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No Taxation Without Representation
Last election six out of every ten voters voted to raise taxes on the “rich”. You may think that since your neighbor just bought a brand new Lexus he could afford to spend a few bucks on our economy. Although this sounds like a good idea, don’t forget that your boss is considered upper class and will be the victim of these tax raises. This means he will begin making job cuts or reducing pay to meet these new tax requirements. Also, local retail stores and manufacturers will have their taxes raised and will be increasing prices to make up for the tax raises they will receive. Raising taxes for the rich means everyone pays more on regular spending while receiving a lower income. When people have to pay more and don’t have the money, they will stop spending. When people stop spending, this means less money is available for our economy. This is how our economy quickly spiraled into recession and mass bankruptcy. Luckily, the answer to this problem is simple; it is necessary that taxes be lowered in order to repair a stable economy in America.
People in favor of raising taxes believe that our government needs quick money to get us out of this $12,021,711,809,761.45 hole--which has become more like an ocean recently. Our debt has increased $3.81 billion per day since September 28, 2007. We currently borrow more than $800 billion a year from various countries. The value of the U.S. dollar has decreased significantly. People believe that more taxes equal more money for our economy. Unfortunately, it’s not that simple.
So what is the answer to our current economic crisis? First of all the four rules a government should live by are:
Reduce government spending,
Reduce income and capital gains marginal tax rates,
Reduce government regulation of the economy,
Control the money supply to reduce inflammation.
These are the only ways we can begin to improve our economical issues according to President Ronald Reagan’s “Reaganomics”. Under Ronald Reagan—living by these four rules—American economy flourished in the 1980s. He helped cure the country of its 1979 energy crisis by lowering taxes on oil and lowering prices on petroleum. Politicians today should take note of this man’s actions so that we may have the chance to better improve our economy. Without following these simple rules, America is hopeless.
During Reagan’s presidency, America witnessed an increase in savings and investment, increased economic growth, and reduced inflation and interest rates. With a proven solution as simple as lowering taxes, why then do we not immediately put this proven economic solution into effect? Instead our President and his’ administration are coming up with “new ideas” to improve our economy. Stimulus bills are constantly advertised as the only way to improve the condition of our economy. These stimulus bills require taxes be raised to meet the spending of our government. Raising taxes, in turn, means less spending, inflammation, and recession for our economy.
“We anticipate that we're going to continue to see some job losses in the weeks and months to come,” claims President Obama after installing another stimulus plan. Controlling a government and its people through taxation is a form of socialism. Stimulus bills are advertised as a way to help us out of this hole. The American people are forced to pay for stimulus plans spent loosely on corrupted companies. Our government needs to stop spending money before we can start making any. Instead of spending money to open jobs our government should start using money more efficiently so we may lower taxes. When taxes are lowered and there is more money available for the people, our economy will flourish. Americans are loosing jobs because people who are in charge of these jobs cannot afford to pay all of their employees.
This is not the first time America has been victim to the taxes of a tyrinical leader. In the mid 1700s, Britian began taxing America, watching and waiting for our doom. Soon Americans began to revolt and revolutionize. In December of 1773, men from Boston, dressed as Native Americans, threw hundreds of pounds of tea into the Boston Harbor. Soon after, revolution was declared.
Lowering taxes is how Americans can once again establish superiority in the world. We must stop relying on other countries and build ourselves back up. Lowering taxes would ensure that employers will have more money to spend on employees. When employers can afford to hire more employees, more jobs become open to the public. When taxes are lowered, manufacturing companies can afford to sell products at a more affordable price. People will spend more when they have the money to spend. Spending is necessary to repair our economy and can only be done if taxes are lowered. Unlike what America is used to, lowering taxes to stimulate economic growth will not be a quick process, but it is the only way we will see results. This is not an easy solution, nor a glamorous one, but it is the only way we may get out of this overwhelming debt and reestablish a healthy economy.
Fox, Justin. “Will Obama’s Stimulus Package Work?” Time. 9 January 2009. 23 November 2009. Web.
Frank, Robert H. “Reshaping the Debate on Raising Taxes” The New York Times. 9 December 2007. 28 November 2009. Web.
Niskanen, William A. “The Concise Encyclopedia of Economics” Library of Economics and Liberty. 2002. 19 November 2009. Web.
“Stimulus Jobs Aren’t Here To Stay” Recession.org. 4 November 2009. 23 November 2009. Web.