Mar 18, 2009 10:23 PM GMT
houstonmuscle10 saidOne thing that we should all remember is that the disagreement over govt spending is not about Right vs Left, Conservative vs. Liberal, Republicans vs Democrats or Patriotism or backing the President in hard times. It IS about our elected politicians doing what is the RIGHT THING for the country. The entire Stimulus, including the Banking Bailout under Pres. Bush was rushed into without the thought and debate that such a hugely important issue deserved. Because of the poor thought and limited input we are reaping what we have sown. There are very good alternatives to what is being implemented. Just think of the economic stimulation that would be ignited, almost overnight, if for the next 12 months not a single penny of income tax or SS Tax was collected for every taxpayer in this country.
Other than social security and a wide variety of government programs being absolutely bankrupted for a year? I don't see this doing much good in the long run. What would be great is immediate tax reform that reduces or eliminates taxes on people earning $250,000 or less, with the burden being shifted to the wealthy making $250k+. Those making obscenely excessive incomes of $500k or $1million+ should bear an even bigger brunt of the tax burden, as they have that much more unnecessary and unjustifiable income.
This way, the government would remain operational, as would our schools, social security, and medicare systems. At the same time, middle and lower class families would have greater take-home income to spend on necessary goods and services that would serve to stimulate the economy, while (as importantly) improving their quality of life. While the more selfish of the rich would complain about their increased tax burden, I highly doubt any one making $250k+ would go hungry..... (People earning that much while others are struggling to buy food have no right to complain about their taxes, in my mind.) At the same time, the middle class would expand and the gap between extreme wealth and extreme poverty would narrow, providing continued improvement to the economy and quality of life in the U.S. over the long term.
Obama has proposed some changes to tax code along these lines, but they are not nearly extreme enough in my mind. Greed and corruption at all levels (and loud-mouthed conservatives) will probably keep this from ever becoming a reality, but one can dream...