The Right Approach to Taxes
The political left, with President Obama at the forefront, would like to see the “rich” taxed even more as part of a “balanced approach” to deficit reduction. And since President Obama’s reelection, even some on the right have wavered in their opposition to tax increases. By raising revenue (i.e., taxes) by targeting wealthy Americans rather than by going to the root of the deficit problem, spending, they may be on the verge of violating a promise they made to their constituents.
“Balanced” is an interesting choice of words for the liberals, though. Our own Dan Holler points out how unbalanced the left’s demands truly are:
“As Congressional Republicans search for common ground – compromise is out, common ground is in –they are showing a lot of leg on taxes, while insisting on entitlement reform in return. Not surprisingly, they are being rebuffed. After President Obama met with labor leaders, National Journal reported Democrats shut down talk of entitlement reform.”
Yet, some on the right have taken the bait. They suggest that rather than raising tax rates for the wealthy, Congress could simply scale back the deductions available to upper-income taxpayers, as means of taking a balanced approach to deficit reduction. However, this would certainly not help the already weak economy, and it would be a totally inadequate means of reducing the deficit.
Heritage’s J.D. Foster explains why the right should not try to appease Obama and the liberals on the issue of taxes:
“The inherent flaw in Obama’s argument that must always been kept in mind is that the budget deficit today (and for years to come) is not due to a balanced imbalance in revenues and spending. On the contrary, revenues will return to normal as a share of the economy as the economy improves. Spending and spending alone—both the Obama spending surge and the entitlement wave now building—produces these deficits.”
Succumbing to the left’s aggressive, mind-numbingly insistent tax-hike campaign will only result in two things: 1. It will inflate the left’s political ego, and 2. It will result in a worse economy because, again, it doesn’t fix the actual problem.
Some would suggest that the left’s leading figure doesn’t need any additional ego boosts. That’s debatable and subjective, and quite frankly, we couldn’t care less how much President Obama needs to temper his arrogance. We do, however, care about America.
We care about reducing the deficit and improving the economy. We’d like to avoid seeing our country collapse under the crushing expenses of entitlement spending, at the hands of reckless lawmakers in Congress and bureaucrats in the White House, while they falsely assert that raising taxes can even hold a candle to spending cuts as a means of reducing the deficit.
Heritage explains that if we don’t want “to avoid the catastrophic effects of consuming every bit of revenue in one generation,” entitlement reform and spending cuts are unambiguously necessary.
If lawmakers abandon conservative principles and continue to advance the liberal, progressive agenda, perhaps they’ll fulfill Nikita Khrushchev’s prediction that “America will fall from within.”