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Dan Bongino—So how do we fix it?

Dan Bongino, Republican candidate U.S. Senate in Maryland, shares his plan for fixing our economy.

If you have had enough of the blame game and the endless political commercials telling us who did what and how bad it is, than, like me, you are frustrated and seeking remedies not scapegoats.

I began my run for the United States Senate a year and a half ago out of a heartfelt desire to shake up an unquestionably broken political system and culture. It is more convenient, in the current political ecosystem, to seek blame and misdirect a voter's ire rather than to propose bold initiatives which can begin to move us in the right direction.

I refuse to continue this practice. Our current President did take office in the midst of a devastating recession, this is not a matter of opinion but a matter of fact. Having said that, our economy is still struggling and we are currently living through the worst "recovery" from a recession in over 60 years. If elected, I am making an ironclad promise to the citizens of Maryland to relentlessly pursue the following economic reforms to immediately restart and rejuvenate a struggling economy.

The first step I will propose is an immediate reduction in our absurdly high corporate tax rate. We now have the highest rate in the world amongst OECD countries. This is not a competition you want to win. The gold medal of tax rates is not a badge of honor. The great irony of our 35% rate is that the effective rate, or what is actually paid, is closer to 16-18%.

Why, you ask? Well, the small business owner who cannot afford an army of K Street lobbyists, top-notch accountants, and lawyers is not privy to the "insider" deductions the politically connected crowd receives.

The small business owner is the one paying that 35% rate while the "insider" crowd pays a significantly reduced rate depending on their level of political "connectivity". This has the effect of producing massive misallocations of capital and investment and is destroying our economy.

I will propose an immediate reduction to a flat rate of 16% and encourage our business community to bring home the nearly one trillion dollars of offshore holdings. This would result in a gusher of high-quality job creation and increased tax revenue to boot.

The second step I will pursue is a permanent extension of the current tax rates. I will not vote to increase your personal income taxes. Our elected officials have demonstrated no ability to efficiently spend what we surrender to them now. Raising my taxes and yours, in the middle of a paralyzing recession will only make worse our terrible economic predicament. A permanent extension will bring certainty to individuals and businesses holding on to capital because of the threat of higher taxes. The resultant re-investment of this capital will be a boost to middle-class wages and economic productivity.

The third step I will support is a Balanced Budget Amendment. It may not be the perfect solution but it is certainly a step in the right direction. We cannot allow unaccountable career-politicians and bureaucrats free-reign over our hard-earned tax dollars anymore. Budget control will happen whether by our will or the will of others to refuse to lend us anymore money.

We are in trying economic times. Engaging in fictitious class-warfare struggles, partisan rhetoric and "yesterday was terrible" talk, will do nothing to help us escape this economic morass.

The only talk our elected leaders should be engaging in is "tomorrow will be better" talk, followed by real solutions, for real Americans struggling in real time.

 


Dan Bongino, a devoted husband and father, served in the United States Secret Service for more than a decade, in which he was assigned to the elite Presidential Protective Division. He represented the U.S. as a lead government security official in over 25 countries. Holding graduate degrees in Business Administration and Psychology, Dan has gone on to start several successful businesses in Maryland. As an entrepreneur, he understands the role small businesses play in establishing a framework for continued prosperity and economic growth.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

G-Man October 03, 2012 at 06:45 PM
I believe you are both wrong. We stock pile our oil and trade little. We buy oil mostly from Canada, South America and Saudi. Real issue with oil are the speculators who jack up the prices when someone scratches their butt in the middle east. Also we have not built a refinery in our country in 30+years. As far as Bongino's news flash, I hope he can produce. It will take a nation who is together to vote out the clowns we have in Congress, Senate and the White House and a major overhaul in the way we do business in DC. What are the chances of that happening?
G-Man October 03, 2012 at 06:47 PM
slim to none. We should start here at home. Our elected officials here in Maryland are way out of touch with reality.
Steve October 03, 2012 at 07:06 PM
For the last 2 years we have been exporting oil to the tune of about 50,000 barrels per day. http://usatoday30.usatoday.com/money/industries/energy/story/2011-12-16/us-oil-boom/52053236/1
SOUTHWESTMINSTER October 03, 2012 at 07:27 PM
Need new refineries.
Steve October 03, 2012 at 08:03 PM
"Need new refineries." Not really. Just look up the road . SUNOCO is tearing down their big refinery in Philly and the CONOCO refinery is being changed over to a natural gas export facility. Because of the US Flag requirements and cheap labor it's far cheaper to refine it overseas. It costs more money to fill up an oil tanker in Texas and ship it to the East Coast than it does to ship it straight from Venezuela.

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