Republicans want to convince America that cutting taxes (especially those taxes that affect the rich) and stopping spending will put an end to our growing national debt and deficit problems.
Well, the numbers just don’t add up.
Placing less money into the government coffers is not going to make the debt go away. We have to cut spending and leave our taxes the way they are. The money we save from spending cuts needs to go to pay off our huge government debt. Putting less money into the coffers isn’t going to solve anything. It will most likely put us in worse shape, not better.
Republicans love to tell the public that tax cuts help the economy. It simply is not true. The 2010 tax rates are the lowest they’ve been since 2000. I believe they are the lowest since 1960, but I couldn’t find the data to back that up, so we’ll just go with 2000.
A married couple earning a net income of $45,000 paid 28% of their income in taxes in 2000. In 2010, they will pay 15% – a difference of 13%. A single person earning $45,000 in 2000 paid 28% in income taxes. In 2010, they pay 25% – a savings of just 3%.
Not that any politician would put their political life on the line to say to their constituents, we need to stop cutting taxes, but it is the truth. We need to stop.
In case you’re wondering, I’m in the 25% bracket. I pay 10% more in taxes than a married couple for the same amount of money. Between Cheryl and I, we will pay 40% of our 2010 income in federal taxes and you don’t hear us complaining about it.
Enough with the phony cut taxes talk. I want to hear that what we stop spending will be used to pay off our debts.
Who’s with me?