The economy continues to flounder with sky-high fuel and food prices. The consumer price index does not include the two most mandatory costs to each family.
Americans have less money left over to spend. After mortgage or rent, utilities, taxes (state and federal), insurance, food and transportation, what is left? Credit card usage is climbing again. Just ask any retail business owners what percentage of their sales are cash versus credit card use. The only solution to this drag on our economy is for private business to grow by lowering corporate taxes and individual capital gains taxes.
In 1961 President Kennedy said a “rising tide lifts all boats.” He was the first of four presidents to lower the taxes on capital gains. Each time this rate was reduced, revenues to state and federal governments increased.