMichiganMississippiNew YorkPennsylvania

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