Sunday, November 21, 2010

Right Wing Republicans are just plain wrong on tax cuts


I'm absolutely bewildered with the debate on extending income tax cuts for the richest Americans. We just can't seem to apply common sense. There is absolutely no way we can close our budget gaps with spending cuts alone. And if we can't raise the income tax rates on the richest among us, who pay taxes at incremental rates significantly below the middle class, then there is no hope that we'll ever solve our nation's financial problems. If tax increases on the rich don't come to pass, then you need to bet the farm that our nation's financial markets are going to crash and burn. It's only a matter of when. And it won't take long to happen either. It'll be at some point within the next 5 years or so.

The most bewildering aspect of this whole issue is just how silly the arguments are from the Republican side. Let's take one good example staring us right in the face. Ireland. Just a few years ago, Ireland was one of the world's hottest economies. They cut their tax rates to the bone. The Right Wing voices, like Larry Kudlow, were shouting at the top of their lungs that the US needed to follow Ireland's lead and apply supply side economics through continued income tax cuts. In an article in 2007, Larry said this "We [United States] better do something. Indeed, a tax-cut war is spreading across Europe, where lower levies on corporate profits in Spain, Germany, France, and the U.K. are aimed at better competing with the U.S. in the global race for capital. The successful supply-side experiment in Ireland has become a Euro-wide model."

Well, we now see where Ireland's drastic income tax cuts took them. That country is now bankrupt. The EU and IMF are having to come in with massive aide to save Ireland. With this crystal clear example staring us in the face, the Right Wing continues to irresponsibly call for further income tax cuts in our country. Why? Our Republican party simply can't learn. It can't apply common sense.

You just can't keep on cutting income taxes, run massive deficits, and expect for the economy to NOT hit the wall at some point. And if the Right Wing nut jobs get their way in our nation, we're going to follow Ireland down the toilet sooner rather than later.

You won't hear our Senator Richard Burr apply any common sense on this issue. Senator Burr is a blind follower of the right wing agenda. He'll vote for income tax cuts on the wealthy. And he'll be directly responsible when our nation turns into another Ireland.

North Carolina deserves better than Republican Senator Richard Burr.

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