America must remain economically competitive in a global economy. America will be unable to have a long-term economic recovery until it addresses two related factors. America must address the national debt which is now over $14 trillion and the threat of long-term inflation because of loose monetary policy.
It will impossible to address these concerns without changes in the tax policy. First, corporate tax rates, business tax incentives, tax credits, deductions, and loopholes should be reviewed to ensure they are incentivizing American jobs. If those tax incentives are not encouraging American jobs then they should be repealed. Second, the tax system must be made more equitable by allowing the Bush tax cuts to expire for those making over $250,000. Third, personal tax credits and deductions should be reviewed and rationalized.
Regulations should be reviewed to ensure appropriate consumer protections. Government agencies and departments should be streamlined, modernized and combined for greater efficiency and citizen service.