Fixing America's Economy: 9 Ideas From Around the World

[Vi-Jay 218]

Source

by Peter Coy

Friday, June 10, 2011

Provided by Bloomberg Businessweek

Countries as diverse as Germany, Brazil, Singapore, and Thailand can offer ways for the U.S. to shore up its economy.

From: Canada

Idea: A worthwhile tax

With the 2012 Presidential election looming, the idea of springing any new taxes on the American public verges on heresy. But digging out of our fiscal hole will require the government to find ways to increase tax revenues one way or the other. For a start, look north. Unlike the U.S., Canada has a national sales tax -- the Goods and Services Tax, currently levied at 5 percent. Consumption taxes such as these are less harmful than a tax on wages and salaries (which discourages work) or a tax on investment (which discourages saving). Livio Di Matteo, an economist at Lakehead University in Thunder Bay, Ont., believes the U.S. could go a long way toward solving its budget problems with a national sales tax and a fatter gasoline tax. "The U.S. is a rich country," he says, "and its deficit situation is more a political rather than economic problem." Consumption taxes might be one "worthwhile Canadian initiative" that's worth a closer look.

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The article lists several good ideas. I posted the Canadian because IMO, seems to be the most palatable and would generate immediate results.

[B_J 2,752]

Source

by Peter Coy

Friday, June 10, 2011

Provided by Bloomberg Businessweek

Countries as diverse as Germany, Brazil, Singapore, and Thailand can offer ways for the U.S. to shore up its economy.

From: Canada

Idea: A worthwhile tax

With the 2012 Presidential election looming, the idea of springing any new taxes on the American public verges on heresy. But digging out of our fiscal hole will require the government to find ways to increase tax revenues one way or the other. For a start, look north. Unlike the U.S., Canada has a national sales tax -- the Goods and Services Tax, currently levied at 5 percent. Consumption taxes such as these are less harmful than a tax on wages and salaries (which discourages work) or a tax on investment (which discourages saving). Livio Di Matteo, an economist at Lakehead University in Thunder Bay, Ont., believes the U.S. could go a long way toward solving its budget problems with a national sales tax and a fatter gasoline tax. "The U.S. is a rich country," he says, "and its deficit situation is more a political rather than economic problem." Consumption taxes might be one "worthwhile Canadian initiative" that's worth a closer look.

________________________________________________________

The article lists several good ideas. I posted the Canadian because IMO, seems to be the most palatable and would generate immediate results.

Nice article.

I don't see any way Brazil's idea does any good here.

I thought that Germany's, Singapore's, and Israel's ideas were the most interesting.

[Ban Hammer 13,550]

i tend to agree with germany's idea on mortgages.

the part about israel is a bit misleading - what is not mentioned is unit 8200's people make software that yup, you guessed it, is used by the us government as part of the patriot act (and by other countries too, like australia). and there is strong evidence that the collection of information by this software is piped back to israel.

[웃 910]

"The U.S. is a rich country," he says, "and its deficit situation is more a political rather than economic problem."

Tax the rich...Leave us poor folk alone...

Edited June 11, 2011 by Lord Infamous

[Vi-Jay 218]

Tax the rich...Leave us poor folk alone...

Why?

You don't want to contribute a fair share?

[Vi-Jay 218]

i tend to agree with germany's idea on mortgages.

but but but...,How would bankers be able to exploit the tax payer..,again and again and again?

Edited June 11, 2011 by Vi-Jay

[Darnell 8,479]

Ya Singapura !

[Mr. Big Dog 10,747]

None of these ideas would ever get any traction in the US - doesn't matter how good or valid they are.