Thursday, March 7, 2013
Sequester, Government Spending and Tax Loopholes.
Thanks to Republican obstructionism in Congress, the nation was forced into the sequester last Friday -- a series of automatic and destructive budgets cuts that we will realize the severity of in the coming months.
In the face of these devastating cuts, House Speaker John Boehner went on TV and said, "I don't know whether it's going to hurt the economy or not ... I don't think anyone quite understands how the sequester is really going to work." Bonehead is just tryint to act stupider that sheet for effect as all Republicans have been acting really stupid lately trying to outdo each other with claims that women who get raped don't get pregnant or seldom do, so they should be forced to have babies from those rapes and total nonsense like that.
I have no doubt how the sequester works. It will put millions of people out or work when we are disparately trying to recover from the horrific economic damage Satanic Fortunate Son Bush fiendishly inflicted on the world.
The sequester will cut 10,000 teaching jobs, 70,000 spots for preschoolers in Head Start, $43 million for food programs for seniors, $35 million for local fire departments, and access to nutrition assistance for over half a million women and their families.
And the reason congressional Republicans let these cuts go into effect is because they simply wouldn't support closing tax loopholes for millionaires and billionaires -- for things like yachts and corporate jets. I wish I were kidding. Most of the rich pay a far lower tax rate on their sources of income than do the middle class. That is wrong.
All of their tax loopholes need to be removed by going to a Flat Tax of 40% on All Sources of Income in excess of an initial $40,000 income. I chose $40,000 because I am making slightly less than that in retirement. The number and percentage, of course, are negotiable. I am perfectly willing to pay 40% on my dividends and interest payments. I am willing to forego charitable deductions and home interest deductions and stuff like that. A flat tax should apply to All income. Since every citizen would get an automatic $40,000 deduction the only other deduction should be for additional taxes paid (State and City Income Taxes, Sales Tax, Value Added Tax....)
Right now, if we set my 40/40 Flat Tax plan in effect we would not have a deficit. That is amazing, isn't it? Go to a fair taxation method and remove the deficit in one step. BINGO!
Now who would ever think of that?