Loading ...In the 1960’s I was in the Garment business ,we had just entered a new partnership with was to be the best Salesman I ever met.I was running a sewing factory and my uncle was running another with my Dad overseeing both operations .We were making a good living but had some problems with unions in NJ .
Dad entered a partnership with a guy named Bernie ..and a new era started .We were the best Factory men, my Dad,me and Uncle.We had a combination of 100 years experience between us so,we knew the business.We succeeded where 90 per cent of the industry was failing and moving offshore to cut costs.
Along comes Bernie age 63 with decades experience in Sales.A marriage made in Heaven occured ..all we need was some credit and sales.Well bernie got an order from Macy’s worth $100,000 ..I sewed up a dozen samples for Bernie to get that order..Bernie took the confirmed order to the Bank and asked for $100,00 loan to buy piece goods with ,he got it and proceeded to Cloth mills in N.C. to buy some cloth and asked for another 100,000 in additional credit ,that he got.! We were off and running ..no money out of pocket just some samples and a confirmed order. Well along comes President Kennedy with the INVESTMENT TAX CREDIT ..a scheme whereby if you bought new plant & equipment grew your business hired more people you would get a TAX Credit for making the investment in new machinery…Well it was just what we needed ! The next 7 years was nothing but money …I was the only sewing factory in NJ hiring as fast as I could train them.I did not want any of the OLD Union people ,so it was a big effort on my part.I trained about 150 new people working 12 hour days to do it.Our employment went from 50 initially to 150 at peak form.We were making money hand over fist,my employees were making 50 % more money than nearby union plants by working piece work instead of an hourly wage at the Union places.WE were in the right partnership at the right time of the Kennedy investment scheme.I can tell you without any reservations ..give some tax breaks to business for investing in new plant & Equipment ,hiring new people and you would have a hard time findiong enough workers .!..If Apple got a tax break and brought home the 150 billion they have offshore provided it was invested in New plant & equipment ,our un employment rate would be cut in Half at least as others will want to get in on a good deal.Government needs to stay out of the way ,don’t give them new regulations or try to tell them who they have to hire.Instead of paying taxes it got invested in JOBS the Country benefits ..everyone benefits because with higher employment everybody becomes a taxpayer with a Broad base to the tax system.It creats a very stable TAX base at low Rates. High tax rates kills incentives period……CUT taxes with the condition that its used for investing in new plant and equipment and things will boom…..!