7 votes

Stephen Moore Wall Street Journal - on Ron Paul's economic proposal

Stephen Moore, Wall Street Journal Editorial Board, Author and Economist speaks on proposals by Presidential Candidate Ron Paul and how the implementation of zero income come tax could stimulate massive job growth within The United States.

http://www.youtube.com/watch?feature=player_detailpage&v=pf2...




Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Steve Moore: QE3 = "pixie dust"

In trying to find a source/date for the above you-tube clip, I came across this brief Sept.10 interview with Steve Moore on D.C. radio. He explains that Obama's jobs numbers aren't what they claim to be, plus he has something to say on QE3. http://wmal.com/article.asp?id=2530257&SPID=40282

I still haven't found a source for Moore's statement above.

When we try to pick out anything by itself, we find it hitched to everything else in the Universe.
~ John Muir

Gee, It took this long for the first one to come around?

Let's do a little rough math, shall we?

I've heard (but couldn't source) that as much as 40% of the IRS's revenue goes toward wages and collections and other operations type expenses. This means that by just the inefficiency of the system, we are wasting 2 1/2 times what we budget this so-called revenue for. This means that every saving below can be multiplied by this factor.

The Grace Commission report from the Reagan days reported that not one bit of income taxes even go towards anything useful. It's all used for paying interest on the national debt. And we all here know that the national debt is in majority, due only to the Fed's ability to print money and charge interest and to the banks' abilities to partake in fractional reserve banking. So, if we eliminate that, could we eliminate the income tax and not suffer? Let's see...

No 'credit stimulation' (as we know it really is) would lead to less budget for the government. Numerous social problems would simply disappear and the big corporations would scream because their lucrative government contracts would evaporate. Not a bad thing. Private contracts have better accountability, shorter lifetimes and fairer competition anyways. Besides, if a need arose, I'm relatively sure it could be done privately as well or better than the government now does it. So, no loss of service, less cost, better accounting and constant optimization.

Another thing missing by the elimination of the income tax would be the IRS department. Conspiracies aside, they employ a ton of people and that's all increasing government expense. So, removing them would cut government costs. Another good thing.

When those people couldn't find another government job, they would eventually become productive workers like the public sector (one could hope). This would generate more taxable income (not that we would tax the individual's income) and more business profit (which would be subject to taxes). This is another net increase in government income.

Of course, the same shift would occur to those newly unemployed from the major banks and their subsidiary financial industry lackeys and the stock market reduction. Nuther net increase. :)

Then we get to enjoy the increased take-home pay of the entire population filtering throughout the economy. That money would not be insignificant. To see how drastic it would be compare your current federal tax to your 'after mandatory expenses, discretionary, play money budget' each month. To someone who has $100 discretionary budget per month, a $400 raise in take-home cash would effectively become an instant 5-fold raise. That would eventually be used up in social ladder climbing but on day one, it's a part time job with really great hours!

Every business that employs people would now be able to cut employee administration costs and the millions of annual subsequent fines. This would migrate into the economy as well.

So, if the advertised income tax revenue is a simplified $1 Trillion, we are effectively paying $2.5 T and getting a benefit of around a NEGATIVE $1-3 T.

Can someone find hard numbers and sources and put this in one of those talking bear videos so we can put it in front of people's faces?