Sales Tax Backlash? Start Creating Wealth NOW!
While the sales tax increase seems to be predetermined certainty, we can craft a solution that will procure the money and lay the ground-work for a “national case study” on how to raise the level of education and ability to generate wealth. All national studies on wealth creation have come to universal conclusions on its genesis - there are two attributes that create more wealth than any other means - education and innovation, mainly in the form of patent applications. So, instead of raising the sales tax by .25 percent, let’s raise it by .50 percent instead. Half of the capital raised can then be used to service the bond issue for the Medical Mart and the other half can be used to finance a college scholarship program that can be offered through-out Cuyahoga County.
If one graduates with a 3.5 GPA or better (and pass the state proficiency exam), then you would be eligible to receive a full-scholarship to any State of Ohio public university or college. (Sure, certain stipulations would apply for example the student must maintain a 3.2 GPA or better during college.) After successfully graduating, the student - upon return to Cleveland or Cuyahoga County - would receive a life grant of $4,000 in year one declining to $1,000 in year four. These life grants could be used for a possible down-payment on a house or condo or to be put aside for retirement. A better educated, home owning workforce is a clear strategy to improve and enhance wealth.
All economic development professionals in this region should make a pledge that for every large scale development we seek out a way to incorporate creative wealth creation strategies. It makes all the sense in the world and delivers what we need most - 21st century assets with a 21st century workforce.
While your intentions are spot on, what we need are bona fide, not phony, public-private partnerships. You’re solution puts too much burden on the public, and doesn’t seem to require anything of the local corporate establishment. What’s more, it’s a typical financing structure in this town to tax heavily, and then spread it around the various interests groups to keep everyone happy. You seem to be proposing more of the same. Now ask me, would I have paid a 1/4% increase for education with a local corporate match?
Michael,
Nice stuff. I like the idea. And…we can encourage college grads to stay here, and themselves reinvest in the area…another generation that stays.Wow!
This idea is a nice start, and a creative one.
Joel Libava
The thing that strikes me as most lacking from the idea is the initial step of getting the high school kids to the 3.5 GPA. Is free tuition a strong enough incentive from the perspective of a high school student? It certainly is from a retrospective standpoint, but that’s hardly useful. I think something else needs to be rolled into that plan to overcome that initial hurdle.
Marc,
I agree…great point, there needs to be the clarion call to the corporate sector to match. I would like to add that to the orignal idea. Many thanks.
Michael
Jim:
What ideas did you have, bro? Would love to hear some of them.
Michael
Great point, Jim. Otherwise, Michael, I love it so much better than OLE.
Awesome!