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Xinyuan Real Estate Co., Ltd. Message Board

  • hmmm26 hmmm26 Oct 23, 2012 2:20 AM Flag

    How We're All Getting Humped by the Tax Discussion

    Here's the problem with the discussion to balance the budget: The candidates aren't having one.

    In FY 2012, we're spending $3.7 trillion on the federal budget, while taking in only $2.5 trillion in tax revenues.

    So the problem seems obvious, right? It's the $1.2 trillion shortfall between the money we bring in and the money we spend.

    But that's NOT what this year's tax debate is about. Instead, the focus is only on whether Governor Romney's proposed tax cut can pay for itself or not. So, the only discussion we're having is whether next year's tax revenues will remain at their current $2.5 trillion levels (if his tax cut pays for itself) or whether that number will shrink some, to, say, $2.3 or $2.4 trillion (if it doesn't).

    Here's the problem: No aspect of that discussion even begins to address the real problem of "how do we close that $1.2 trillion deficit?"

    It seems to me that both men are proposing budget plans that are certain to continue adding a trillion bucks or more per year to the national debt.

    Shouldn't we be more outraged by that?

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