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Sunday, February 15, 2009

My Thoughts on The Economic Crisis

We are in the midst of the worst economic crisis that most of us can remember. I have a few thoughts I'd like to share.

Our newly elected President is doing everything he can to alleviate the situation. The Republicans in the Senate have done everything they can to prevent it. Shame on them. I will not ever give a vote to any one of them. You should not either. Despite the loss of jobs and homes, they do this. In my book that makes them one thing, that is what is called EVIL.

So why would they do this, why would they be so evil? The Republican party is trying to make President Obama's effectiveness less than it can be. The fact that he is trying to save jobs and homes and families, and yes, even businesses is secondary to their power stuggle. Obama's potential to effectively pull us out, quite frankly scares the hell out of them, so they embrace every bit of hell they can.

Its widely known that the Republican party is the party of the rich. For the life of me I can't understand anyone who is not rich ever supporting them, but for some reason they do. I think it has to do with the propaganda about taxes. The fact that the rich pay lower taxes than the working class doesn't seem to sink in to some people's minds. I myself can remember my first year as a sheetmetal apprentice back in the early 80's. I earned just over $10,000 and my taxes were about $2000. The shop owner told me about his taxes, he earned some $60,000 and paid about $1000. That seems fair doesn't it? Not in my book.

In the USA, some 90% of all property is owned by a single digit figure of the population, I don't remember if its 5% or 2%. I know that they are paying far lower percentages of their income than myself or any other working class member of the population. Why does our government allow so much of the tax base to escape taxation? Might it be because of the Republican party? The party who is always lowering taxes for the wealthy far more than for anyone, and spends like they are taxing everyone? Hmmm, I think so.

I'm complaining enough. So, you may ask, what's my solution?

Flat tax income tax. Everybody pays a flat rate, right out of any income transaction. Dividends, interest, capital gains, sweat of the brow, sale of an item, anything. No exceptions, no exemptions, no earned income allowances, no child allowances, nothing but a flat income tax.

This should actually lower the taxes for for the majority of tax payers. It would also encourage those with the big bucks to quit laying off people and keep as many as possible paying taxes, so that the total amount paid is paid by others, because if the percentage doesn't make enough to maintain the required amount then it would have to be raised. It would also simplify if not eliminate the need to file every year.

I know that there are those who yell "Corporate taxes are double taxation!" To them I would have to reply, "So what? You get protections the rest of us do not, you should pay for that."

That's a few of my thoughts. What's your's?

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2 Comments:

At Monday, February 16, 2009 at 5:03:00 AM EST, Blogger Mona $visitorIP said...

Of course they will. the republicans would do that since that is what the opposition ALWAYS inevitably does in every democratic nation. This may have some good & some bad effects. The good part is that it lowers the 'corrupting rate' of those who are in power . Opposition is also mandate of the people, to keep the ruling party in check & not always allow it to go beyond its limits. But if the opposition is not strong enough, then the ruling party is obviously more liable to become corrupt and Bourgeois like, and starts issuing decrees rather than making laws.

I find your solution quite viable. In a country like United Arab Emirates, they do not have taxes at all. They have t pay a flat 3% rate of their turnover. And its economy is thriving without any hassles despite it being a Monarchy.

At Monday, February 16, 2009 at 7:59:00 AM EST, Blogger Charles $visitorIP said...

Mona,

We just got out of that situation of corrupt and Bourgeois. This is *not* something that should be used to check Obama or even the Democratic party, this means too much to too many to use as a check.

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