The United States of America faces numerous economic challenges. These challenges have stifled the growth of the country. Most Americans assume the crisis since they feel not being part of the problem. All Americans must stand by their beloved country to ensure that the crisis is solved. The country cannot produce adequate resources to maintain the economy. This is the time to ensure that economic platforms are put in place to curb the looming crises. The purpose of this paper is to discuss economic platforms that would be deployed to ensure the crisis is reversed.
Taxes reduce the freedom of the Americans in making financial decisions. When the working population is taxed, a part of their money is taken, which make them unable to invest (Michelmore, 2011). This, in turn, hurts the economy of the country. Low investment is associated with high unemployment rates. Excessive taxation of small and medium enterprises also results in unemployment. These small enterprises employ millions of Americans. When they are heavily taxed, they may opt to release some of their employees in a bid to survive. Through tax relief, the government will ensure that these small business enterprises are not heavily taxed. This would encourage them to employ more people. The government will support the extension of packages intended for tax relief. This will ensure taxes on income do not increase with increasing income. In this way, there will be money left for the individuals to invest in job creation businesses. This would free up some money for individuals to use in their investments. There are pieces of evidence showing that reduction of taxes has an equal effect on job creation.
The government should be able to balance its budget by ensuring it does not spend much money than it can produce (Rushefsky, 2014). Deficits in the expenditures are known to affect several parts of the economy. The proposed changes in the spending of the government will be accompanied by other structural adjustments to ensure that administration’s spending is checked. Proper use of technological advances, increasing productivity, as well as a long-term restriction of government spending on some non-basic goods has a potential of reducing debts or deficits in the budget. The government will also reduce the amount paid to Medicare and empower people to take full control of the health decisions that affect them. Apart from reducing the spending by the government, the budget process will also be reformed to ensure it does not give the Congress too much power over decisions on expenditure.
The international market is a free market facing stiff competition from other countries. The high rate of taxes on the corporate sectors in America has reduced its competitiveness in the market (Michelmore, 2011). It has also encouraged investors to move to countries with low taxes. This trend has reduced investment, increased unemployment rates, reduced wages, as well as increased the evasion of taxes by other individuals. To ensure United States corporations are competitive in the international market, the government must reduce the corporate tax rate. This would lead to job creation as well as the competitiveness of U.S products on the international market. It is crucial to repeal the corporate alternative minimum (CAM) tax. Corporate taxation should also be switched to a territorial system to allow for penalty-free repatriation of profits that have been earned.
The government has continued to excessively tax the different sectors of the economy (Michelmore, 2011). These taxations have been done in such a manner that is capable of dividing the country along certain lines. The taxes are capable of promoting class warfare in America. Taxation of charities, religious organizations, and societies that attempt to foster patriotism and benevolence should not be encouraged. The donations to these organizations should also be tax-free. The government should protect the Americans from over taxation. These organizations are crucial in the maintenance of peace as well patriotism. Taxation of places of worship, as well as their donations, would not be the right move.
In summary, my government will strive to lay down economic platforms to ensure the economy of the country is stabilized. This would create several job opportunities for the unemployed citizens of America. The government will also ensure transparency within the revenue authorities to stem out malicious transactions that could plunge the country into deeper economic crises. Reduction of corporate taxes will be high on the priority list of the government. The government is committed to reducing the unemployment rate in the country. This will also stabilize the economy of the United States. It is also essential to enact laws to check on the operations of various financial institutions. This would reduce the chances of corruption in the country. Dealing with economic problems will lead to improved economic as well as socio-political indicators.
References
Grauwe, P. D. (2014). Economics of Monetary Union. Oxford: Oxford University Press.
Michelmore, M. C. (2011). Tax and Spend: The Welfare State, Tax Politics, and the Limits of American Liberalism. Philadelphia: University of Pennsylvania Press.
Rushefsky, M. E. (2014). Public Policy in the United States. London: Routledge Publishers.
