In my fifty-four years I have never been compelled to write a letter to the editor of any publication. In light of the present economic situation; I feel that it is now imperative that I do so. As the owner of two small businesses in the Commonwealth of Massachusetts; my ability to earn an income has been greatly hampered over the last several years. With escalating gas prices, taxes, and the price of consumer goods reaching an all time high, dramatic cuts have been made by everyone. Clients are continually telling me that they are unable to afford my services. They explain that they are out of work, or unable to earn enough to pay their expenses. They view my services as a luxury and are unable to retain me to represent their legal interests, choosing instead to represent themselves and pray for the best.
Three years ago I met a man who was running for Congress in our district, Jon Golnik. He told me that he was a small business man like me and he too was having a difficult time in this economy. I started to ask questions, I wanted to know what he proposed to do about our current situation. He told me that we need to lower the corporate tax rate from 35% to 25%. I thought this was an absurd idea at first. Give a break to those that have already helped to bring about this downward economic spiral! What type of insanity was he proposing? He went on to explain that our corporate tax rate is the highest in the developed world. Companies don't relocate overseas to take advantage of lower wages; they relocate to take advantage of a business friendly environment. It is an environment that stresses a regulatory and tax scheme that encourages business growth.
When we encourage business growth, we are promoting the creation of jobs. The creation of jobs, putting people back to work, has to be the paramount concern of any candidate seeking office. When people are working they spend money and when they spend money it helps to stabilize the economy. To further business growth, he proposed tax incentives for businesses that are expanding. A business will be very reluctant to hire new employees if faced with tax increases. In addition, a one year moratorium on any new regulations that impact the creation of jobs would be implemented under his proposed plan. Mr. Golnik's plan to extend the temporary tax cuts and to leave personal tax rates at their present levels are also sound economic incentives. Higher tax rates and elimination of certain tax cuts leaves less money in the hands of the consumer. With less money being spent it will be more difficult to stimulate the economy.
I have only touched on a few of Mr. Golnik's proposals. I encourage everyone to check out Mr. Golnik's website, call one of his offices, or attend a scheduled debate to learn more. In closing; I am pleased to have had the opportunity to get to know Jon Golnik and am honored to offer my support and endorsement to Jon Golnik for Congress of the Third Middlesex District.
NEIL N. COLICCHIO, ESQ.