Best of the Week
Most Popular
1. Stock Markets and the History Chart of the End of the World (With Presidential Cycles) - 28th Aug 20
2.Google, Apple, Amazon, Facebook... AI Tech Stocks Buying Levels and Valuations Q3 2020 - 31st Aug 20
3.The Inflation Mega-trend is Going Hyper! - 11th Sep 20
4.Is this the End of Capitalism? - 13th Sep 20
5.What's Driving Gold, Silver and What's Next? - 3rd Sep 20
6.QE4EVER! - 9th Sep 20
7.Gold Price Trend Forecast Analysis - Part1 - 7th Sep 20
8.The Fed May “Cause” The Next Stock Market Crash - 3rd Sep 20
9.Bitcoin Price Crash - You Will be Suprised What Happens Next - 7th Sep 20
10.NVIDIA Stock Price Soars on RTX 3000 Cornering the GPU Market for next 2 years! - 3rd Sep 20
Last 7 days
Gold & the USDX: Correlations - 2nd Dec 20
How An Ancient Medicine Is Taking On The $16 Trillion Pharmaceutical Industry - 2nd Dec 20
Amazon Black Friday vs Prime Day vs Cyber Monday, Which are Real or Fake Sales - 1st Dec 20
The No.1 Biotech Stock for 2021 - 1st Dec 20
Stocks Bears Last Chance Before Market Rally To SPX 4200 In 2021 - 1st Dec 20
Globalists Poised for a “Great Reset” – Any Role for Gold? - 1st Dec 20
How to Get FREE REAL Christmas Tree 2020! Easy DIY Money Saving - 1st Dec 20
The Truth About “6G” - 30th Nov 20
Ancient Aztec Secret Could Lead To A $6.9 Billion Biotech Breakthrough - 30th Nov 20
AMD Ryzen Zen 3 NO UK MSRP Stock - 5600x, 5800x, 5900x 5950x Selling at DOUBLE FAKE MSRP Prices - 29th Nov 20
Stock Market Short-term Decision Time - 29th Nov 20
Look at These 2 Big Warning Signs for the U.S. Economy - 29th Nov 20
Dow Stock Market Short-term and Long-term Trend Analysis - 28th Nov 20
How To Spot The End Of An Excess Market Trend Phase – Part II - 28th Nov 20
The Gold Stocks Correction is Maturing - 28th Nov 20
Biden and Yellen Pushed Gold Price Down to $1,800 - 28th Nov 20
Sheffield Christmas Lights 2020 - Peace Gardens vs 2019 and 2018 - 28th Nov 20
MUST WATCH Before You Waste Money on Buying A New PC Computer System - 27th Nov 20
Gold: Insurance for Prudent Investors, Precious Metals Reduce Risk & Preserve Wealth - 27th Nov 20
How To Spot The End Of An Excess Market Trend Phase - 27th Nov 20
Snow Falling Effect Christmas Lights Outdoor Projector Amazon Review - 27th Nov 20
4 Reasons Why You Shouldn't Put off Your Roof Repairs - 27th Nov 20
Further Clues Reveal Gold’s Weakness - 26th Nov 20
Fun Things to Do this Christmas - 26th Nov 20
Industries that Require Secure Messaging Apps - 26th Nov 20
Dow Stock Market Trend Analysis - 25th Nov 20
Amazon Black Friday Dell 32 Inch S3220DGF VA Curved Screen Gaming Monitor Bargain Deal! - 25th Nov 20
Biden the Silver Bull - 25th Nov 20
Inflation Warning to the Fed: Be Careful What You Wish For - 25th Nov 20
Financial Stocks Sector ETF Shows Unique Island Setup – What Next? - 25th Nov 20
Herd Immunity or Herd Insolvency: Which Will Affect Gold More? - 25th Nov 20
Stock Market SEASONAL TREND and ELECTION CYCLE - 24th Nov 20
Amazon Black Friday - Karcher K7 FC Pressure Washer Assembly and 1st Use - Is it Any Good? - 24th Nov 20
I Dislike Shallow People And Shallow Market Pullbacks - 24th Nov 20
Small Traders vs. Large Traders vs. Commercials: Who Is Right Most Often? - 24th Nov 20
10 Reasons You Should Trade With a Regulated Broker In UK - 24th Nov 20
Stock Market Elliott Wave Analysis - 23rd Nov 20
Evolution of the Fed - 23rd Nov 20
Gold and Silver Now and Then - A Comparison - 23rd Nov 20
Nasdaq NQ Has Stalled Above a 1.382 Fibonacci Expansion Range Three Times - 23rd Nov 20
Learn How To Trade Forex Successfully - 23rd Nov 20
Market 2020 vs 2016 and 2012 - 22nd Nov 20
Gold & Silver - Adapting Dynamic Learning Shows Possible Upside Price Rally - 22nd Nov 20
Stock Market Short-term Correction - 22nd Nov 20
Stock Market SPY/SPX Island Setups Warn Of A Potential Reversal In This Uptrend - 21st Nov 20
Why Budgies Make Great Pets for Kids - 21st Nov 20
How To Find The Best Dry Dog Food For Your Furry Best Friend?  - 21st Nov 20
The Key to a Successful LGBT Relationship is Matching by Preferences - 21st Nov 20
Stock Market Dow Long-term Trend Analysis - 20th Nov 20
Margin: How Stock Market Investors Are "Reaching for the Stars" - 20th Nov 20
World’s Largest Free-Trade Pact Inspiration for Global Economic Recovery - 20th Nov 20
Dating Sites Break all the Stereotypes About Distance - 20th Nov 20

Market Oracle FREE Newsletter

FIRST ACCESS to Nadeem Walayat’s Analysis and Trend Forecasts

U.S. Auto's $30 Billion Bailout Plan

Companies / US Auto's Dec 16, 2008 - 03:28 PM GMT

By: Steve_Selengut


Best Financial Markets Analysis ArticleThirty Billion Dollars is a huge amount of money, but it translates into less than $100 per US person--- a small price that we should all be willing to pay to give the Automobile Industry time to restructure itself and to save a few million jobs.

Give them the green, but have them pay it back in a more economy and environment friendly manner. Here's the deal:

Every new American-made car buyer would receive a debit card along with his ownership papers. The card could be used for anything other than the car purchase itself. Card amounts would vary from $6,000 for "smart" cars, through $3,000 for fuel-efficient sub-compacts, $1,000 for other borderline greenies.

The debit cards would lose 20% of their value per month if not negotiated. All debit cards would function as free passes for all highway tolls so long as they are used with the proper automobiles.

The 60's gas-guzzler tax would be resuscitated and applied to all V-8's, SUVs, low gas mileage vehicles, and non-commercial-use trucks--- none of which would be eligible for the debit cards.

The tax would apply to all cars, foreign and domestic, and would be paid directly to a new private company formed by the top ten US insurance companies. This company would be the prototype business model for annuitizing the existing pensions of Social Security recipients.

And for the rest of us, let's encourage our elected representatives to try this list of popular economic stimulus ideas. Or, perhaps a better option, we could just fire them and start over.

One. Phase out all corporate income and nuisance taxes over a three-year period, 50% immediately. Then, assure that corporations use 60% of the savings for job creation and/or non-executive salary increases.

Two. Eliminate all death and gift taxes at any level.

Three. Eliminate all taxation of retirement income received from any source (including Social Security, IRAs, private pensions, 401(k)s, etc.), and paid to persons age 55 and over.

Four. Slash Social Security taxes 50% for every employed person, and initiate a mandatory deferred annuity program (see SSRIA) for younger workers. Phase out corporate matching Social Security contributions over three years, as above, and matching self-employed contributions immediately.

Five. Implement a tort reform strategy that reduces all claims and legal fees by no less than 60%, and provides controls to assure that insurance premiums are reduced commensurately. Adopt a doctrine of personal responsibility for poor judgment, ignorance, stupidity, and recklessness.

Six. Establish a usury law that limits credit card interest rates, requires monthly debt reduction for card eligibility, and outlaws all extra late fees and charges. Allow providers to freeze delinquent accounts, but require flexible interest rates based on credit scores. A rate cap and outlawing the unsolicited mailing of credit applications is imperative.

Seven. Establish a 10% Federal Sales Tax on all cash (currency) payments for goods and services. Federal sales tax receipts would be used to fund annuitizing of Social Security payments and to fund Medicare payments.

Eight. Replace the Internal Revenue Code with a combination of the Fair Tax and Flat tax proposals that have been circulating through the Congress for too many years.

Nine. Adopt comprehensive shareholder protection legislation that would control and regulate abusive salary and benefit structures afforded corporate executives.

Ten. Eliminate income taxation of all forms of investment income, including rent, royalties, capital gains, and interest. Landlords would be required to reduce rents proportionately.

Or, stop the war and spread the wealth around.

By Steve Selengut
Professional Portfolio Management since 1979
Author of: "The Brainwashing of the American Investor: The Book that Wall Street Does Not Want YOU to Read", and "A Millionaire's Secret Investment Strategy"

Disclaimer : Anything presented here is simply the opinion of Steve Selengut and should not be construed as anything else. One of the fascinating things about investing is that there are so many differing approaches, theories, and strategies. We encourage you to do your homework.

Steve Selengut Archive

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules