Murray Tucker, Ph.D.: Cut taxes
November 2, 2008
Steamboat Springs — An open letter to Sen. Ken Salazar:
The campaign season is about over. It is now time for Congress to get serious about the economy. Consumer spending has dropped to its lowest level since 1980. It is the engine of growth.
In May, I wrote to your office opposed to the way the “economic stimulus” was effected. The effectiveness of that allocation is now known – about 20 percent – mainly because it went to people like me (it still sits in my money market account).
I proposed then and I propose again that the employment tax on workers be cut for the first $20,000 of income with a back end that recoups the revenue on high-end earners who would have received the benefit on the front end. The net result should be revenue neutral but also put money into hands of people who will spend it.
Murray Tucker, Ph.D.