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« McKonly & Asbury International Employee Exchange with HURST | Main | Fraud in the Workplace Webinar »

May 30, 2011

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Brad A Morgan

Exactly spot on Scott !!!!

Brian Morgan

A very complex problem without an easy solution. We have an abundance of simple solutions, but very few simple problems to which they can be applied.

Unfortunately, you hear about tax breaks and deductions that are available in those top tax brackets that ultimately reduce their net tax liability rate below the rates of middle class and below. Milk, bread, and gasoline cost the same when you make $20,000 a year as if you make $200,000 a year.

Also, about two thirds of the federal budget is considered mandatory spending and cannot be cut. The discretionary portion of the budget that legislators can discuss reducing is only one third of the budget.

We probably fall on different sides of this issue politically, but I think it is worth while revisiting the mandatory spending items to make sure we still consider them mandatory. I've never been a fan of the SALY approach.

Like every good solution, it will be a combination of compromises, including several small different approaches to address this gigantic problem.

As citizens, we don't have the luxury of spending beyond our means without dire consequences. We have to make hard choices to ensure that we live within our means and manage our spending.

As a country, in making these choices we have to ensure that we don't hurt the most vulnerable of our fellow citizens by these decisions. The most vulnerable people usually don't have the loudest voices at the decision table. But getting out of debt is hard and everyone should have some skin in the game.

Mike

The biggest problem with this is that it doesn't address that the majority of tax income does not come from income tax, but rather from payroll taxes(FICA and Social Security). It would be more interesting to see how the author addresses this with that in mind. Though I do agree, you can't fix this by just taxing the rich more. I do think that taxing the top 1% more on personal income while at the same time lowering corporate tax would help, encouraging companies to invest assets more in their own company and less in their top administrators.

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