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I am replying to an editorial published in December titled “Letting people raise their own taxes could be a good move.”
Now my first comments would be directed toward the part that says, “Most politicians are still unwilling to raise taxes on even the most wealthiest citizens.”
The main problem with that is if you were to raise taxes on one group of people and not the others, it would not only encroach individual sovereignty but also restrict, if not limit, increases in capital and growth and creation of business in an already stagnated economy.
If we were to raise taxes, the only huge amount of currency flow would come from the ever-diminishing middle class and the growing lower class.
If you were to increase taxes on all wealthy individuals above the $75,000 income bracket, you would only receive at the very most $20 billion, according to the recent estimates, but which would only run the federal government for a few days.
Also, did you know when the federal government increases income taxes, the vast majority of what is paid into the government doesn’t go toward debt or services but rather the federal government’s contributions to transfer payments. In other words, almost every dime paid into income tax is spent before it reaches the services or debt the citizens expect it to go toward.
The only true way to stop the devaluation of the dollar and the increase in the national debt is to end foreign aid, close the federal reserve and hand the powers of the printing press to the treasury and the Congress slowly moving our way back towards a gold standard.
Without the federal reserve printing currency ferociously and constantly devaluating our dollar the national debt wouldn’t have blossomed into the massive growth it is today.
With all of that said, the idea of self-increased taxation defeats the purpose of self-containing limited government. There should be, if anything, less taxes and a abolishment of the personal income tax to let all workers keep the fruits of their labor.
The main thing the current administration has done to hurt us economically is the bailouts. You cannot put government money into private or shareowner corporations and expect them to do well. It’s the equivalent to a quick fix during crunch time but that ends up hurting us in the long run when the majority of those businesses never paid the federal government back and gave their chief executive officers giant bonus checks. After the investment bailouts the federal government just needs to stay out of private ventures and let failed businesses start the liquidation of debt and transfer through the process of bankruptcy.