Barack Obama and Mitt Romney's tax plans.
Barack Obama and Mitt Romney have both promised tax cuts, if elected, that sound delicious to the voter’s ears. Barack Obama has said he will cut corporate taxes from 35% to 28%. He has also said he will maintain the Bush era tax cuts for most voters, and raise taxes on those earning 250,000 dollars a year and more. Mitt Romney on the other hand, rather more adventurously, has promised to cut all individual tax rates by 20% - and to cut corporation tax to just 25%. Now, my question is: are these two men sane?
There is a profound problem with the idea that broad ranging tax cuts are possible in America, at this time. America, as the whole world knows, is deeply in debt. Indeed, its debt is so large that it would take many years to conquer it, with wide ranging tax INCREASES, and cuts to all government funded public services. It is simple not possible to cut taxes, as offered by Obama and Romney, and maintain existing services. Should either of these tax plans be implemented then one of two things would happen: the American debt burden would grow rapidly – or all publicly funded services would have to be dramatically cut, to balance the books. Barack Obama and Mitt Romney are making seductive promises to the electorate, which simply cannot be kept, without destroying America as a nation. Now, there is the real meaning of these promises: both Barack Obama and Mitt Romney would be prepared to destroy America, just to get elected.
America needs to cut public spending, and/or raise taxes, if it is to reduce its debt burden. This is the unavoidable truth. Barack Obama and Mitt Romney clearly believe that the American electorate is dumb...and perhaps they are right. They are certainly banking on the dumbness of the American people to get them elected, since what they are promising cannot be delivered without imperilling the United States itself.
I am hoping that the American electorate is bright enough to see the essential problem with promising significant tax cuts in an era of unprecedented national debt. It would be rash in the extreme to do so. Promising to do so, can only mean one thing – that the politician would do anything, absolutely anything, including bankrupt his own nation, just to get elected. What the American people need to do is pause for a while and reflect on whether they really want a politician like that, at the helm of their nation. By making such promises, both Barack Obama and Mitt Romney, reveal themselves to be dangerously unelectable. Should they be elected, the safety and long term security of the United States would be imperilled (if they keep their promises and are able to make them happen).
If any candidate wishes to promise significant tax cuts, they should also identify which public services they are going to cut, and by how much. The full truth needs to be declared. It is meaningless for a candidate to promise massive tax cuts, without also explaining how the budget will be balanced. It would also be very revealing if they do not intend to balance the budget, for that would be a plan to increase America’s debt burden...and that, now, at over 15 trillion dollars, is beyond the point at which it would be safe to increase it further.
So, remember this: Barack Obama and Mitt Romney, by declaring such fantastic, even delusional tax cutting plans, are declaring that they would bankrupt America, if it meant they could get elected again. I don’t know about you, but I wouldn’t want either of them in charge of my country. Would you?
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