This fall do not vote for any candidate that is pushing for tax cuts unless they have a plan for cutting an equivalent amount of govt spending. Our tax rates are not too high, they are actually at record lows, especially corporate tax rates.
Over the last three decades, corporate management and shareholders have greatly benefited from a debt fueled consumption binge while investment has fallen to record lows. At the same time tea-party candidates and commentators like Glenn Beck (who made $32m last year) are trying to use populist and patriotic rhetoric to convince you to oppose the expiration of the Bush tax cuts while now one in seven Americans live in poverty.
Is that really good for the populous? Is it really patriotic for a smaller and smaller group of wealthy people to collect the earnings of this great country while our infrastructure and education systems crumble? Bill Gates Sr., a multi-millionaire in his own right, doesn't seem to think so.
We all need to do our part to rein in budget deficits and rebuild the economy. Pensioners need to take benefit cuts, especially the big teacher and government employee unions. Seniors need to adopt a needs-based social security plan and accept some kind of rationed medical care. Boomers should support a higher retirement age. Defense contractors need to accept a smaller budget for a smarter, more agile modern military. I could go on and on, but most of all, corporations and their shareholders need to accept a more equitable tax structure which in the 1950s, laid the foundations for decades of prosperity.
Thoughts? Rebuttal for why we need to cut taxes?
