As of late, Republicans in Congress have been consistently saying we must extend the Bush tax cuts at all income levels. Now is not the time to raise taxes on anyone. While I disagree with the premise that extending the tax cuts will directly contribute to creating jobs and boosting the economy, I’m willing to suggest a compromise.
I’m all for allowing Americans (even the richest ones) to keep as much of their money as is reasonable. However, a Republican and great American named Oliver Wendell Holmes said, “Taxes are the price we pay for civilizedness society.” So I suggest extending the Bush tax cuts for everyone, and passing a bill brought to the House floor on July 30th that would close the loophole in the IRS tax code allowing U.S. based corporations to theoretically headquarter themselves in tax haven countries to avoid paying taxes on income earned in the United States. When this issue came up in the U.S. House Republicans called it a huge tax “increase” and voted no. The problem is that it is not a tax increase. It is tax code enforcement. I , and every individual in the U.S. , earns an income in the U.S. We also pay a percentage of that in taxes. It’s not a choice. So why should a corporation be able to open a PO box in the Caymans and not pay billions on their income, We could go a long way to helping our deficit and our economy by making corporations pay like the rest of us.
Unfortunately I fear that the money they put into our political system will prevent any real change. Without a massive grass-roots campaign we may be stuck in neutral for far too long.