We have in this country a spending problem, not a tax revenue problem.
The wealthiest 10 percent of our population are paying the lion's share of the taxes; so there is really no fair way to increase tax revenues except through growth of the economy.
Since the Democrats and the Republicans will never agree on what programs individually to squeeze, and by how much, we must agree to reduce all expenditures so that everyone gets to feel the squeeze.
Therefore, we need to look back to that fiscal year wherein federal expenditures match our current fiscal receipts, and use that as our spending limit to arrive at a balanced budget. All programs will be reduced proportionately to arrive at an approximately balanced budget, just as the states and we as individuals must do.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
Going forward, we will have to enact statutes (or, preferably, a constitutional amendment) limiting annual federal expenditures to no more than 18 percent to 20 percent of the previous fiscal year's Gross National Product. Then the job of Congress will be to allocate funds to defense, welfare, etc., within an established total budget. We need to end this disgraceful and irresponsible deficit spending.
Hilton Head Island