Sunday, November 20, 2011

Closing the federal deficit with higher taxes

I have no problem with the general proposition that the federal deficit should be closed with a combination spending cuts and tax increases (as well as higher growth over time providing higher tax revenues), but I do have a problem with the ideological targeting that quite a few Democrats are using when they absolutely insist on a "millionaire's tax" and ideologically insist that "the rich" are not paying their "fair" share (whatever that really means) and that anything else would be "balancing the budget on the backs of the poor and the middle class." Ideology should not have any place in the deficit talks. There are plenty of people in the middle class, including myself, who are more than capable of footing a higher tax burden for paying down the deficit. There is simply no non-ideological reason for suggesting that it must be only "the rich" who must have their taxes raised to pay down the deficit.


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