The Daily Gamecock

Financial crisis not Republican party's fault

Fellow columnist misunderstands will of American people — no new taxes

The overall lack of leftist understanding regarding economic principals was once again displayed in Carl Brzorad’s Wednesday article regarding the “fiscal cliff.” The article makes two very flawed primary arguments: Republicans must agree to raise taxes to avert the fiscal cliff and voters have evidenced that they want higher taxes on the rich.

To comprehend the situation of the looming crisis, one must first realize what it truly is — the expiration of the Bush-era tax cuts. Basically, the fiscal cliff in and of itself is the result of the lack of lower taxes and an increased burden in everything from payroll taxes to dividends to capital gains to inheritance taxes and more. Simply put, our tax code needs to be revamped. 

To further clarify, the term “fiscal cliff” is a negative connotation meant to exemplify what people expect to happen if the Bush tax cuts expire: taxes will rise, and that’s what’s causing folks to worry. The implication then that the solution to avert this so-called cliff must be derived from raising taxes is absurd.

Secondly, the author states that voters sent an “unequivocal message” that they want higher taxes on the rich. If that is so, how then does the author explain a House of Representatives controlled by the party that refuses to raise taxes: the Republicans? Over half of American congressional districts voted in a representative that promised not to raise taxes. That, dear reader, is the “unequivocal message” from the American people.  

The author maligns Speaker John Boehner for not bowing to the whims of the people. What Mr. Brzorad misunderstands is that Boehner is responsible to the representatives who re-elected him with over 99 percent of the vote and the American people that elected him, not the statists in Chicago nor the leftists in San Francisco.

Mr. Brzorad reflects his bewilderment at how any “logical” individual could find a solution to the nation’s debt without raising taxes. Is the idea of spending less “illogical” to him? 

In addition, he mentions that the rich must pay a “fairer” portion. What exactly is his subjective notion of fair? The richest 10 percent in America already pay 70 percent of the nation’s taxes! How much more do they owe? If the IRS seized 100 percent of all earnings over $1 million, the revenue would barely cover one-third of this year’s deficit.

The problem America faces today regarding an impending fiscal crisis is not the result of a tax structure that “unfairly” burdens the middle class — the bottom 50 percent of Americans only paid 2 percent of federal income taxes. The problem is a repudiation of objective moral values and leaders choosing to spend irresponsibly. This is the reason for a fiscal cliff.

 


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