SURVEY RESULTS: Dear Mr. President…

... CPAs tell the next President how to fix the economy and financial system.

Here are some of the latest comments from our survey into the market meltdown. Add your advice below, and then join the survey to get all the results.

Meanwhile, see what what some of your peers and colleagues are saying...

We need transparency and good accounting people with no monetary agenda

--- "L.M."

Surround yourself with trustworthy, independent (i.e., not those who benefited from the situation) and intelligent advisers

--- Cathaleen Cavanagh

Reduce taxes.

--- "Wayne"

Do not add to the tax burden on small business - these entities create 80% of all new jobs. They are generally organized as sub S corporations and land up being taxed at the maximum rates for individuals.

-- "Errol"

We need to find a way to re-work the budget so we are providing the basic services needed by all individuals, especially children, but at the same time stop the spending on non-essential task forces, study groups, and grants so we can try to solve this without increasing taxes on an already overburdened society. The government needs to cut it's budget the same way every household in the country does. I also think healthcare is the next item that can run our country in the ground if something is not done to offer more affordable access to healthcare for all of the country.

--- Caryle E. Brown

Do not raise taxes for anyone, especially the wealthy, as they are the investors and the job creators.

--- "Public accountant, large firm"

Keep the government out of it and let the stock market correct itself. Cut government spending and cut taxes across the board.

--- Public accountant, small firm"

Please restructure the tax code to allow for the simultaneous reduction of personal income tax rates and elimination of loopholes and special corporate interest tax breaks. Please keep the dividend and capital gains tax rates unchanged and provide for small business accelerated depreciation on capital purchases. Please declare a peace dividend and reduce defense spending to sharpen the focus on fighting terrorism.

--- "Jean"

Do not follow George Bushes' policies. Learn the lessons from Enron. It is obvious no one learned it.

--- "Carlos"

don't over regulate, don't raise taxes, don't socialize our economy

--- "Managing partner, small firm"

Issue executive orders or work with congress to separate banking security from market insecurity. Seek ways to change the moral and ethical character of the nation.

-- Gerald Brock

Fight against greed and socialism.

--- "Bill P."

Live within your means. The average American is deeply in debt. The Federal government is deeply in debt. Is there a pattern here?

--- "Joseph E."

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3 Responses to “SURVEY RESULTS: Dear Mr. President…”

  1. A concerned CPA

    I just did my own survey and 6 out of 7 of my best CPA freinds are voting for Obama. And we’re still working on that seventh guy.

  2. Anonymous

    Stop using the tax code to promote economic policies – it doesn’t work very well. Tax considerations often override sound business decisions.

  3. HANIF LAKHANI

    To stimulate economic growth and to create more job opportunities for Americans. Develop alternative energy sources.Lower oil prices to improve world economy in global interests of all concerned.Encourage green card holders to work abroad and pay taxes- also American citizens should work abroad. Let green card holders work abroad just like US citizens. Reduce H1 visas and restrict new immigrations.Stop export of jobs abroad and stop outsourcing abroad.Ask allies to contribute to efforts for worldwide peace and reduce cold war and tensions and violence. .To solve credit and mortgage crisis- we need new Law similar to SOX for Financial institutions.More internal control and improved monitoring offinancial institutions.Economic package to improve corporate and stock market performance. As regards purchase of sub prime mortgage loans by the US Govt from the banks to ease credit crunch- best option is to incorporate a public company-“mortgage repurchase bank” offer stocks and bonds and let investors contribute to equity capital and bonds of this corporation. This corp. can directly invest in financial institutions and banks- common stocks-preferred stocks- bonds and option-warrants- this investment contribution will directly inject cash into banks without govt taking responsibility for Sub prime mortgages recovery Foreign investors and foreign funds and friendly govts may also be allowed to invest in equity and bonds of this corporation- this will ease the burden on US taxpayers. As a complement to this bank- property investment corporation may also be floated in public sector- with private investors allowed to invest in property company- this corporation can bid for foreclosed property and start buying other property whose owners are not able to pay mortgage- this will ease pressure on property market when so many properties are being offered in the market- eventually this property investment company can start to re-sell the property on profit when market gets better. There is need to investigate – how problems of sub prime loans came up because of irresponsible way in which loans were granted and sox type regulations is required for more conservative lending procedures. Also regulations to monitor financial institutions to avoid repetition of such problems in future More Reasons Why the US Economy is Collapsing#1. The United States government iscurrently running a budget deficit of $1.8 billion/day. Too muchdeficit will create a weaker American dollar and cripple the USeconomy- Budgetary control is necessary to gradually reduce deficit.#2. The US National Debt is $8 trillion+. It has to be paid back eventually by raising taxes. Reduce loans gradually by increasing taxes and also by reducing nonessential expenditure.#3. Oil prices are $100+ per crude barrel,there is a shortage of oil refineries and demand is growing due to morecar drivers world wide. ask foreign investors to invest in oil drilling- gas exploitation- Solar energy and refineries etc also build nuclear power plants #4. China’s economy is now bigger than the United States and China is now the centre of the globaleconomy. #5. China’s trade exports out-matches the United States (i.e. they can build cars/trucks/SUVs forhalf the price). reduce imports and protect domestic industry and production even by tariff barriers- reduce impact of free trade if US is having problems due to this. #6. English is becoming less important as an international business language. Mandarin Chinese isbecoming more important. open English American schools world wide- make it popular. For US citizenship – English fluency should be compulsory #7. Global warming is causing drought and shortages of grain crops, causing bread and flour pricesto skyrocket. #8. US universities aren’t creating enoughgraduates to compete on the global market. Tuition is too expensive andthere isn’t enough university professors. encourage college education- give scholars hips and loans for graduation and IT and engineering etc #10. There is complacent about the US economy and is ignoring the possibility of adepression. #11. Automobile companies should be more innovative and should get help to employ more people. Make smaller and cheaper and energy efficient cars. #12. The US government sold off the bulkof its oil/gasoline reserves in 2002. It no longer has large stocks of oil reserves in case of a national shortage. #13. Adult American taxpayers have anaverage of $48,000 in debt due to credit cards, mortgages, university debts, etc. Now that the economy has gone sour many are losing theirhouses or declaring bankruptcy. encourage savings and discourage credit card debts- tax incentives for corporate profit re-investments and individuals investing #14. The US dollar is notoriously easy tomake counterfeit bills of. Thanks to modern computer printers,counterfeit is reasonably easy to make. make new bills which is difficult to counterfeit #15. The US economy still has not recovered from 9/11. This can be tackled more intelligently by ideology an education campaign.#16. The US economy relies on theconsumption of goods at a decadent rate. If something happens that throws the economy for a loop, it can very easily fall into adepression. #17. Global Warming is causing recordhurricanes, storms, floods and ecological disasters are destroying homes & businesses in the United States. In addition to wreckinghavoc and raising insurance prices, the storms also prevent oil rigs from drilling in the Gulf of Mexico, causing oil shortages. #18. The health problems resulting fromhigh obesity and unhealthy diets combined with a shortage of doctors iscausing the US healthcare system to become highly capitalized so thatonly the wealthy and middle class can afford health care Cheaper healthcare system- medical assistants and nurses can help patients with basic simple sickness- refer to GP only more difficult problems – like olden days- also increase number of medicines available over the counter- antibiotics are less harmful then drugs and cigarettes and alcohol- why restrict purchase of antibiotics. Also we need cheaper medicines and alternative herbal medicines- educate people on preventive measures and eat less food #19. Rising costs of airplane flights are stifling business trips by companies seeking to dobusiness. #20. Foreign investors are pulling out of the United States and investing in Asia instead. Encourage foreign investors to invest in America.#21. Five years of drought and GlobalWarming has caused many farmers in the American mid-west to declare bankruptcy. The US is facing a food shortage if current drought trendscontinue. People aren’t building enough green houses to grow extra food. Encourage farming and increase per acre yield by research. Make friends with south American countries and neighbors to get cheaper gas and produce from neighbors rather then from china and India – which are far away.