Close to a $12 trillion dollar deficit facing this country today thanks to government overspending and Bush taking the US from a surplus to this current deficit. How will the government ease the economy out of debt? Raising taxes? Oh no, but wait. Somehow taxes will have to escalate over the next 5 to 10 years whether President Obama is in office or not. But when and where will it come from?
As the government continues to spend more with no end in sight, some on “The Hill” want to extend Bush tax cuts. These tax cuts put the economy in the current mess that we are in today. Those tax cuts created tax relief for big business in a slumping economy. This provided no revenue to create jobs for the middle class. The very foundation that spending floats on. This country cannot move forward with the current Bush tax cuts for the wealthy and the nation. Taxing the wealthy provides 10 percent of the government’s revenue which accounts for one month of the federal expenditures. The remaining 90 percent comes from the middle class.
The House Subcommittee is looking at social security to cut benefits, increase taxes to help reduce our national deficit. That’s like taking candy from a kid. Too much regulation and overspending on fail programs with heavy taxation. The government cannot raise taxes now with the slumping economy. A tax increase now is bad business. Tax cut are for an economic boom.
Should the government borrowing more money from overseas? The government will be paying back with higher interest rates. The problem with raising taxes now is we’re still fighting our way out of inflation. Adding taxes now is the wrong time to make people fork out spending they don’t have.
President Barack Obama has pledged to keep taxes low. But with a failed economy at some time the question is when and where will taxes increase? What can help reduce a tax burden on the federal government’s spending congress will have to overhaul the entire tax system with less government regulation? Regulation don’t increase deficits, they cause them. There is no doubt that a tax increase is forthcoming but when.