Tuesday, March 29, 2011

Cutting the Federal Budget Deficit In Half in One Step

Turns out, it would be quite easy to cut the Federal budget deficit in half over the next 10 years.

What you say? Are you kidding me? We cannot afford to cut THAT MUCH out of our budget!

Well, you are thinking of only one side of the budget equation. You're only thinking about spending. And sure, there are things that need to be addressed on that side of the equation such as keeping healthcare spending down via the recent healthcare reform law, cutting defense responsibly (it's one of the biggest parts of our annual budget after all) and dealing with Social Security.

But over on the OTHER side of the ledger called revenue, a huge chunk of our deficit can be erased by simply...get this...letting the Bush tax cuts for the rich and corporations expire in 2012 just like they are scheduled to do. Yep, there you go. More revenue coming in from the very people and companies who can afford it most...and who have received a gift windfall of cuts over the past 10 years.

And, here's another thing...Congress would not need to overcome a filibuster as there is no vote required to end them. They would just expire.

See the story and graph HERE.

And for anyone who might say that raising taxes on the rich and on companies will stifle job creation and growth, I say that those things aren't happening now...so, if the rich and companies are not going to use their excess income due to lower taxes to help the economy by choice, lets make them do it in another way.

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