Saturday, July 16, 2011

More Taxpayers - Not More and Higher Taxes

Thanks to Socialist President Obama's incompetent management of the economy, there are about 25 million Americans either unemployed, under employed working part time that want full time work, or who have just given up looking for work altogether.  Many of these people are within the 43 million Americans on Food Stamps and/or receiving unemployment, or welfare benefits.   In addition, millions of these people have lost their homes to foreclosure since they cannot make their mortgage payments.   Obviously, while some of these people were probably within the 50% of Americans that pay no income taxes at all, even when they do work, there are others of the unemployed that would have paid taxes if they were working that are not paying taxes into the federal treasury today.  

So instead of creating more taxpayers by growing the economy, Socialist President Obama is demanding higher taxes on the "rich" defined as those earning annual income of $200,000, if single and $250,000 if married.   Forget about all the class warfare baloney we hear coming out of the Socialists in Washington,  about taxing millionaires and jet owners, Obama's argument is really about redistribution of income, not dealing with cutting federal spending.   If every dollar of assets was confiscated from the "rich", it would do little or nothing to pay down the National Debt, or deal with Obama's trillions in deficit spending.    The only way to get our fiscal house in order is to bring down federal government spending from about 25% of Gross Domestic Product, a record level under Socialist Obama, to around 17%.   

The Socialists will never cut spending to these levels because it would mean the elimination of at least 500,000 federal union jobs out of 2.65 million civilian employees and the elimination of many worthless, redundant programs, departments, agencies and commissions.   And, to be clear, though Medicare, Medicaid and Social Security must be reformed to prevent the bankruptcy of these programs, the whole discussion about raising the Debt Ceiling is about Obama's ability to continue spending trillions of borrowed dollars to support programs for his PEEP's, the 50% of Americans that pay no income taxes at all, those on the dole, illegal aliens, big union employees and favored industries that contribute to Socialist candidates.  That is the real story.

Clearly, the only way out of the financial mess that we face is to grow the economy, not raise taxes on the "rich" that are already paying more than 40% of their incomes in assorted local, state and federal taxes.   The "rich" are not only paying their "fair share", if not for the "rich", the federal government would have no taxes at all.  What we really need is a pro-growth tax and economic policy designed to grow and keep jobs in the United States.  In reforming the tax code, it would be fine to get rid of all deductions and exemptions if as part of the deal, personal income tax rates were brought down to 10%, 15% and 20% as a top rate.   To protect the working poor, perhaps no income taxes would be paid on the first $50,000 of family income.  Above that level, the 20% rate should kick in around $300,000 and there after.  Tax on capital gains and dividends should be no more than 10%.   The current Estate Tax, which allows anyone to leave up to $5 million tax free, is appropriate.  Corporate federal income taxes should be no more than 25%.

Medicare should be means tested and continue to be applicable at age 65.   That is already happening as the rich are already paying more for Medicare premiums than the poor.  There should be tax free Health Savings accounts that would allow people to save for future health care while they are working to deal with higher premiums and deductibles during retirement.  The retirement age for Social Security full benefits should go up to 68 years old for those 55 or younger today.  With many living past 85 years old rather than the original 62, when Social Security was invented, raising the retirement age makes perfect sense.  Finally, Medicaid should be done as a block grant to the states, not a mandated federal program for the poor, that is bankrupting the states.

Of course, all of this assumes a federal government that is under control spending no more than 17 or 18% of GDP, rather than the current 25%.   We can get our fiscal house in order with common sense growth, tax and economic policies assuming federal regulations are also reasonable.   We can do it.   We must do it; but it will never happen as long as Socialists control any part of our state or federal government.   We have to end the class warfare by sweeping these Socialists out of office in 2012 and 2014.  We must elect Conservatives that support free market capitalism, limited government, lower taxes and less regulation, a balanced budget, term limits, real education, energy and health care reform, a strong national defense, including securing our border and fighting Terrorism, the right to bear arms, the sanctity of life and family values that are the foundation of our nation.   This the platform supported by the majority of the American people and the only way to restore economic growth and job creation in America.   

We have to take back our country in 2012 and 2014.   We need to create more tax payers, not implement more and higher, job killing taxes and regulations.   We have to get our fiscal house in order to prevent the bankruptcy of the United States.   We can do it.   We must do it to preserve our freedom, our nation and way of life for the sake of our children and grandchildren.             

No comments:

Post a Comment