Ensuring Economic Prosperity in the United States Essay

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To ensure further economic prosperity and the continuation of the United States as a superpower, fiscal policy reform is a requirement. The current tax system needs to be replaced, while getting a handle on federal spending. Then allowing the Union to function the way it was originally intended to function by making states more independent.

Taxes are the largest threat to our economy. The current tiered tax system has far too many deductions and exemptions. Many people do not even pay taxes. This current system harms the economy by stealing money from the job creators. Seventy percent of our economy is from consumer spending. When people have more money they in turn spend more, which boosts the gross domestic product. High tax rates harm the economy by reducing the amount of money have. To increase gross domestic product we need a more simple job nurturing tax system. Instead of having deductions that complicate the tax system and forcing the wealthy to pay far more than anyone else, a simpler marginal tax bracket with three tiers should be put in place. The lowest tax bracket should be for those who earn under three hundred-thousand a year. It should offer no deductions and everyone pays ten percent. The middle bracket is for those who earn between three hundred-thousand and one million a year. They should have a twenty percent tax rate, but with deductions it can go down to twelve percent. The only deductions are for hiring employees. For every x amount of people hired full time they get one percent off. The highest tax bracket is for those who make one million and above. They pay a thirty percent tax rate, which can be deducted down to fifteen percent using the deduction system from above. This tax system will encourage job creation. Employers want to hire people, but overhead can be too high to make it economically feasible. If incentives were given to job creators to hire more they will be more likely to do so. The people they hire will have a job, which means spending money. That, in turn, boosts the economy and with that boosted gross domestic product the government will have more than enough money with the new tax system. This tax system will reduce unemployment, create a larger and healthier middle class, and will not cause high inflation rates.

Excessive federal government spending has a negative impact on the national economy. To spend money on programs that are not federally necessary requires stealing money from the taxpayers. Federally necessary spending such as on national defense, border security, foreign policy. Basically things that the states can't do independently. Creating a larger federal government imposes on states abilities to be more economically independent and prevent them from doing certain programs in a more efficient way. Social programs such as welfare should be done by the state without federal funding. It creates a burden on residents of other states who have less people that require aid, because of better economic policies, to have to pay for the welfare of residents of states that have voted for poor economic policies that result in a larger population of individuals in poverty. Social programs, outside of social security, should happen on the state level in order to be handled more efficiently. Seeing as Social Security is essentially a mandatory savings, or retirement, program it should be offered on the federal level because residents may move between states over the course of their lives. Some may make the argument that welfare is the same thing. The difference is that Social Security is a savings program. People get money back based on what they put in; with welfare people get money back that they didn’t specifically put in for such an occasion. Doing this would allow those states and residents whose residents who may or may not need such programs to decide for themselves whether they want to implement those programs.

In the past, the federal
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