How Would I Fix the Deficit? (Okay, But You WON’T Like It!)

All this talk about the economy and the deficit and bailouts is driving me nuts!  And as Denis Leary once said “I have the solution.  Nobody wants to hear it, but I have it.”  And that is not less taxes, but more taxes.  More taxes and give it to the right people.

I’ll wait until you’re done yelling at your screens……….

All better?  First, there MUST be a law past stating that NO elected official receives a paycheck when the region they are covering is in a financial deficit.  In my mind, this would bring out people who actually want to HELP their people instead of line their pockets while everyone else suffers.  If they all compare their job to running a business, then they shall be paid in profit sharing.  (How about giving them shares in the Dow Jones Industrial Average, that way, they’ll be even MORE concerned about how the economy is doing.)

Second thing that must happen, all military must be brought back home.  We are in no condition to police the world.  Our troops are better served at home protecting our boarders than overseas with lives at risk over a war we cannot win.  (But that’s a different blog, altogether!)  Bringing home the troops will GREATLY reduce our defense spending (which is equal to the next 20 countries combined).  Between those two moves, that takes a huge chuck out of the budget spending.

Back to my deficit reduction idea, in the current Untied States deficit (which is around Sixteen TRILLION dollars at the time of this writing… That’s $16,000,000,000,000 for you numbers people) my idea is to create a tax schedule that mirrors the 1945 tax schedule.  Granted, the income levels are greatly reduced so I had to do some averaging of levels.

  • $8,700 or less goes from 10% to 20%
  • $8,700 to $35,350 goes from 15% to 21%
  • $35,500 to $86,650 goes from 25% to 26%
  • $86,650 to $178,650 goes from 28% to 36%
  • $178,650 to $388,350 goes from 33% to 54%
  • And folks over $388,350 goes from 35% to 78%

Now, before anybody complains about the 3rd tier only going up a single percent, what that SHOULD tell you is that tax bracket has been paying the same rate for the last 67 years!  If you’re bracket has taken a jump, it’s because the Government has taken pity on you over that time and reduced your bill.  But it’s time to step up and wipe out our debt so we can move on as a country.

This tax schedule will remain in effect until the deficit is wiped out (you can hold out that long, right?).  Then, the IRS will be shut down as income taxes will cease to exist.  We will move on to a Federal sales tax and forever do away with everybody’s April headache!

Could it be that easy?  The spending sure was!

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