Taxation and the “Fiscal Cliff”

 

Tax

Tax (Photo credit: 401(K) 2012)

As we have all watched the drama unfold, after the botched election, concerning the evils of the “fiscal cliff” it occurred to me that Washington D.C. and their mouthpiece media associates love to label things with words that draw upon our fears of catastrophe. They have used such official sounding, yet awe inspiring terms as “Taxmageddon” and now “fiscal cliff” in attempts to terrorize the uninformed masses into pressuring their elected officials to go along with Obama’s program which is nothing more than government theft from those who have been successful in their financial endeavors.

 

The question we must ask ourselves is, which is worse the problem or the proposed solution? Where does investment/venture capital come from for new business ventures or expansions/acquisitions? Certainly not in any great amount from the middle class or working poor and definitely none from Obama’s entitlement class supporters. The time has come to end the class warfare and the envy of those who are better off financially than others. The polls show that a majority of Americans support a tax increase on the wealthiest in our society, if one can call $250,000 being wealthy in today’s society. My response to that is of course they do, if they had to choose between taxing themselves or taxing someone else, common sense, which is lacking in our society, would dictate that you vote to tax someone else. But the solution as presented by people more learned than me has shown the question is invalid because neither taxation is the solution to our economic situation.

One has to look no further than the Simpson-Bowles National Commission on Fiscal Responsibility and Reform which was set up in 2010 by the Obama Administration to see that recommendations for economic growth do not include tax increases but rather a lowering of marginal tax rates and the closing of tax loopholes. To quote the Commission’s report “Sharply reduce rates, broaden the base, simplify the tax code, and reduce the deficit by reducing the many “tax expenditures”—another name for spending through the tax code. Reform corporate taxes to make America more competitive, and cap revenue to avoid excessive taxation.”

For anyone who hasn’t read it this is an interesting blueprint for economic recovery and debt reduction. I can’t say I agree with everything in it but even to a non-economics major it makes sense. What doesn’t make sense is the fact that the report was published in December 2010 and has been totally disregarded by both major political parties. When you look closely at both Houses of Congress you will find very few civic minded true American patriots who are interested in doing solely what is in the best interest of our Nation. Rather you will find self serving career politicians who will do or say whatever it takes to insure their political survival. We have all seen lately how much faith you can place in the pledges and promises of these politicians who hold themselves up to be defenders of liberty. They promised the American people they would get to the bottom of the Libya incident. There was more media coverage and Congressional statements released in the 2011 hearings over Barry Bonds alleged steroid use than has been made over the deaths in Libya.

Numerous members of the GOP have now indicated they are prepared to violate their pledge to the American people concerning not raising taxes. Does anyone really believe that this is being done with our future in mind or is it their political future they’re worried about? The stop gap, band-aid solution that is being proposed to avoid the so called “fiscal cliff” is nothing more than smoke and mirrors. The proposed solution does not address the underlying cause of the manufactured crisis, all it does is continue to push a solution farther down the road as we continue our unsustainable spending until we eventually end up as the American version of Greece. No one in Washington is willing to make the hard choices necessary and risk offending their special interest groups who are vital for their political survival. All indicators are that if we continue down this road of tax and spend we are going to be facing more than the much touted “fiscal cliff” resulting in the economic collapse of America.

Why would any politician agree to revenue and tax increases effective today based on promises of future spending cuts spread out over ten years? The reason is simple, Americans have a short attention span when it comes to broken promises, after all America re-elected the much heralded liar-in-chief. These politicians are well aware that the ten year window for the proposed cuts in spending takes them into future Administrations where someone else will be left to deal with the same problem and inevitable decisions. We hear the Administrations incessant comments of how the rich should “pay their fair share” while the majority of Americans pay no income tax at all. We watch helplessly as our tax dollars, $52.7 billion in 2010, are funneled to overseas entities in the form of humanitarian and military aid, while the residents of these same countries protest against us, burn our flag and kill our citizens. We financially support governments who are governed by political parties that have been openly hostile to America in both word and deed.

To be brutally honest, the citizens of those countries are not my concern, maybe they can institute their own entitlement programs from the taxation of their own wealthy citizens. I fear without the rise of a viable third party, with a specific agenda rooted in those principles espoused by our Founding Fathers we are doomed to become nothing more than a nation of people dependent on the government for our every need.

 

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