If I have not mentioned it before, my job, as well as those in my office, was replaced by people overseas (about 30 jobs total). Not only that, but I had to train my replacements (I hear that is common).
My time unemployed has given me the opportunity to think about how we can, in America, help keep our jobs. I have some ideas.
First, let me state that there is one aspect of our current Income Tax system that I find to be unfair. It's the Capital Gains Tax Rate. This allows people who are investors - as opposed to producers (laborers) - to pay a lower tax rate on income. Why should that be?
The answer frequently given by economists and politicians is that investment stimulates job growth. I am finding, however, that this is not always true. I'm a living example of the opposite. The company I used to work for is making record profits - did they really need to lay me off, or is this a matter of maximizing stockholder returns? I cannot blame upper management for this decision as they need to "listen" to the market, but if we can change the system, maybe we can save American jobs.
The solution I have is a potential win-win for American workers and those who invest in them.
First, end the "income inequity" that I mentioned before by bringing the Capital Gains rate back to the standard income rate.
Second, companies will need to show American jobs created or lost within a given year. If they have a net "gain" in American jobs (American new jobs gained minus jobs "lost" due to overseas hiring or outsourcing), they can produce a positive dividend for their stockholders. The dividend would be tax-free and could end up, for an individual stockholder, exceeding the amount they might have gained with the Capital Gains break. If however, the American jobs gain is negative, there would be a negative dividend on stockholders, with the proceeds going towards unemployment benefits.
If you think this is a good idea, please let me know by commenting. Even further, please let me know how I can promote this idea. Perhaps if we got a petition this could come up for a congressional vote.
Thanks for reading.
