I bring my avid Readers to this Post, which is testimony before Congressional Committee; the graphs constituted to provide substantive defense from denial of the information. It indicates that We as a nation are going bankrupt; my current estimate (remember the unreliable mine) suggests that We would need an additional 16-18 million Employed working full-time in order to cover the deficit under the current Tax rates. The Unemployment rate stays persistently at 9%, the terrible triple three, where it has remained too long. It is also not lack of liquidity or finance, as most small bankers have complained the major difficulty in extending Credit comes in Consumers’ lack of participation, and businessmen asserting that they have sufficient capital to meet current Product commitments. The most bullish of economic estimates will go on Record only with the Tax Cuts providing at most a 2% Unemployment relief through the Intermediate Term. Tax Cuts have did nothing for the economy, and soured the temper of all Americans. It is time to tell the lobbyists to ‘Kiss our Grits’ and raise an equitable amount of tax revenue.
There are Those out there so in the Dark that they don’t know I mean raising Taxes. I would far rather do this by eliminating the Tax Dodges from the system, than go into raising Tax rates. The trouble comes in that these Tax exemptions are so shelved that it hurts the lower-range of Taxpayers far more than the Wealthy. This means that the major benefit from such a Tax Dodge goes to the Wealthy, but the Poor Taxpayers complain about losing piddling amounts maybe up to a 1k of Tax burden. The Wealthy think they have blocked any action, but there are reparative methods to the Problem.
The method that I prefer is legislative action to make all Tax allowance, Exemptions, Deductions, and Tax Credits progressive in nature. Remember that I want elimination of all these discriminatory allotments, but when this proved impossible; you make do with a cheap fix. I immediately call for a Tax law revision which insists that all such remissions of taxation must be Progressive. I will extend a list of my placement:
$50k–$100k----------80% reduction of tax
$100k–$500k---------50% reduction of tax
$500k—Infinity-------0% reduction of taxation.
My Momma always said I would one day be assassinated, but she didn’t wait around to see if her prediction turned out True–got tired of waiting, I guess. lgl