Gilmore: Eliminate corporate income taxes to fix the economy
By JR Hoeft | Monday, February 23rd, 2009 | PolicyFormer Gov. Jim Gilmore writes an op-ed regarding what he would encourage Sens. Webb and Warner to do regarding the current financial uncertainty facing the nation:
“No one really knows whether this massive new government spending will save the economy or merely increase the size and reach of the national government.
“We do know that the “stimulus” spending is financed through borrowing — more public debt. As we print more money, inflation is a real danger. Sooner or later, the politicians will be back for more tax increases further hobbling families trying to cope during this economic downturn.
“I urge that the right approach is to reduce or even eliminate the corporate income tax. The loss of revenue would be about $342 billion, less than half of the cost of the stimulus package. The result would be an explosion of new investment in the United States which would again become the best place in the world to start a business.
“If the real goal is jobs, cutting the corporate income tax would create jobs and quickly. Government spending is only a temporary fix, creating in the long run more government programs to sustain through more taxation.
Somehow, governor, I’m pretty sure your proposal will not be given serious consideration by Virginia’s U.S. Senators. However, many Virginians do appreciate you for saying it.
(h/t: Virginia Patriot)
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About the author
Conservative to the core; liberal with his opinion! J.R. has been involved in politics for over a decade and has worked on several campaigns in Hampton Roads. He has served on the Executive Committee of the Republican Party of Chesapeake and the Central Committee of the Republican Party of Virginia. He is also the director of “Blogs United” in Virginia. E-mail J.R.. Follow J.R. on Twitter.
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3 Responses to "Gilmore: Eliminate corporate income taxes to fix the economy"
Far less cost to the government
Far more effective at creating jobs.
More efficiently enables US businesses to locate here and be competitive
Sure to give the economy a boost.
Why Gilmore should have been elected senator despite his and his party’s refusal to adequately defend his record as governor. After you have been blamed by the press for years for a National recession, it is too late to expect falsehoods not to be accepted as truth by the public when you run for office later.
I’m still a big Gilmore fan.
of course I like the idea but the problem is how to get the media to buy into it. it will easily be painted as a tax cut to rich CEOs getting big bonuses
[...] sector. Fostering private sector growth can include eliminating the corporate income tax, which Jim Gilmore correctly pointed out would be cheaper than the stimulus, and modifying Sarbanes-Oxley so it is not so expensive for [...]
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