Tuesday, October 7, 2008

The Economy: Stupid

We hear a lot about "Wall Street" and "Main Street", but how about "Industrial Avenue"? When money is made by investing or loaning it is usually taxed at around 15% (capital gains tax). Yet industrial production is taxed, in most cases, around 35% (corporate income tax) and then taxed again when it is distributed to the shareholders of the company. No wonder the majority of business majors are now looking for jobs in finance not manufacturing. People complain about exporting jobs. How about cutting the corporate income tax? That would help a lot. p.s. I'm sure lot of Muslims are feel vindicated by the economic meltdown, since their religion forbids loaning money for interest.

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