Sometimes just doing NOTHING is the wisest course
How to pay $1 more in taxes and gain $1.60 in benefits.
INSIGHTS from the Editor - Joe Howard Crews of Fallbrook. - Nov. 23, 2010
Let the Bush tax cut bill expire for everybody.
DOING NOTHING is a plan that is guaranteed achievable: Just do NOTHING! and the cuts will expire on Dec. 31, 2010. Sometimes it is wiser to do NOTHING and let things revert to normal. As soon as Democrats begin tinkering with the Bush tax law to make it better, they open a can a nasty worms, and risk being outsmarted, out-maneuvered, out-shouted and shut out by the Republican retrogrades. You cannot trust Mitch McConnell and the Republican leadership. They love their tax cuts for the rich more than they love America.
Republicans in Congress are pushing to continue Bush's tax cuts for the wealthiest 2% of Americans, at the same time that they're opposing extending unemployment insurance for people struggling to find work. Democrats have started to talk tough, but have also given signals they might cave without a real fight. We need to make sure that doesn't happen. It makes no sense to borrow another $700 billion from the Chinese to fund tax cuts for the rich. This greatly exacerbates the deficit.
It is better just to let ALL tax cuts expire. This allows for the return of considerably higher taxes for the rich, and minimal or no cuts for the middle class and the poor. This is far more advantageous because it relieves pressure for cuts in education, health care, Social Security, Medicare and infrastructure -- all of which we need desperately. The benefits of maintaining these programs far exceed any additional taxes average Americans will have to pay by letting the Bush law expire.
Are you willing to pay an extra dollar in taxes to save $1.60 in benefits?
If the entire Bush bill expires, the treasury will add over $2 trillion revenue to the treasury, and greatly reduce the deficit. It might even take the hot air out of the TEA party radicals, whose screaming mantra is "Cut the Deficits!"
Enough of this Bush quackery
The Democrats want to extend the cuts for everybody except the super rich. The Republicans want to extend the cuts for everybody, especially their rich buddies.
The no-new-taxes-now crowd warns about raising taxes in a recession -- a fair point, except that there are more efficient ways to spur the economy than giving more money to those least likely to spend it. Alternatively, they speak of the supposed impact on small business of raising the upper-end rates. This is quack medication and the patient is too ill to tolerate another dose of this Bush quack medicine. We’ve had eight years of this Bush elixir, and it has trashed the economy, our standard of living, our infrastructure and our hope for the future.
Social Security, Medicare and education are not the problem. Re-distribution of national wealth to the Super-Rich is the problem. Almost every dollar distributed to Social Security, Medicare, education and infrastructure is spent locally and stimulates local economies. Every dollar thus spent grows the GDP by $1.60. On the other hand, almost every dollar distributed to Wall Street banks, brokers, giant equity fund investors and the rich flows freely around the world. Every dollar thus spent shrinks our GDP. This continues sucking wealth out of American sending it to foreign economies.
And finally, most of every dollar spent on war and occupation is money destroyed. We can no longer afford unnecessary wars of aggression and occupation. We must stop this destruction and re-distribution of wealth, and put it where it will do our people good -- here in America.