Taking Responsibility For Your Actions

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CBS News is reporting today that Treasury Secretary Timothy Geithner says that the U. S. must cut the deficit in order to have a sustained recovery from the current recession.  He stated that President Obama's Administration will do whatever is necessary to bring the deficit down, and would not rule out raising taxes.

He is right, but this is an amazing statement coming from someone in this administration.  On Thursday, April 30 of this year, the Washington Post reported that Congress easily approved a $3.4 trillion spending plan for the coming year.  That is in addition to the stimulus program of $787 billion.  Now this administration is talking about lowering the deficit.  Why in the world should we believe them?

If you believe that raising taxes increases income to the government, please read the Heritage Foundation article on the Laffer Curve.  Historical data since the 1960's shows that raising taxes lowers government revenue (as the people being taxed find ways to shelter their money), and what happens is that the tax burden on the middle class increases. 

According to an article at Power Line this morning:

"...But a value-added tax would "add to the burdens that the average American already faces," whether unfairly or not. The alternative, presumably, is higher taxes on "the rich." But the "rich" are already paying far more than their fair share. The latest IRS figures show that the top 1 percent of taxpayers pay more in federal income taxes than the bottom 95 percent combined."

This is not the way to grow an economy.

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This page contains a single entry by Granny G published on August 2, 2009 2:58 PM.

Why The 'Two-State' Solution Won't Work was the previous entry in this blog.

Some Good News From Congress is the next entry in this blog.

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