Tuesday, August 02, 2011

Deeper in Debt: What's the Next Step?

The US Senate has voted 74-26 to approve the plan set out by the US House. The President has already signed it. And, the pundits are very deep into the postgame show. Lest you think that Mr. Obama is happy, his take on it is anything but.

Democrats are furious that tax revenues weren't part of the package, and the president pledged to continue to press for tax increases to help balance the budget.

"Everyone is going to have to chip in. It's only fair," Obama said in a Rose Garden address, singling out subsidies to oil and gas companies and tax loopholes. "That's the principle I'll be fighting for during the next phase of this process."

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Revenue is code for "Raising Taxes" on everyone. Apparently the political elite can't understand that it doesn't matter who signed the check to the IRS. All taxes are paid by the consumers at the final point of sale. If you raise taxes or remove subsidies, then the increased cost goes to the consumer in the form of higher prices. If you raise the personal tax rates of the richest people, then they will recoup their personal loss with modified business practices.

It's time to get serious about the financial future of the country. Drop the income tax and replace it with the Fairtax. Balance the budget by reducing each line item by the same percentage. Do it now or watch your kids have to do it later under the gun of whoever owns America.

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