It looks like many are coming to the TEA (Taxed Enough Already) conclusion that government is to big and must be reduced. The US gross debt is presently at 83 percent of GDP as of 2009. With a debt per citizen of $39,283 or more importantly a debt per taxpayer of $111,224 as realistically it is only taxpayers who will be able to pay down this debt. Even the most Pollyanna Progressive looking at the facts thru their rose colored glasses will have to admit this is unsustainable.
The top 10 percent pay 70 percent of the income tax burden while the bottom 49 percent pay no income taxes at all. What is fair about that? Raising taxes has been proven repeatedly over time to not proportionally raise revenue. The only obvious choices are as follows.
- Raise the number of taxpayers by getting government regulations out of the way of the private sector and letting them do what they do best and that is they create jobs and wealth that can be taxed.
- Reduce the size and scope of our parasitic overgrown large Government cutting their budgets across the board.
- The most difficult choice for all of us is to address entitlements but this must be done by adding means testing and raising retirement age for future retires reflecting our increased lifespans.
If we continue to stick our heads in the sand as we have done to get thru the next election these choices will be forced upon us in the most uncomfortable ways as is currently happening in Greece.
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