Our nation does NOT have a taxing problem, it clearly has a spending problem. Taxes cannot be raised high enough to cure our budget deficit; there simply isn’t that much money available. Rather than continue to increase taxes and place further chains on economic recovery, the tax code needs to be modified into a system that is fair for all Americans and produces real growth.
Our national debt is over $16 trillion and growing by millions every minute, around the clock.
The number one trillion is so ridiculously large and beyond our personal experience that it has no real meaning to most of us. Visualize it like this: Picture a $100 bill being printed each second, 24 hours a day, every day. At that rate it would take 317 years to print $1 trillion. If the press continued running it would take over 5,000 years to print our current national debt of $16 trillion.
The old saying goes, “When you find yourself in a hole, the first thing to do is stop digging.” Unfortunately, as time has gone by the government has accelerated the rate of digging, just making the hole deeper. As we’ve seen with the financial crisis in Greece and its impacts on the European community, we simply cannot continue borrowing and spending at the current rate.
Who is Paying Their Fair Share of Taxes
We hear talk of the “wealthy” not paying their “fair share” of taxes. However, those making this claim avoid defining what “fair” is. According to data from the IRS, the top 1% of earners pay almost 37% of the income taxes collected. The top 10% pay 70% of the income taxes collected. This begs the question, “What is fair?”
With the rise in taxes at the beginning of 2013, most Americans have seen a net decrease in their take-home pay. This means tighter household budgets and less spending on non-essential items. The end effect will be a slowdown in our economy as people put off the purchases they may have otherwise made.
There is no reasonable argument that working Americans are not paying enough taxes. We need a real solution rather than rhetoric that promotes class envy but produces no real results.
Obamacare imposes numerous tax hikes which total more than $500 billion over 10 years. Obamacare’s higher tax rates on income and investment will slow economic growth, leaving hardworking American families and businesses worse off.