"Do I want a tax cut? Heck yes! But not until we start to control our spending."
Ah-ha! I knew I would get you with that headline. Although the headline is true. It was just abbreviated. It should have said, "No tax cut please - unless you also cut spending at the same time". Get the picture? Tax cuts by themselves do nothing. Nothing that is, except add to our national debt.
I penned an article earlier today about our $19T debt. As most of us know, we have a debt from not be being taxed too little, but spending too much. And now with the debt being as high as it is, we are in a chicken and egg issue. The cost to service a debt that too much spending has given us, is now also adding to the same debt by the servicing cost. But that is not the biggest cost driver. The three big cost drivers remain Social Security, Medicare, and Medicaid.
Actually, requesting a tax cut using our existing tax system is whistling past the graveyard. The system will be rigged to get that tax cut back and then some. We need a different system. A flat tax. A fare tax. We need our Congress to put on "big boy pants" and draft legislation getting rid of the IRS. Now! We need Lois Lerner indicted. Now! We need her former boss impeached. Now!
Why am I bringing all this up? We run the House and the Senate. People in this country are angry - very, very angry. Congress needs to show the folks they can DO SOMETHING important. Getting rid of the IRS is a great way to start. Burning the existing tax code. Replacing it with just a few paged document. And if we can couple that with some serious spending cuts, now that is a tax cut I could sign up for!
By the way - before some think that I want grandma eating dog food or kids going without heat or all of us drinking dirty water, let me just say this one thing. Zero based budgeting would take care of those who need it, while being able to identify the waste, fraud and abuse that needs to be fixed. My guess is that 20% of the federal budget could be eliminated by addressing the yearly waste we fund.
Yes, I do want a tax cut. Sooner rather than later. Let's get busy Congress. Show us the change we have all been waiting for. Less government, less spending, less everything. And doing all of that by still paying our bills, reducing our debt, and taking care of the least of us.