Which Vision Works for You?
If it’s the economy, stupid, then you might want to hear what the leading economists in the nation say.
The University of Chicago recently polled esteemed economists on the left and the right, and asked them two questions:
- Did the stimulus passed by President Obama help reduce unemployment? Eighty percent answered “yes.”
- Will the tax cuts proposed by Romney and Ryan boost the economy so much that they will pay for themselves? Not one single economist answered “yes.” The old trickle-down economics does not work, and that was proven beyond a doubt by the policies of former President Bush.
Regarding tax policy, it is clear that we need major reform of our bloated tax system. “Lower the rates and broaden the base” is the catchphrase of the Republican party, but what does that really mean?
“Broaden the base” will mean including more people, but those who do not pay federal income taxes are those living below the poverty level. “Lower the rates” means lower taxes for the highest earners in our country.
This is made to seem fair by statistics showing the upper 1 percent or 10 percent of the wage earners pay a large share of the income taxes collected.
However, that only documents the severe division of wealth in this country. Drastic cuts in federal spending will ensure that division increases.
Maybe we should consider reducing the corporate income tax rate and eliminate the loopholes which allow wealthy, powerful companies like General Electric to pay zero tax.
Republicans often say that it is a shame 50 percent of Americans do not pay federal income taxes. Democrats say that it is a shame that 50 percent of Americans live in poverty. You choose which vision of America agrees with your vision of America.
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