We are not going to get out of our fiscal mess (read extraordinarily massive debt) by raising taxes on the wealthy. Our progressive tax system already takes from Americans making over $250,000/year almost 90% of our federal taxes.
I have commented on this blog about the inherent tendency of government to grow, our current fiscal problem is a result of this. More taxes are not the answer, smaller government is.
One of, I believe, the least painful ways of doing this is by cutting our military expenditures, which are huge. Our military currently consumes by GAO numbers, about 20 percent of our budget. The real numbers however are much higher, and are achieved by special appropriations outside the budgetary process. The Iraq War is an example of this. The real numbers are, by some counts, somewhere between 30 and 40 percent according to some estimates.
Continuing to raise taxes for our government’s profligacies on the military and social programs simply cannot continue… As Margaret Thatcher remarked: “The problem with socialism is that eventually you run out of other people’s money.
Read the article below.
The Vermont Farmer's Blog 