Monday, December 6, 2010

American Thinker: Let's Compromise on Taxes

American Thinker: Let's Compromise on Taxes

This is a wonderful article on what we truly be effective tax policy and it is very easily at hand right now. Tax the non-rich because there are a heck of a lot more of them and it would actually produce federal revenue for the Democrats to waste or you could do what is necessary and cut spending. We need to cut federal spending!!! This is the only solution unless you want all Americans to pay even more because tapping the rich isn't going to do the trick unless you consider everyone not in poverty rich. If you want to stop all job growth and investment in our country's future you raise rates on the "rich" and sit back and collect nothing because the rich have ways of avoiding stupid taxes and options about how and where they take an income. If you want to do something real then cut government spending 10% as compared with the GDP. For several decades federal spending ran about 20% of GDP and in the last four years it is now 25%, so slash spending to 15% and our current revenues could very easily pay all spending and pay down the national debt slowly. Just to let you know the federal revenue is almost 19%, so instead of running a 7% deficit we would have a 4% surplus to pay off the national debt which would be shrinking because we would not only not be adding to principle with no deficit spending, but actually paying down the principle which would reduce our interest payments. This is crazy talk because we need to keep spending at the highest rate in American history or else! If the deficit commission or Congress want to impress me then they need to sharpen their collective pencils and cut enough spending to reach 15% of the GDP. Otherwise as we have seen over the last couple of weeks it is just a bunch of hot air blowing around that amounts to absolutely nothing. Congress, the Nov. 2 election was a referendum on the need to cut federal spending, so freaking do it already!

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