We Have to Learn to Live Within Our Means
As Congress comes back to Washington, there has been a lot of talk about the Bush tax cuts,
which expire at the end of the year.
To re-iterate my position, the Bush Tax cuts must be renewed. With an economy still teetering
and nearly 16 million people still looking for work, the last thing we need is to raise taxes on
employers.
The tax cuts made by the last administration must remain in place. They cut the income tax
rate across the board for all Americans and lowered tax rate on capital gains (which encourages
investment).
These cuts are set to expire Dec. 31 and if they do, ALL Americans who pay income tax (about
60% of Americans) will see tax increases with the lowest tax bracket getting the highest increase
(10% to 15%). That absolutely cannot happen if the economy is to recover. No tax increases,
especially on the middle and lower classes, who least afford to pay for the government’s trillion
dollar deficits.
The rationale for allowing the tax cuts to expire is dealing with the deficit. This year’s
deficit will likely hit $2 trillion, with deficits of at least $1 trillion per year through 2019.
WE MUST LEARN TO LIVE WITHIN OUR MEANS and deal with the deficit over time
by reducing spending, not raising taxes. We must lower and cap non-defense discretionary
spending. Period.
Also, any future proposed spending increases must be paid for by reducing other government
spending increases. Not gimmicks – not spending now paid for with a savings in 2014 (like
we saw with the union stimulus). I will demand a common sense approach to spending.
Just like your family and mine approaches its budget: if don’t have it, we can’t spend it.
The biggest barriers to job growth are excessive taxation and regulation. Washington
has given us record-level debt, which forces new taxes, creates anxiety and uncertainty
about tax structure and trade policy, and discourages investment. Unsustainable debt
and borrowing hurt our businesses by creating a negative atmosphere for investment and
growth. NO MORE BORROWING and no more trying to reduce the deficit by raising taxes.
