President Obama's recently issued 25-page "The President's Framework For Business Tax Reform" is a stroke of genius.
To be able to take such complicated business tax issues and properly deal with them so comprehensively is such a well-written document is truly a superb job. The country should be very appreciative of everyone who played a role in the generation of this historically outstanding work.....those working in the White House, in the Treasury Dept, and other places, both inside and outside of the US government.
I'll make a prediction......This framework, if properly implemented, and enhanced, by the entire US Congress, will do more to solve the severe long-term US unemployment, US underemployment, US depressed median wage, US debt, and modest US real GDP growth problems than anything that has been done by the US Government in over a decade......and by a huge margin.
As an added benefit, due to the very positive and sustainable earnings impact, I think the stock market will initially spike up dramatically, and continue to increase nicely for many years, if the essence of this business tax reform framework passes.
All members of the US Congress have a once-in-a-lifetime chance to accomplish something really historic here. They will be able to start with this outstanding framework and make substantial enhancements to make it even better.
So many pundits say it can't be done.....that there are way too many obstacles. I think they are wrong. It is just too critical to the country's economy that it be done, and in a reasonably short period of time.
For the US Congress to say that they shouldn't have to deal with this until the Lame Duck Session, due to politics, is gross dereliction of their public duty.
US citizens are closely watching how the US Congress responds here to this critical historic challenge to the country's economic future.
US citizens are keenly aware of the monumental importance of this Business Tax Reform.
If the US Congress fails to act on this Business Tax Reform, their current very low favorable rating will drop further, and precipitously so.
It wouldn't surprise me that many members of the US Congress, who refuse to properly act on this framework, and who are up for reelection in November 2012, will have a lot of difficulty getting reelected. And many of them who attempt to stop this initiative will bite the dust at the polls.
The 99% will see to it.