Tax Day 2010

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The headline at the Newsweek website today is "Today Is The Best Tax Day Of Your LIfe."  The article is written by Robert Samuelson, who points out that because of growing deficits, increased healthcare spending and the baby boomer generation beginning to retire and collect Social Security, the amount we pay in taxes today may be the lowest amount we pay for a long time.  According to the Tax Policy Center of the Urban Institute and Brookings Institution, 47 per cent of American households do not pay any taxes.  Among the elderly, 55 percent pay no income tax.  Among households with children 54 percent don't pay taxes.  Among married couples filing jointly, only 38 percent don't pay taxes.  Until the tax burden is somehow spread evenly among the people, there will be no incentive to cut spending and reduce taxes.

The article points out:

"To which (increased federal spending and endless budget deficits) there's at least one obvious solution: raise taxes. By all estimates, the budget outlook is daunting. The latest projections of the Congressional Budget Office reckon the cumulative deficits under President Obama's policies to be $12.7 trillion from 2009 to 2020. In 2020 the estimated annual deficit will be $1.25 trillion, or 5.6 percent of the economy (gross domestic product), despite assumed "full employment" of 5 percent. And the deficits get larger with every succeeding year. Given unavoidable uncertainties, these precise projections are likely to prove wrong. But their basic message seems incontestable: there's a large and growing gap between the government's promises and the existing tax base."

 

Please read the entire article to see the full picture of where we are and where we are going.

Has it occurred to anyone that the answer to the problem may be to cut the size of government?  The biggest mistake America ever made was to air-condition Congress.  If it were not air conditioned, we could send them home when the weather got warm and they would be forced to live as ordinary Americans for the summer!

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This page contains a single entry by Granny G published on April 15, 2010 1:12 PM.

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