There is no doubt that we have a financial problem in this country. Luckily we have great minds working on ways to solve the problem in a fair and equitable manner.
Or do we?
It all depends on who is the 'we' of which I speak.
It is no secret that the wealthiest American individuals and corporations have the largest voice and the most ears of our government into which they can whisper. And Congressmen and women tend to lend an ear when that influential group wishes to bend one!
But the President appointed a bi-partisan commission to look into the deficit problem. And the hope is that with both sides of the Congressional aisle represented we will get a fair picture of what is needed to ensure we do not fall back to the edge of the 2008 abyss.
Cuts in spending and increases in taxes are not only possible but in many cases necessary.
The way we live, spend and save going forward will have to be altered some. But those alterations will work and be accepted if they are woven into the fabric of society fairly and from top to bottom.
That means we will all have to make some sacrifices, ALL!
But unfortunately it seems as though the initial report from the deficit commission is placing more of the burden on the middle and lower classes of the country and actually helping the wealthier out.
For example here are some of the proposals:
1 - Changes to Social Security include raising the retirement age and lowering the yearly COLA (cost of living adjustment.) Also there will be a raise in the threshold amount on income payments.
These changes will not cost the wealthy or our leaders in Congress one penny.
2 - Taxes will be altered so that some popular credits and deductions will be lost such as the child care credit or the mortgage deduction.
Obviously the wealthy do not bother with mortgages and child care is usually taken care of by a team of well paid nannies.
2A - Tax rates will be lowered for all individuals from 35 to 23 and from 35 to 26 for corporations who will also be rewarded for sending jobs overseas by getting a complete tax holiday on all profits realized on out of country profits.
There seems to be no mention of the fact that the tax break for the wealthy and the multi-national corporations will actually cost the country around $700,000,000,000 over the course of the gift. All that while the lower and middle class tax payers will each be receiving a few dollars back on April 15th.
3 - Eliminate the tax free status of employer provided health plans. This will push individuals into seeking out less expensive and cost conscious plans.
Seriously? Take more money out of the workers' pockets and then ask them to start shopping around for better health plans? The insurance companies will have orgasms over this one before the ink dries.
There are more ideas in the report such as reducing Medicare payouts and limiting the amount that can be awarded on malpractice suits. Most tend to be favoring the idea that the middle class must bear the burden and brunt of any financial fix.
So what ever happened to across the board pain?
Where is the tax burden for the wealthy?
I find no mention of the bonuses banks handed out to their executives and board members using money they stole from tax payers. I see no regulations on how high the insurance companies can raise rates before the convenient 4 year plan to reform goes into effect.
If we are going to have a workable fix then I repeat we must all be involved!
Everyone says NIMBY. So why is it only the wealthy get to keep their back yards intact?
Let's face it theirs is way bigger than the average and when it comes to taxes, SIZE MATTERS!