According to a new poll conducted by 60 Minutes/Vanity Fair, 61% of Americans say taxing the rich is the best method for reducing the deficit. The second most popular approach was to decrease the defense budget (20%). 4% would cut Medicare and 3% would cut Social Security.
In my opinion this is the exact WRONG order of preference. The priorities should be flipped. This thinking (i.e., that of the poll responders) is how we got into this mess in the first place. More of it will only sink us further into the deficit muck which ultimately will have to be paid for by our children and our grandchildren.
What do you think?
Spot-on David....I work for US based multi-national technology company and our company has millions of dollars off-shore from our international operations, yet we cannot bring this money back into the US without severe taxes levied on these profits (taxes already paid in the country of profit origin)...as such we can only hire employees in foreign countries where the cash is located versus hiring US employees which would drive our economy....brilliant government management of the US economy....
ReplyDeleteThat is ONE of the problems with having so many laws and regulations: the unintended consequences often cancel out the hoped for "benefit". That's not to mention the loss of freedoms.
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