Monday, May 11, 2009

Tax Increases in Perspective

"Who is going to pay for this?!" is a common question by those against Obama's plan to fix the economy. Arguments like "this debt will be passed on to our children!" are thrown around as though your child is not going to have a single dime to their name, and will be living on the streets. But this is a poor argument on cost alone:

There are 100 million taxpayers in America. If every taxpayer (regardless of income level) pays $1,000 more every year (hardly financially crippling to almost any Americans - approximately $19.23 a week), the Government will see an increase of:

100,000,000 x 1,000 = 1 trillion dollars - cutting the deficit by a substantial margin.

But wait, it isn't that simple. The number taxed is actually going to be lower than that, scaled based on income. Obviously $1,000 can be more crippling to lower income taxpayers than higher income taxpayers. So if we adjust that number to assume a 1% tax increase, that is only 300.00 for those making $30,000 a year ($5.76 a week). $1,000 for those that make $100,000 a year. And $10,000 for those making 1 million - soon that trillion is even easier to swallow, since poorer Americans will only be forced to pay the price of a cup of coffee.

That 1% increases will help provide:

1) Universal Health Care
2) A vastly improved economy
3) Greater job security
4) Social security
5) Safer streets

To put that in perspective, I pay $2,500 a year for health care alone (I may actually SAVE more money than I'm taxed). Most Americans pay upwards of $4,000. In addition, an improved economy will bring in more money as well as cost the government less over time, making future budgets larger and deficits smaller to non-existent.

No one likes tax increases, and the hope is that Obama will not have to raise taxes on middle class Americans at all. Cutting the Bush taxes alone will bring in far more money that will help widdle down the deficit. But "who is going to pay for this?!" assumes that somehow any tax increase will be financially crippling, and it won't be. If your children have to pay an extra $1,000 more a year in taxes, just be thankful they have a job and rest assured they'll be fine financially.

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