Sunday, July 10, 2011

Time for a tax increase

Yes.....that's what I said. Time to raise federal taxes on everyone. This morning I sat listening to the Sunday morning news talk shows and they talked about how the United States in the first time in its history may have to default on payments for its debts. This caused me to think about where that money was spent.

Let's begin by pushing the wars to the side of the table. We all know that because the U.S. can't stay out of everyone's strife and struggles.....we have been financially drained with no paybacks from the countries we have "saved". What does that leave us with? Well.....the other areas where we have spent money are for all the special requests that each state has for new parks, libraries, schools, museums, environment research, etc etc etc. Somebody had to request those things and it is my belief that if Congress can be blamed for pork barrel spending then we should also accept part of that blame.

Look, we are not going to get out of this debt without adding more money out of our pocket. I agree that we have to pay more in gas and food so that pinches everyone's pocket already. Trust me....I know! However, if we do not bring more money in, we are never going to get out of mess we are currently facing.

Now there is one tax that I would like to see go away if income taxes are raised. Eliminating the Estate Tax - the taxes that you have to pay on monies that you inherit from parents, spouses etc - would bring more money into your pocket that is tax free. I know that those inheritance times may only happen one or two times in your lifetime, but why pay on that inheritance when that money was already taxed a lot during its own lifetime? Makes no sense.

So as the clocks ticks down and the IMF (the world) sits back and waits in anticipation on some kind of cataclysmic event, I have to wonder as Americans........can we do more?

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