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Are higher taxes the best way to reduce the budget deficit?

  1. Max Dalton profile image92
    Max Daltonposted 5 years ago

    Are higher taxes the best way to reduce the budget deficit?

    It seems like that coupled with a reduction in defense spending would be a good start, but there's still a lot more that will need to be done. I think people are discounting how much pain is going to be required to pull the deficit down to something manageable.

  2. ShootersCenter profile image72
    ShootersCenterposted 5 years ago

    Higher taxes isn't the problem, the government continues to spend more than it takes in, no business can run that way. I agree there is going to be great pain and many people won't like the out come but it has to be done. Finding someone who's willing to do this is a different matter, they couldn't get re-elected so they aren't willing.

  3. Novel Treasure profile image89
    Novel Treasureposted 5 years ago

    I agree with previous posts, the only thing that will help is to Balance the Budget. Having worked for the defense program at one time, I was completely appalled at the waste of financial resources. I'm talking Billions. Not that I don't believe the weapons program isn't important, I believe it is, but the waste is just astronomical.

    The common people can't get by spending more than they make, so why should the government.

  4. The Frog Prince profile image79
    The Frog Princeposted 5 years ago

    Since the government could tax all of us 100% and not make much of a dent, I think not.  It's called a reduced federal bureaucracy and drastic reductions in government spending.'

    The Frog

  5. profile image53
    PJBessposted 5 years ago

    A revision of the tax laws coupled with MANY other things might give us a start.  Where else could we fight two wars and the expenses be outside the non-existent budget.  They just started a separate checkbook. I am also a believer in that if you do not pay in you do not get out......possibly eliminate the Earned income credit. Also, income is income - no special tax rates for non-wage income.  And maybe, just maybe a user's tax. Some purchases will always be necessary evils, but that puts the consumer in charge of their "tax".

    AND....we need a balanced budget period....Our government should be no better  than the general population....if you don't have it you do not spend it!

  6. ercramer36 profile image95
    ercramer36posted 5 years ago

    No, raising taxes will not work. Cutting the size and scope of government is the only way. The only thing the government does wells waste money.  Everything else that they touch, they destroy.   Look at the housing market when the pressured banks to give loans to people they knew could never afford it. The government ma have good intentions, but they never see the untended consequences.

  7. Peggy W profile image92
    Peggy Wposted 5 years ago

    I would say no.  We already have higher corporate taxes than many other countries which is why many of our corporations have gone outside of our country to do business...and there go more U.S. jobs!  If we worked on true job creation and I do not mean more government jobs, but INCOME producing jobs, that would go a long way towards addressing the problem.  That...and as other have already said...cut the government waste and pass a balanced budget amendment.

    Sooner or later we have to quit spending more than we take in...and then also start paying off our debt.  It won't be fun, nor easy!