I Agree With Obama (sort of): Raise Taxes to Close the Defiict

"A balanced deficit deal that includes some new revenues isn't just a Democratic position. It's a position that has been taken by everyone from Warren Buffett to Bill O'Reilly. It's a position that was taken this week by Democrats and Republicans in the Senate, who worked together on a promising plan of their own."

Barack Obama
USA Today
July 22. 2011

As we've been discussing lately, the only major issue left in the debt debate between the democrats and the republicans is "to tax or not to tax."

Obama would have us believe that we can close the deficit by simple raising tax rates on the wealthy, investors, and big corporations. I have presented factual evidence on this very web site that shows that this move would not actually increase revenue (as it would drive capital and businesses out of the country), but of greater concern, it would further drive up the national unemployment rate.

A Tax I Could Love

The only way to raise tax rates and also raise tax revenue is to target those who would not respond by leaving the country. I'm talking about people who work for the government, foreign tourists, illegal aliens, and organized criminals. The best way to do this is with an national sales tax. Sure it will hit the poor and the middle class, but all it would take is a 1% tax to generate hundreds of billions in deficit reducing revenue that would have very little effect on economic growth.

Further, if this tax was combined with a budget freeze and 100% of this tax was applied to deficit reduction, the US economy would boom because everyone would know that it would only be a matter of time until our budget was balanced.

Of course, this could never happen. It doesn't sit well with either party's ideology and the government can't be trusted with more money -- they will simply piss it away (like the always do).

I can still dream can't I?

Dave

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I Agree With Obama (sort of): Raise Taxes to Close the Defiict
Friday, 22 July 2011

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