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Saturday, April 9, 2011
What Serious Budget Cuts Would Look Like
It's been pretty funny -- but not surprising -- watching the hysterical screaming from Democrats and the left in general about the minor budget cuts proposed by the GOP in the form of a plan by Rep. Paul Ryan. A few months ago, Senator Rand Paul outlined a plan of his own with far more significant cuts -- the kind of cuts we need if we are to even begin to bring the deficit under control, let alone the debt. His plan includes such things as completely eliminating the Departments of Energy and Health & Human Services, cutting the Department of Education budget by 83%, and the complete elimination of foreign assistance programs. Sounds radical, doesn't it? Those cuts, and the numerous others he proposed, would still only reduce the deficit by one third.
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How about we just end the Iraq and Afghanistan wars... or at least seriously reduce our forces there.
ReplyDeleteOr sunset most of the tax breaks so companies like GE that make 5 Billion PROFIT in USA pay some taxes instead of the IRS owing them millions? Theres nothing wrong with tax breaks as long as they target broad business sectors and have sunset provisions.
I'm no lover of GE; indeed I've promoted a boycott of GE products for various reasons. I also believe the battle over their taxes is based on the wrong criteria. A corporation gets money from but two sources: sale of stock, wherein they exchange rights to their assets for investments by others, and taxable revenues whereby they exchange their products and services for money from consumers thereof. Why should the latter be taxed at all? You, the consumer, pay those taxes as part of the price of goods and services. So you, not some big bad corporation, is really paying corporate taxes. Eliminate the corporate tax and the loopholes, which favor some corporations over others, become meaningless.
ReplyDeleteAs long as corporations are consider "people" with rights, thier income derived in the USA should be subject to USA income taxes just like real people.
ReplyDeleteOtherwise I'd agree with your statement to eliminate corporate taxes.
"How about we just end the Iraq and Afghanistan wars... or at least seriously reduce our forces there."
ReplyDeleteI'm on board with significantly cutting forces in Iraq and Afghanistan. While we are at it, we can end the completely unnecessary intervention in Libya.
"As long as corporations are consider "people" with rights, thier income derived in the USA should be subject to USA income taxes just like real people."
Those two things don't necessarily go together. As the commentor above pointed out, corporate taxes are paid by consumers, not the corporation itself. Taxes are a part of doing business. A corporation isn't going to lower profits so it can pay taxes. It is going to find away to pass that cost on.