Friday, October 21, 2011
A Rich Tax!
The U.S needs to look at ways to reduce the deficit without harming many Americans . An easy way is to tax the rich! Eliminating the Bush Tax cuts of the rich and putting a new 5.6% surcharge on millionaires will bring in a lot of revenue without big economic damages. Now the U.S is going to have to balance the budget by having to make tough decisions. Cutting around the edges in spending and taxing the rich more is a good start, but won't solve the U.S fiscal crisis. But we shouldn't completely disregard these simple ideas that do the less damage. In Canada we should also look at increasing taxes on the rich in order to try and make our fiscal house in order. In Canada we should implement a U.S style death where when people die they pay a 35% tax on there estate on everything over the value of 5 million, but a U.S style system of a death tax has so many lousy deductions that some rich people who would only be effected on this would pay little to nothing. It could bring in about 3 billion dollars in Canada and hurt no one to be quite honest. When countries look at balancing budget's they should start with the easy taxes on the rich. It barely effects the economy and brings in a lot of revenue. Granted never enough to fully solve the problem, but it does help the fiscal situation. Unfortunately the Republicans down south would rather see medicare destroyed then have the rich pay a single penny. The U.S needs to increase taxes first on the rich and go from there, but the Republicans want the pain should start on the poor and should never dare to go up to the rich, because they create jobs, while poor people don't. Even though poor people are a bigger chunk of the population and create more jobs because they spend there money while Rich people don't spend there money, and are a very small part of the population.