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| Source: CNNMoney |
Consider independents who aren't seeking election or reelection or have presidential ambitions. The super committee is just the same ole same ole. I nominate myself.
My recommendations would include having all agencies cut expenditures immediately by 10%. I would recommend that Congress cut its pay by 20% and revamp its benefits to align with what average Americans get. Hey Kerry and Hensarling, you with me on this? I would suggest meeting immediately with all the heads of Departments - especially Department of Education - and ask them to justify their existence.
I would recommend that Social Security COLA adjustments be cut in half. Furthermore, Medicaid should start at 67. Eliminate the tax deduction for mortgage interest and student loans, period. Put a special tax on farmers. They are subsidized when prices are low; they should pay more when prices are higher. Better yet, let farmers compete openly.
Increase taxes on the wealthy, especially the Paris Hilton tax loophole. Increase the tax on dividends and on capital gains - no one who is earning an income should pay higher taxes than those whose earnings come from the work of others - period.
I know these suggestions make sense because they would get everybody in the country pissed at me so they must be on the right track. And they are just a start. As an important aside, forget the argument that these cuts would negatively impact the economy - they would, in fact, likely spark a recovery once people recognize that the days of handouts are over. The economy card has been way over played.
Bottom line: let everyone truly sacrifice. The President is right on this, IMHO.
I agree with most of your points here, except I'd argue that I haven't heard a lot of shared sacrifice talk from any politician, especially the one at the top. Sure, you hear the standard soak the rich stuff, but there just isn't enough money there to make a lot of difference. Sacrifice should first start with the government itself. Instead of the fake cuts the politicians always negotiate, they should cut real dollars from each cabinet members budget immediately.... 5% across the board or higher would be a good start. This is called leading by example. Then close all loopholes, lower tax rates and let everyone who earns above the poverty level at least pay something in taxes. 50% of earners not paying taxes is ridiculous. I have little faith that the good ole boys on this committee will do anything meaningful or significant.
ReplyDeletere: The Grouch I agree. I have little hope for anything substantive. And how could we expect anything different. The members are vote seekers. I agree that more people need to pay taxes but remember that people pay a payroll tax. In my former life I was done paying my payroll tax early in the year as I reached the income limit. As it has turned out the surplus was spent so it is no different than the income tax.
ReplyDeleteWasn't it Warren Buffett who said his secretary pays more taxes than he does?
ReplyDeleteThere is something fundamentally wrong if this is true. I absolutely agree, tax dividends, cut unfair tax credits.
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