Thomas Del Beccaro was the featured speaker of Rotary Club of San Jose, which meets every Wednesday noon at the Summit Center, 7th Floor, Garage Structure located at 4th Street/San Fernando, San Jose, CA 95113.
Tom Del Beccaro is a noted author and media commentator. He is a business and real estate lawyer who received his law degree from Santa Clara University and his bachelor’s degree from UC Berkeley. Tom is a contributor to Forbes.com and writes frequently about tax policy. Tom is publisher of PoliticalVanguard.com, author of the new book “The Divided Era,” which explains why America is so divided today. He offers ideas on how to reduce political division and wedge issues. Economist Stephen Moore said “Tom’s flat tax proposal would jump start the economy by restoring economic incentives and lead to more jobs nationally and for California.”
Tom informed all that the current IRS tax codes are too cumbersome (some 27,000 pages) to be well known by anyone. The current tax code has too many flexible versions. All this could be reduced to simplicity by discarding it all and replacement with a Flat Tax of 15.5% on all individual incomes and business revenues. At first there would be a slight loss of tax revenues, but as individuals and businesses began to benefit from its low cost simplicity,the tax revenues would rise significantly and even off-shore corporate profits would ‘come home’ (an estimated $3 Trillion). Projected revenues would
Today, America’s governance from local communities, cities, counties, states and federal agencies account for 36% of all economic activity (amounting to $6 trillion per year). During the administrations of former Presidents Kennedy, Reagan and Clinton, all of whom promoted the development of middle class economic well-being, the domestic economy increased and flourished.
Tom informed all that the current economic high level performance in Silicon Valley is not reaching small San Joaquin Valley communities at all. The Flat Tax proposed would enable these underperforming pockets to rise to higher economic performance levels. In fact, the most new business start-ups are those of Latinas who are still committed to the meritorious American Dream wherein one may improve one’s lot in life by working smart and diligently.
As a general rule, high taxes repress private economic investments whereas low taxes encourage folks to become their own business enterprise operator.
As a youth, Tom’s father gave him a 10,000 page compendium of economic history complied by Durant. Tom began reading it at age 18 and finished at age 24. This comprehensive history presents the information which establishes that stagnant economies invariably have scarce resources which end up costing more; requiring more competition to access and even more money to purchase though wages remain stagnant. This is where America’s middle class has been since about 1975. A low flat tax of 15.5% would be a good tax rate to implement. During the Q&A period, it was asked what would tax attorneys and CPA’s do? Tom replied that these folks are creative and would become very good small business consultants.
Tom Del Beccaro is a pro-growth candidate for the U.S. Senate seat currently held by Senator Barbara Boxer. Tom has spent more than 15 years in politics, where he held positions such as Vice Chairman of the California Republican Party and three terms as Chairman of the Contra Costa County Republican Party.