One anonymous comment to yesterdays blog stated that perhaps it was time for the wealthy to pay more taxes, as a possible solution to the nations overwhelming debt problem.
My short answer was that we're all going to pay the price, if the government doesn't reign in it's out of control spending addiction, and that higher taxes is not the answer. If you happen to be in the "wealthy" category with a high taxable income between $175,000 and $380,000, your tax rate is 33%. If you factor in all of the other taxes like state income, and property taxes, the so called wealthy are already paying about one half of their earnings to the government.
One of the fundamental principles associated with the founding of this great country, was that if you work hard and are successful, your rewards are tangible. Many of the so called wealthy spend their entire lives building something that they can pass on to their kids. That's the American Dream.
At some point, the taxing of our citizens becomes a disincentive for hard work, and is totally counter productive. I'm not sure where that number is, but when the government starts taking more than you do from you efforts, I think you've reached that point. That brings up another topic of discussion, who creates jobs? It's not the government, it's the so called wealthy small business owner, and corporate America. If their taxes continue to increase, what effect does that have on the creation of jobs? I think I know the answer to that one.
More taxes on any class is not going to make a dent in the enormous debt of our country. There is only one answer, and that's making the hard decisions necessary to control spending. If our irresponsible politicians had not spent us into oblivion, we wouldn't be facing these troubled times.
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I agree!!! I've been screaming this to anyone who would listen. It's way past time to decrease the budget. I think the Democrats don't want cuts because it will put a dent in "their personal" income and benefits ... which I'm tired of paying for ... and I'm tired of paying benefits to people who don't work and don't WANT to!!!!
ReplyDeleteTo ask senior citizens receiving Medicare to pay more in taxes when people earning more than $1 million a year receive a substantial tax cut borders on immoral.
ReplyDeleteI make considerably less than $175,000 a year and yet I paid more in taxes last year than General Electric. Something is very wrong with that picture. Yes, of course we need to cut spending but why is it always the poor, the elderly and the middle class who are expected to "sacrifice" while the fat cats get fatter?
ReplyDeleteThe corporate media does a good job of getting middle class folks to fight for tax cuts for the wealthy. Many people buy the myth that lower taxes equals more jobs but anyone alive during this past decade should be able to see how ridiculous that argument is.
"Remember when teachers, public employees, firefighters and social security recipients crashed the stock market, wiped out half of our 401Ks, took billions in TARP money, gave themselves billions in bonuses, and paid no taxes? Yeah, me neither."