On Monday night October 6, I sat in on a radio economic round table (listen) hosted by WIBC's Steve Simpson with a number of individuals who are far more versed at the bigger picture than I am. Denny Smith, a co founder of the Mutual Fund Store in Indianapolis; Linda Conti, vice president of wealth management of David A. Noyes company, business writer John Ketzenberger of the Indianapolis Star, Dr. Catherine Bonser-Neal of IU's Kelley School of business and yours truly were voicing our opinions on all things economic on 93.1 WIBC, Indianapolis. From the inside I must say it was a fascinating discussion. The summary of it all which I hope our next president hears through the noise that he will be bombarded with is this:
Don't raise taxes.
Don't raise taxes anywhere on anyone at any time during your first term if you hope to have a second. I understand you feel that high earning individuals should pay more. This is not a philosophical plea. This is factual, empirical, statistical, uncomfortable.
Don't raise taxes.
We can argue all day long about why we're in the mess we're in but one of the opinions that came through loud and clear last night from this very wise group of people for whomever the next president is was:
Don't raise taxes or you may crush our economy.
Senator Obama many people liken you to another charismatic leader we once had, John Kennedy. President Kennedy made a historic speech to the New York economic club in 1962 that still resonates today. His major point was this:
"The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system — and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes"
Please take a moment and read the entire text of one of the more prolific economic speeches ever delivered in our country. Senator Obama despite your desire to raise taxes as you've stated, we can only hope you will defer to the greater good of our populace and at the very least keep things where they are. There's going to be a LOT of pain over the next several months. Let's not add to it.
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