The national financial situation needs to be addressed by a plan that is achievable. First, tax rates for the wealthy need to be increased. This is what the Democrats are pushing. Second, some social programs need to be reduced. This is what the Republicans are pushing.
What neither party is addressing is how additional revenue is raised to meet current operating costs and to reduce the national debt.
A flat tax merits consideration, but it should be a national sales tax.
A time frame for amortizing the national debt should be selected. The most obvious is 12 to 16 years, starting with President Barack Obama's current term.
Seventy-five percent of the national sales tax should be devoted to reducing the national debt and 25 percent as additional operating revenue.
All final transactions would have a sales tax except for sales of food and medical expenses.
As long as the focus is only on income taxes and social programs, the national debt will continue to grow.
- John S. Dull, Crown Point
Please Wait…